Why do we keep converting bitcoin back to dollars ? - page 15.

TastyChillySauce00

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Quote from: dhas on October 26, 2017, 07:08:35 AM

Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

Maybe its true. We are putting our dollars to buy bitcoin. And then this bitcoin can be use in mining to earn more bitcoin. Or we join a signiture campaign where are salary is in term of bitcoin. We save a lot of bitcoin and then wait until the price of it goes up. And then we will converting it again to dollars. But now its not like the same amount , it has its profit. In other word we still convert bitcoin to dollars because we would like to see our profit from the money we invest in bitcoin.

People tend to judge bitcoin based on its value to the fiat, even though so many people here spreading hatred towards fiat. But let us be honest, if bitcoin wasn't valuable if converted to fiat.
Will this entire bitcoin community become this popular and this crowded? I think not, people here to make profit out of bitcoin, making additional earning and at the end, the expect to have more of their local fiat.

LyQaN

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it is because we want to spend money earned,there are very few stores that accept bitcoin,so until and unless bitcoin is hugely accepted as currency people will keep on converting it to buy goods and services because we have no other option left

pat4cryptoreal

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The reason why most people always convert their bitcoin to dollar is because majority of the financial transactions do not accept bitcoin yet so dollar is mostly used.

hacker1001101001

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

Most of the people work with bitcoin due to the need of income and the also live on this income so most of the people prefer to convert bitcoin to real money rather than holding it for long time. People need to use this income from bitcoin for there daily need and to live a good financial life and for this bitcoins need to be converted as it is not acceptable every where in the surrounding.

dhas

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

Maybe its true. We are putting our dollars to buy bitcoin. And then this bitcoin can be use in mining to earn more bitcoin. Or we join a signiture campaign where are salary is in term of bitcoin. We save a lot of bitcoin and then wait until the price of it goes up. And then we will converting it again to dollars. But now its not like the same amount , it has its profit. In other word we still convert bitcoin to dollars because we would like to see our profit from the money we invest in bitcoin.

Jonsnowstark

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For now since not many merchants accept bitcoins there is a need for us to convert to dollars. Mostly we use dollars in our everyday transactions. In the future if more and more merchants accepts bitcoin then there will be no use converting.

worle1bm

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

Conversion of BTC to "dollars" or any other currency depends upon the utilities people drive from it.Some might want to sell or purchase it or buy goods so it is easier for them to convert it into real money or fiat money as it is easily accepted all over but bitcoin is not accepted everywhere.

AmXProX

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https://bitcointalksearch.org/topic/why-do-we-keep-converting-bitcoin-back-to-dollars-2236538

Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

We need to convert the coin back to a fiat currency because Bitcoin as a coin don't have much use for now. There are not that much establishment that accepts it, so in order for you to use the coin you need to convert it to fiat for now.

Indrawan77

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We like to convert it to fiat because all of our needs is in fiat, so to know all our wealth we are using fiat as the comparison, when there are more merchant and shop accepting bitcoin maybe we won't need to convert it to fiat anymore, but in trading we still need the fiat to become the calculation point of our trading

Sithara007

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Quote from: mmmmyah on October 25, 2017, 07:06:05 PM

Good question - we really need more merchants and companies to support bitcoin payments. I heard amazon may be offering this soon

The merchant adoption has stagnated a little bit, primarily due to the sky high fees and delay in confirmation (who want to accept Bitcoin payments, when it can take up to 4 hours to get a confirmation?). The legal status is also not very clear, with the exception of a few countries such as Japan and South Korea. And what you heard about Amazon was just a rumor. As of now, there are no indications that Amazon may even consider accepting payments in Bitcoin or any other crypto-currency.

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

Not all transaction can be paid using bitcoin. What the use of it if you are only using it for specific transaction? Converting it to dollars make it easier for payment specially if you are not buying in online. I value bitcoin because of its potential for growth itself and make profit in "real" money. I think only when the bitcoin totally replaced other currencies then it is that time that we truly appreciate its value. But now for me that we cant use it for all transcaction, i agree with you that i see its worth in real money.

helars2008

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Simply because there is not much coomoduties that can be bought using bitcoin therefore in order to spend them for everyday needs people still needs to convert it back to dollars. And this will continue to happen because not all investors have imvested their free money. Some of us just took the risk and gambled saving and earnings therefore there is still a need to take it back.

audrey12

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People convert bitcoin into fiat because the acceptance of bitcoin in our countries are not that stable although the adaptability of bitcoin are open to most country still most establishment do not accepts it as a legal tender so when you need to buy and pay something you need to convert first your bitcoin but if time comes that full adaptation and acceptance will be implemented there will be no need for us to convert it and directly use as payment.

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Quote from: SidharthMalhotra on October 04, 2017, 08:05:27 AM

It's almost like we don't value it for itself, but what it's worth in "real" money.

I think that it's easier to think of bitcoin that way now. We try to convert it to the value of "real" money first because the price is not standard. So we don't buy a burger for the amount 0.005 bitcoin in its value now.

jerrison

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The reference currency of the bitcoin varies but the most predominant currency is the dollar that's the reason why people keep converting it to dolars

potatocorner

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Nowadays, cryptocurrencies are getting more popular around the world, and many people are using it right now. We just can't use and earn these currencies for nothing. Yes, right now, there are so few companies and shops that accept bitcoin as payment because not all the people use and know it. Of course we convert those currencies into fiat because we cannot use it yet. We want to earn because we wanted and needed something. Youcan't buy anything with bitcoins for now, that is why we keep on sharing it to others until the whole world uses it.

ethereumhunter

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we are converting bitcoin back to fiat (i won't say for dollars because many of us is not just using dollar but we use many currency) because we need that money to buy something. not every of us is using that fiat to buy bitcoin again but some of us is use that fiat for buying our daily needs so we still buying bitcoin when the price is going to lower price and we converts bitcoin to fiat to buy our daily needs. and i don't think that every people must buy bitcoin only without thinking how to continue our real life.

DoublerHunter

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It is either the person needs to pay something or to buy something so he need to convert bitcoin back to dollars in order to complete getting money for his expenses in real world but most of the people that i know are keep converting their bitcoin back to dollars because they are taking advantage of the volatility and they are making money by trading.

Leeke

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You don't have to convert it back if you don't want to.
But converting it "back" to dollars/fiat allows a simple way of measuring your investment on any given day.

It depends though on how you want to measure your BTC holdings worth. If you have a value for stones say - you can always measure yours in BTC/STONES vs others who like to use BTC/FIAT. Others may prefer to see the worth of BTC/PIZZA who knows.

Either way - comparing the value of one item to its comparable value of another doesn't lower eithers worth. It just shows the worth of each at the price the market is willing to pay today.

mrcash02

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I convert BTCs to fiat because sometimes I need money in real life, or I need to lend money for someone near me that is in need. It's not a good choice, because I would like to keep the money in BTCs to grow its value on long term, but life is unpredictable and money is needed suddenly. Also, if I have some idea about business in real life I need the BTCs exchanged into fiat to start the project.

Topic: Why do we keep converting bitcoin back to dollars ? - page 15. (Read 4361 times)