Topic: Why do we keep converting bitcoin back to dollars ? - page 18. (Read 4361 times)
Conversion of bitcoin to dollar or any other fiat currency will continue until most of the shops we patronise start accepting bitcoin. On the other hand, many are still afraid about the future of crypto currency and that make them convert whatever they earn through crypto currency business to fiat currency to avoid lost of value.
Re: Why do we keep converting bitcoin back to dollars ?
I don't. I keep converting dollars into bitcoins.
You'd have to be pretty dumb to go the other way around.
Why would you want to take a valuable appreciating asset and convert it into worthless depreciating paper?
Remember that almost everything in the world still needs to be paid with physical money. I can't buy a pizza in my country with Bitcoin, for example. Even those merchants that accept Bitcoin will usually sell them for dollars to pay their bills, because they can't do that with Bitcoin yet.
Give it a few years and maybe we will start seeing people living just by exchange Bitcoins for goods and back and forth.
Give it a few years and maybe we will start seeing people living just by exchange Bitcoins for goods and back and forth.
People might have different reasons for this conversions, some might sell bitcoin to cashout some fiat and make shopping, others might just want to sell bitcoin on peak price to buy back some cheap bitcoins later on etc.
Converting bitcoin back to dollar doesn't mean we are not giving any true value to bitcoin.
Converting bitcoin back to dollar doesn't mean we are not giving any true value to bitcoin.
I think it's just easier for people to think of it in terms of dollars at this point. No one forces us to actually withdraw the cryptocurrency and exchange it for physical tender.
It's almost like we don't value it for itself, but what it's worth in "real" money.
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