Anyone can choose to do what they want with their bitcoin. Maybe some people have their own reason why they converting back to bitcoins. What I think is that they might have in need of dollar as a payment on something which cannot be paid by bitcoins or the requirement of the transaction was not in need for bitcoins. In short when bitcoin is not the required medium for payment we resort to other currency perse.
Topic: Why do we keep converting bitcoin back to dollars ? - page 3. (Read 4361 times)
Well I do not agree that converting bitcoin to Dollar show that we do have value for bitcoin. Everyone has diverse needs and perspective for such cases, some offer bitcoin when the esteem goes up to get some cash and do some shopping, others may simply need to offer bitcoin at a best cost to purchase back for investment.
Because dollars is accepted in all merchants all around the world. Currently, we can't use bitcoin to pay for our groceries, to pay for our taxes and so on. We still need to convert it to be able to use it. Maybe time will come that we need not to convert it into dollarys anymore.
Their may be different reasons depending upon the understanding.Suppose a short term investor who bought BTC at $12000 and current price of BTC is $15000 and the price starts falling down,these kind of investors start selling of their BTC into dollar or any localbitcoin to avoid further loss.They do not know that the price may also touch $20k.so its advisable not to invest for shrot term.Some people need money they cash their BTC,depending upon different needs.Some people reach enough return they sell to get profit.So in a nutshell i can say that reasons of converting into dollar may be different.
For me,most bitcoiner keep converting their bitcoin into dollar because of it's volatile price. Then when bitcoin price fall down,they will buy bitcoin again and will get more bitcoin in their wallets. That's their strategy to have some profit.
Crypto currency is designed for payments on the Internet. Crypto currency and Bitcoin as a whole is a new fresh niche.
For most users, only its value and the ability to earn on the fluctuations of the exchange rate is important.
For most users, only its value and the ability to earn on the fluctuations of the exchange rate is important.
Currently, bitcoin has an unstable reputation in the community, which focused on legal and regulatory requirements for the decentralization of the system.
For one, the dollar is more stable, and that's despite it being issued by a country in more debt than any other country in history.
That said, when you convert back to fiat, take profits from crypto, you should be converting to a basket of currencies, not just the US dollar. Euro, Australian Dollar, Singapore Dollar, Japanese Yen, ... and two of my personal favorites, the Swiss Franc and Taiwan Dollar.
That said, when you convert back to fiat, take profits from crypto, you should be converting to a basket of currencies, not just the US dollar. Euro, Australian Dollar, Singapore Dollar, Japanese Yen, ... and two of my personal favorites, the Swiss Franc and Taiwan Dollar.
Bitcoins can be used as a legal tender in very few occasions. The main reason why people convert their Bitcoins to dollars is just so they can use it to do more purchasing transactions.
People should use Bitcoin for what it is really but at the moment we can't because it's not accepted everywhere meaning we need to convert to dollars to actually get by in life.
It's almost like we don't value it for itself, but what it's worth in "real" money.
Because ir is easier ro see how valuablr bitcoins are when it is cpmpared to a certain currency with a 2 decimal place index like dollars. Dollars are more attractive to investors as well. Imagine comparing bitcoins to the currency in Zimbabwe. We will probably have hyperinflated bitcoin prices too.
Because most establishments right now don’t accept bitcoins. I can’t wait for the day when one could travel in a other countries with only a bitcoin wallet or card and a little cash (for tips) in hand.
It's almost like we don't value it for itself, but what it's worth in "real" money.
Valuing bitcoin doesn't mean JUST HODL or TRADE. Using it as a currency is one way of valuing it and that includes selling it.
As long as we make transactions we can say that we value it. Using it primarily meaning it is being valued.
On the other hand, people may convert it back to Dollars or any Fiat money because we can't deny that stores do not accept until today and we need to buy necessities. There are some but not in every country.
Not because we convert bitcoin into dollar and other spending currency we already don’t value its essence. I personally do this conversion to earn profit on my bitcoin. It is natural that people would wish to convert their bitcoins once it value arises and buy or convert your dollars into bitcoin once it decreases its value since as users we are taking the risk of making profit out of the value fluctuations.
I use Bitcoin as a store of value and I take notice of dollars only if it affects trading (eg reaching large numbers like 1,000, 10,000 etc). Otherwise, my point of reference is BTC alone and I trade in order to gain BTC, not US$. When BTC becomes transactionally useful, I will be pricing material things in BTC, too. But that's still a few years away.
True. People convert due to necessity, and you cannot blame them. They convert too because they would like to venture onto other offline businesses. This is a fact of life. It is just like they are earning Bitcoins but they spend the dollar way because it is the latter that is acceptable in the market. Moreover, they convert to dollars to have a benchmark of how much they are earning. That is just it. Nothing more that will put Bitcoin to bad light.
We convert it because most of the countries are still not adopting the bitcoin as a payment. There is no use if we can't even use it right? We invest in bitcoin and get profit for us to use it. Mostly, people would convert them to USD and then use it for their personal finances. Also, only part of our investment is what we convert. Almost 50% of them are kept for holding which will get us more profit.
because some of this world has not legalized or inaugurated bitcoin can be for transactions, such as paying electricity to pay installments or buy daily needs. different case if in your country can for the means of payment.
For now converting bitcoin back to dollars is highly needed since most of our local market needs hard currency to transact local businesses. This also strengthen the use of bitcoin by many people in the world since its circulation is still on going. Converting bitcoin back to dollars make bitcoin more real and meaningful.
In my case, I keep converting my bitcoin to dollar because I use it for trading, buy low sell high so I can add up the volume of my bitcoin holding.
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