Topic: Why do we keep converting bitcoin back to dollars ? - page 5. (Read 4361 times)
I will not do it until retire trading.
It's almost like we don't value it for itself, but what it's worth in "real" money.
Wrong decision 
because bitcoin will going increase again 100% but its your choice if you want to convert your btc to usd some people scared about decreasing of bitcoin because of the bch thats why they are converting their btc to their currency. 
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.
That's right. But, I think, for now, people convert it mainly to use it for their needs or convert it back to buy coins, following the principle "buy low, sell high". When you convert your bitcoin to cash and then use the cash to buy coins less than how you sold it, that's a means of earning money. It's a normal practice in the stock market, therefore it would be a practice applicable to bitcoins as well.
for some investors this is an investment strategy, if they predict that BTC price may drop, they sell at high and buy again when the price is dropped to a certain level, this way they can gain by selling high and make extra money by buying low.
I think that people still don't know bitcoin well as we do. Crypto currency is hard to understand specially when you are new, that's we keep converting it to different currency like dollars etc.
I think, people would be tempted to get btc token and exchange it to dollar bill defending on the country you live.
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.
OP's questions are very classic, everyone has his own plans and interests.
I like your answer.
It's almost like we don't value it for itself, but what it's worth in "real" money.
well, we live in a fiat world. bitcoin can be as cool as it wants, but until economies make a base valuation in btc, this will never be the case. people that harvested raw goods would need to accept and be able to pay for equipment in btc; the companies that ship the raw materials would need to be able to buy vehicles and fuel in btc as well. the refinery would need to conduct business in btc; this would go all the way up the chain to the retailer selling the product, which would need to be purchased with bitcoin. and all the workers involved in the production of this product need to be paid in good old btc
so you pretty much see how this is impossible, and why you will always need to convert to your local fiat before you can really "spend" btc.
or you could just get a bitcoin debit card
Bitcoin until now still not be accepted as a good currency to be used in daily life so it is normal when you see rich people still convert bitcoin to dollars. It is not because money more convinient but the law still not allow bitcoin to be paid in real life.
It's almost like we don't value it for itself, but what it's worth in "real" money.
It is because just like any currency, we do conversion to know how much its value is in the actual market. It is inaccurate to say that we do not value it in itself just because we keep converting it. Let me cite an example. X have Bitcoins. X will go to the US to shop. X will have to convert his Bitcoins to shop because the merchants their only accept US Dollars. You see the point? You will need to convert it to actual currencies IF you will spend it in a specific country that only accepts a certain legal tender. By that, it does not mean we do not value Bitcoins in itself.
Well, for most of the people it is a necessity. Since we don't have a Bitcoin/Cryptocurrency friendly market environment as of now, one is forced to convert his Bitcoins into the fiat currency before using it to pay the bills. I do have a regular job and thus I can spend my salary directly as it is already in fiat currency so I don't have to sell my Bitcoin investments for that reason. However, in the coming years, the situation will change and we will be able to spend Bitcoins to pay the bills in most of the countries.
Conversion of bitcoins back to the dollar depends on you. If you do not want to reduce the value of your bitcoins holdings right now. In other words we can convert our bitcoins to make our dollar safe and prevent it from falling. For the bitcoins to fall we can buy again at a cheap price. And There are so many bitcoins we can buy.
They convert it back to enjoy some bitcoins they have earned. It is not bad right because they worked for it and it is their decision. Maybe some users get their source of income in bitcoin that is why. I think some of them are hard to decide whether they hold it or spend it.
Maybe other people or bitcoiners are keep and continuing converting their bitcoins back to dollars because as of now or at the moment using bitcoin in buying something or spend on it on something is have a limit unlike dollars that can we always use for our everyday needs and it has no limit where we can spend it or use it. i think thats the reason why are they converting it.
We cannot deny the fact that there are a lot of bitcoin users that doesnt value it as a currency or as a money. But they only treat as an investment, therefore whenevwr they gain something from bitcoin they are automatically converting it to fiat.
i guess the main reason for us to keep converting bitcoin back to dollars is because we want to make profit from bitcoin and then we can sell the bitcoin into dollars. sometimes the gap price for one transaction in the exchanges is big so we can make buy and sell and then we can booked the profit with nice amount. the earning that we've got can be increase if we are doing trade in a day or even in a week so after we've finish our trade in that day, we can make profit so we can cash out our profit into real money.
We keep converting BTC to dollars because we will be able to appreciate the importance of our effort. Our earnings, and it is very good to hear, after all our efforts of investing, we may enjoy the outcome through self rewarding our self. In other scenario, they tend to change btc to dollar because they afraid to loose its expensiveness as we all btc are highly volatile and it always fluctuates time after time either positive or negative.
It's almost like we don't value it for itself, but what it's worth in "real" money.
We used to keep converting bitcoins into a real money because not all establishment accept bitcoins as a payment and obviously we need money to survive in this world and we need real cash. Especially in our country I do not know any establishment yet that accept bitcoins in exchange to their products. So we are really going to keep on exchanging our bitcoins into real money because we need money, we will not convert it if we do not need money or if all the stores accept it which will happen if we accept the bitcoins as an official currency in this world.
In my opinion, we do keep converting bitcoin back to dollars. Because we use dollar or real money in our daily expenses. Even bitcoin is a money, there are few or limited store and company that are accepting bitcoin as a payment. We also convert bitcoin back to dollars just for buy and sell techniques or we are afraid to loss our money.
Because I think some people always need cash, when bitcoin is on high price they immediately convert it to dollars, its okay to them even they just earned small profits for it. They don't know when will bitcoin rise up again, so for their assurance they convert it right away.
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