It is a really interesting question.
I guess the main problem is that it is not so wide-spread compared to the dollar and a long time ago people worried about changing their gold to dollars.
So only the future will show how widespread bitcoin will be.
Another big concern here is the great exchange fluctuations.
Topic: Why do we keep converting bitcoin back to dollars ? - page 7. (Read 4361 times)
It is just to overcome the issue of double coincidence.You may have a Bitcoin and want to get some stuffs but the seller may prefer fiat money at that period in time so you have to exchange some BTC for such situation and still hold much of your assets in BTC
It's almost like we don't value it for itself, but what it's worth in "real" money.
I think we keep converting it to dollars because that is the only way we know its value or how much it is worth, and not just because we do not value Bitcoins for itself. Just like all other currencies, I think it needs to be converted to other major currencies for comparison and contrast to know how much our currencies are worth in the world market and to assess how well or badly it is currently doing.
Perhaps people have diffirent reasons but mostly they wants to increase their wealth so they converting bitcoin back to dollars and then they buy back the bitcoin in a low percentage of price so can wait another good price hike to sell it again to make it a good profit.
It's almost like we don't value it for itself, but what it's worth in "real" money.
I think we keep converting it to dollars because that is the only way we know its value or how much it is worth, and not just because we do not value Bitcoins for itself. Just like all other currencies, I think it needs to be converted to other major currencies for comparison and contrast to know how much our currencies are worth in the world market and to assess how well or badly it is currently doing.
It's almost like we don't value it for itself, but what it's worth in "real" money.
This will change the more businesses allow payment by bitcoin. If you always shopped at a store that only sells things in bitcoin, you'd come to expect a pair of shoes there would be a certain price in bitcoin. When there are enough payment methods and ways to buy goods with crypto, we'll probably just mentally convert that to bitcoin. It's interesting times ahead, for sure!It's almost like we don't value it for itself, but what it's worth in "real" money.
I think we convert bitcoin into fiat money such as dollars because there are many stores that doesnt accept bitcoin or let we say that they didnt know bitcoin in which this stores have our daily needs for us to live so that we simply convert it.
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 the dollar is still the leading position in the currency world, bitcoin has not been widely applied in real life.
We keep converting our bitcoin to dollars or other fiat maybe because we need something that only real money can be use. Bitcoin is not yet available as mode of payment in offline store and only few are accepting bitcoin online.
There is a group of bitcoin and crypto lovers wich are doing several free tasks, signature, captcha, faucets and others mini task, and crypto has becamed their job already, or their only source of income, soo they sell their coins no matter the value since they need those to survive. I do make my deals with bitcoin, but the costs is always connected to the fiat, im being charged lets say 500 dollars soo i make the escrow to hold those when i close a deal. Cant forget the daily traders wich trade to usd expecting bitcoin to dump soo they can get more bitcoin cheaper.
Whenever we value anything purchasable in life , we value it with the currency we are familiar the most with in order to be able to compare it's price to other things and know whether it cheap or expansive . For example if i tell that my car is worth 50 "X crypto currency" and you don't even know how much that X is worth in usd , you won't be able to know what's the worth of my car , whereas if i tell you it's worth 50k dollars than you'll instantly know that it's good car because you already have established a scale in your mind with your most used currency and know what's the approximate price of everything and how to compare . So that why people convert bitcoin to dollar to give it a concrete worth that suites their perspective . But guys , you should be doing the exact opposite and be converting dollars to bitcoin ! Because IT'S THE FUTURE ! .
I'm not converting my Bitcoin. I'm funding my domain registration account with dollars, flipping the names, and taking payment in Bitcoin. I keep the Bitcoin of course. I felt this was a better option than converting my dollars into Sterling, and paying bank charges. This is a fairly recent decision of mine, and so far it's going well.
we have to do this, because too little can be purchased by bitcoins...the main thing is that all investments must directed there...then in the near future we will get the profit we need
It haven't got the value of its own. Till now it's calculated in terms of dollar or some other currency based on the location and the local fiat used over that region. This shows the dependence of bitcoin over fiat, and the same won't change in short until it gets a position when bitcoin is used on each and every necessity directly without moving it to dollars.
We just need to convert it back to dollars to use it. Most people do not accept bitcoin directly as a means of payment.
The dollar equivalence wil have less weight once people begin to really pay things in Bitcoin directly.
The dollar equivalence wil have less weight once people begin to really pay things in Bitcoin directly.
BTC is only measured in USD because USD is relatable. Everyone knows what a USD is worth and it just makes it easier. USD is like a world currency all ithers are compared to. It makes sense seeing as most bitcoin investors are American. I personally don't sell my Bitcoin if I don't have to. I would usually spend them directly eliminating the need for a third party to first exchange BTC to my local currency.
It's almost like we don't value it for itself, but what it's worth in "real" money.
that's the real money so its more applicable in anything not like digital money like bitcoin.The bitcoin create to save money like bank and to have easy transaction all over the world i think its already happening because see the history here back 2012 i read bitcoin is no value but now see the difference its already have value and its high now in real money i think this is the want of the creator of bitcoin
personally i don't convert my bitcoin to fiat currency.rather i use to convert my fiat currency to bitcoin as much as possible because i want to make best use of my money. and simply storing in bank will not work because bank will rarely give 4 to 6% per year whereas if i invest in bitcoin then i will definitely be able to make at least 40 to 50 % even sometimes 100% depends on luck. and welcoming the technology is another reason for investing in bitcoin.
Because, still, bitcoin is not yet the main currency, and it is easier to navigate, converting it into dollars. But I do this only in order to know its real significance in the world, and not to go and spend all the money earned with the help of the bitcoins, transferring them into a dollar.
converting again to dollar have many reasons. Some people want to buy BTC again when bitcoin ha correction and price goes down.
Some like me cant buy anything for bitcoins in hes country
Some like me cant buy anything for bitcoins in hes country
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