Topic: Why do we keep converting bitcoin back to dollars ? - page 8. (Read 4361 times)
Because paper money is still the standard use of money as of today like when I need to buy something I need/want but the seller doesn't accept BTC as currency for payment then I will be forced to use Physical Money. However I'm looking forward that my country will add BTC as a method of payment.
It's almost like we don't value it for itself, but what it's worth in "real" money.
This is how people visualize what is the true value of bitcoin in terms of dollars. but if you think deeply the importance of bitcoin is better than dollars it 7,200x better than dollar.
Because paper money is still the standard use of money as of today like when I need to buy something I need/want but the seller doesn't accept BTC as currency for payment then I will be forced to use Physical Money. However I'm looking forward that my country will add BTC as a method of payment.
There are still people who are using bitcoin for shopping and for so many other purposes, They do not feel the need to convert their bitcoins in to local currency, even they have opportunities to use their bitcoins in their local shops, where the shopkeepers accept bitcoin. Only in such places were people do not have good opportunities to use bitcoin as legal currency they are converting their bitcoins in to local currency before using it. In future we can expect that when the number of shops who will start accepting bitcoin for shopping increase then people will even feel it easy to use bitcoin directly as compare to convert it first in to their local currency. It's almost like we don't value it for itself, but what it's worth in "real" money.
I think the reason why many people just converting their bitcoin into cash is because of the "needs" for real money for their everyday life.
We know that they're still many establishments, banks, stores, etc. That not accepting bitcoin as payment.
Nowadays BTC is not strong enough and still have a lot of volatily.
When it will become more mature and stable we can start thinking in BTC as a reference of price, since that moment arrives it is normal people transform to USD to has an "idea of value"
When it will become more mature and stable we can start thinking in BTC as a reference of price, since that moment arrives it is normal people transform to USD to has an "idea of value"
I agree with the factor of volatility. On the other hand people keeps converting it to fiat since they need to convert it maybe for a living, other expenses that the use of bitcoin cant be an option yet. Not everyone here are traders, exchangers, some just like to earn for living and use it on other expenses, that of course use fiat.
Bitcoins is not accepted everywhere but fiats are so people may think of converting BTC into fiats .
There are many people who use btc as an asset more than a currency , so they just buy BTC and hold for a long term untill they reach their estimated profit.when they notice that they have completed their goal it's on them that they want to withdraw it into fiat or hold for longer time , people like me we don't have such patients to hold so when the price boosts like today 03:00 we convert it into fiat .
There are many people who use btc as an asset more than a currency , so they just buy BTC and hold for a long term untill they reach their estimated profit.when they notice that they have completed their goal it's on them that they want to withdraw it into fiat or hold for longer time , people like me we don't have such patients to hold so when the price boosts like today 03:00 we convert it into fiat .
It's almost like we don't value it for itself, but what it's worth in "real" money.
I think the most obvious reason is that bitcoin is yet to reach the level of ubiquity and usage compared to dollars. Not many establishments accept bitcoin as a mode of payment as well. Another reason is to mainly know if your bitcoin investment has been a success or not.
I think in some of the country in the world, Bitcoin are not generally acceptable by everybody since some do not have the awareness. In succh a country like that fiat are used generally for transaction. So for the few people that understand or have the bitcoin in their wallet will want to converting to Dollars to enable them purchased their physical needs.
Because Bitcoin and altcoins are not unfinished now. They also have some disadvantages to could replace cash. But I believe in the future, it can.
This is just simply they want their profit or badly needing cash. Most of the time, traders decide to convert again their bitcoin to dollars when there's a FUD occurs in the community which they expect bitcoin to have a little dump just like what happen to China exchangers. Others may have an emergencies for having an immediate selling of thier bitcoin like hospitalization or a credit that has to be paid to avoid delays.
Bitcoin needs mass adoption in order to be able to pay with it, if this happens, we won't need to convert any bitcoin into USD, just to alts
Because of thr needs and need csh
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.
Yes converting bitcoin back to dollar is the reason why everyone of us is doing this. Honestly speaking i convert bitcoin to dollar for my financial needs to provide the necessities of my family and to survive in my college life. Many of us has been helped by bitcoin by converting it into physical money. Converting bitcoin back to dollar doesn't mean we are not giving any true value to bitcoin.
For the people that the cost of having bitcoin is too low is time for them to realise it by turning back to the real money in Dollars the life is going on with real money mostly
It is just because Bitcoin is not accepted everywhere so we have to convert it into dollars or some other acceptable currency in order to spend it.
Precisely, sometimes we need to convert our bitcoins into dollars or other form of currency because it is very rare to see a store that accept bitcoin as payment. As of now bitcoin is not accepted in our society because of its anonymity thus, we should convert it first before we could spend it.Right. As it is, bitcoin has limited use in the outside world that's why it has to be converted first. Give it time, in a few years, bitcoin would be accepted by major companies and then we can use bitcoin in its pure form
It's because there are only a few companies/merchants using bitcoin. For now, we need to covert our earnings into $ to spend them.
It is just because Bitcoin is not accepted everywhere so we have to convert it into dollars or some other acceptable currency in order to spend it.
Precisely, sometimes we need to convert our bitcoins into dollars or other form of currency because it is very rare to see a store that accept bitcoin as payment. As of now bitcoin is not accepted in our society because of its anonymity thus, we should convert it first before we could spend it.
Because bitcoin is more convenient than usd.ko need to pocket a few hundred dollars but that can be just a click away you have a few hundred dollars.
It's almost like we don't value it for itself, but what it's worth in "real" money.
I think only the people needing dollars to pay for something and exchange traders who expect the price will fall sell btc for dollars. Once when it will be simpler to pay for daily stuff like going to the shop and similar directly with bitcoin, there will be no need to change.
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.
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