Bitcoin Forum

Well I can't really think of the proper title for my concern but here's how it goes.

We all know that bitcoin price has a direct price exchange to USD price. Bitcoin price for other currencies are based on the current exchange rate of USD to their respective currency.

Example:

1 BTC = USD 575 = (PhP 26,818) (PHP to USD conversion)
1 BTC = USD 575 = (Yuan 3,843) (Yuan to USD conversion)
1 BTC = USD 575 = (Euro 515) (Euro to USD conversion)

Is direct exchange of BTC to other currency without the USD price as based price is possible?

Hope you all got my main point.

i think its not possible because USD is using to be border line for exchange market, for fiat or bitcoin. but i am not sure about this, because i never heard about bitcoin can be direct exchange without USD price as based price inside. its always use USD, and its show with your example.

but if one government makes statement about bitcoin is legal and to be used in that country, then government will make based price upon their fiat and bitcoin can be direct exchange into their fiat so there are USD involve.

Yes here in the Philippines its already happening through the escrow services offered by coins.ph. through that site we can easily convert our bitcoins to cash. We can convert it also to load or pay our bills. We can exchange our bitcoins for Philippine peso and deposit it to our bank accounts or by simply send it to cash pickup outlets. That's how convenient bitcoin is in the Philippines hope other currencies could also be like that.

I have got your point, in my opinion we can not direct exchange of bitcoin to other currency without the USD or EURO. Because there is the benchmark currency of the world, it is USD or EURO every currencies using it.

I am not sure about other currencies but yes when it comes to Indian rupee, it’s possible. I have been using unocoin service since last few months and I can not only convert btc to inr but I can also withdraw inr balance in my bank account (optional) and I can pay mobile/DTH bills directly with bitcoins. The most interesting part is, I can recharge my fiat digital wallet (mobikwik) with bitcoins and pay to 50,000+ merchants across India. I don't need bitcoin to USD conversion to get it in INR.

direct exchange of bitcoin to other currencies is possible without USD in the middle but the price would still be indirectly related to USD value of bitcoin because everything is connected to each other.

also if you do the trade regardless of USD value of bitcoin then there will be an opportunity for "arbitrage trading" which will balance the price out.