Can Bitcoins Be Cashed?

[Rahman11]

A common way to cash out Bitcoin is through a third-party exchange, such as Coinbase, Kraken, or Bitstamp. ... Most platforms allow you to cash out only with the bank account you used to deposit funds. This means that you need to deposit a small amount of fiat first to be able to make a withdrawal.

[adzino]

Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else.
-snip-

Not entirely true. It's not circulating freely in most of the countries. The governments are imposing laws and policies to regulate crypto currencies. Regulation = No more free movement of currencies like we used to have at the very beginning.

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

It is possible, but I doubt this is ever going to happen. Even if it does happen, people will start doing P2P transactions. I heard there are some countries where financial institutions are not allowed to be involved with any kind of transaction related to crypto currencies, but their people still use it through p2p platforms.

[speedforce]

Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else. In contrast, bitcoin relies solely on cryptography and software between computers.

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

Then exchange it in the country that still allowing it, closing bitcoin exchange wont stop us at all, there's must be payment channel that accept bitcoin since its precious and valuable.

[mbakruroh]

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country?  

If that happens, then all cryptocurrencies die too, not just Bitcoin. If Bitcoin is banned, but other cryptos get permission, then we can exchange Bitcoins for other cryptos, then exchange them to Fiat. But can the government do it? I sure don't. Because the existence of crypto is now a necessity, and a solution in the midst of difficult transactions at the international level. The existence of crypto is not to fight fiat.

[ene1980]

~
If that happens, then all cryptocurrencies die too, not just Bitcoin. If Bitcoin is banned, but other cryptos get permission, then we can exchange Bitcoins for other cryptos, then exchange them to Fiat. But can the government do it? I sure don't. Because the existence of crypto is now a necessity, and a solution in the midst of difficult transactions at the international level. The existence of crypto is not to fight fiat.

You think that Bitcoin will be banned while the rest of the shit coins will be surviving after that . This can be the comedy of the century in the cryptocurrency world because none of these coins will survive without Bitcoin and it is a fact. No sane government will be blocking Bitcoin but you cannot say the same to thousands of other cryptocurrencies.

Suppose some government bans cryptocurrency trading, as long as there are users willing to transfer using P2P the market will be well and alive.

[chichigirl]

Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else. In contrast, bitcoin relies solely on cryptography and software between computers.

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

This is the same question for me. How come bitcoin crash, can people or group of people with very huge amount of crypto crash the market? Therefore cryptocurrency is not a very good platform to hedge your investment.

[Luqman]

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

Actually right now, many countries still ban Bitcoin. which is why many crypto enthusiasts always cash out through P2P services. there are several trusted and reputable services that provide P2P so that it will be easier to be used by people from that kind of country that ban Bitcoin.
I really hope that many more countries will legalize Bitcoin at least for digital assets, even not as a payment method.

[Sithara007]

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

This is the reason why we have stablecoins. In countries such as China, it is not legal to trade cryptocurrency with fiat currency. So they convert crypto to stablecoin instead. And do you think that all the 200 plus member states of the United Nations would ban cryptocurrency at the same time? Even if it gets banned in your country, you can travel to some country where it is legal and then convert your coins to fiat. International travel is anyway cheaper these days. If you are ready to take some risk, then you can easily do the same using various P2P platforms.

[guydin]

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country?  

If that happens, then all cryptocurrencies die too, not just Bitcoin. If Bitcoin is banned, but other cryptos get permission, then we can exchange Bitcoins for other cryptos, then exchange them to Fiat. But can the government do it? I sure don't. Because the existence of crypto is now a necessity, and a solution in the midst of difficult transactions at the international level. The existence of crypto is not to fight fiat.

I agree with you that crypto and especially Bitcoin is integral part of modern economy, so it is not likely to be completely banned. Many countries and companies use and support it. But,of course, if we were not capable of exchanging Bitcoins and other crypto to fiat it would be the end for the whole crypto world. Only if crypto doesn't replace fiat money sooner of course

[pealr12]

Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else. In contrast, bitcoin relies solely on cryptography and software between computers.

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

The government of a country can disallow the use of btc in the country but people use p2p means to still exchange btc to fiat currency, binance p2p is very effective and support many local currency, you can also use other p2p platforms that support your local currency to exchange btc to fiat.
Only countries whose government have legalise btc can trade openly, majority uses p2p to transact as of now.

[freedomgo]

Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else. In contrast, bitcoin relies solely on cryptography and software between computers.

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

The government of a country can disallow the use of btc in the country but people use p2p means to still exchange btc to fiat currency, binance p2p is very effective and support many local currency, you can also use other p2p platforms that support your local currency to exchange btc to fiat.
Only countries whose government have legalise btc can trade openly, majority uses p2p to transact as of now.

Bitcoin is very popular already, even in China where bitcoin is illegal, there are still people who are using and trading bitcoin secretly, that's how useful and popular bitcoin is, so for a country that is a democratic country, it will be the people who will dictate and it will only be the government's job to regulate the crypto market, as it's a win-win for the government and the people.

[Ulvajaya]

I think it's still a long time, it can't be that easy to happen that way, because bitcoin is not too dangerous for the country and investors who invest in bitcoin, the government closes or doesn't allow the exchange of Bitcoin or cryptocurrency there must be a cause that makes it fatal for the state and state banks itself, even if it is prohibited by the state for the good of the country itself, it's only natural that it's legal

[semobo]

Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else. In contrast, bitcoin relies solely on cryptography and software between computers.

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

Still you can sell your bitcoins to someone for fiat in personal or via peer to peer exchanges,.there is no practical way to stop the trading of bitcoins.

[hidingyou]

If it is cashed directly, not possible but through p2p, it is. about the government banning down bitcoin I could say they could do that but it will be impossible because bitcoin is widely now accepted by many countries and it will be that country's loss if they ban Bitcoin in their economy. Who would close something that could bring profit to their nation? I think banning bitcoin is impossible

[H1N1]

A common way to cash out Bitcoin is through a third-party exchange, such as Coinbase, Kraken, or Bitstamp. ... Most platforms allow you to cash out only with the bank account you used to deposit funds. This means that you need to deposit a small amount of fiat first to be able to make a withdrawal.

I think we should have our local exchange to make the withdrawal easier because we can withdraw directly to our bank account in local exchange.
External exchanges such as Binance, Coinbase, Kraken, etc are good, but local exchange is better and faster on withdrawal.

[Bikan]

Cryptocurrencies can't being halted; it may set of decisions less complex, yet you can't outright restrict it, which is the essence of that too.

[Mr.Noda]

It's a strange question, of course. It's clear that you can. there are many exchangers and large exchanges withdraw funds to a card and bank account.

[trauchot]

So in many countries it is still forbidden to deal with any cryptocurrency, including bitcoin, but gradually more and more countries are beginning to understand that cryptocurrencies are the future and they are starting to use cryptocurrencies and cryptocurrency technologies, and so in general, if all countries would banned the use of cryptocurrencies on their territory, this would certainly be a big problem for us, but we would be able to exchange cryptocurrencies for fiat money, for example, through various exchanges or through p2p.

[lixer]

Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else. In contrast, bitcoin relies solely on cryptography and software between computers.

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

How exactly do you think the governments are going to do that? You have been told that cryptocurrencies, especially Bitcoin, are decentralized, so how do you expect the government to go about a thing like this? If you look at countries where Bitcoin has been banned, you will realize that people still continue to make use of Bitcoin despite the ban that has been put in place by the government.

This is because Bitcoin can be sent through P2P exchanges, or wallets. So transactions with Bitcoin are basically peer to peer, and people can be doing this and there won’t be any trace of it. So the government can’t stop it. They can only stop you from using exchanges that are centralized.