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Author Topic: If one day BTC cannot be traded for cash, what will you do?  (Read 6021 times)
agamasrori
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August 28, 2016, 10:22:43 AM
 #21

I will spend all my bitcoins on Purse.io.

 Cheesy  Cheesy

Bitcoin is cash!Digital cash!
If you can not trade Bitcoin for fiat cash anymore, to me this means that fiat has failed.
So if somebody wants my Bitcoin, he will have to pay me in goods. For instance I give you 10 BTC and you give me your property.Or I give you 2 BTC and you give me your new car.
You see I'm looking at it from a different perspective.  Wink
I am agree with you. If bitcoin cannot traded for cash it's mean I will buy something in online shop . bitcoin is digital cash anyway. No one can forbid the people to change their fiat into bitcoin or bitcoin into fiat although that is goeverment. Bitcoin is  more easily to use.


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mobnepal
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August 28, 2016, 10:24:44 AM
 #22

I don't think this gonna happen in near future as i have just exchanged some of my bitcoin to local cash in person to person deal. But if there will be no one intrested in exchanging bitcoin for cash, we can still use those bitcoin anywhere using bitcoin credit cards.

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August 28, 2016, 10:25:08 AM
 #23

I will spend all my bitcoins on Purse.io.

 Cheesy  Cheesy

I will also do the same , as we know that purse.io is a place to buy online with bitcoin then I think after that we will not need to convert our money into fiat, I will buy things from there or any other shopping site where bitcoin is accepted, and if I would need to buy anything which will not be available with bitcoin and for that I will have to go to my local market and have to pay with fiat, then there is also a solution with me, I will buy some goods from online store with bitcoin and when I will get it I will sell that goods for fiat and will use that fiat to buy the thing which I will need.

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August 28, 2016, 10:25:24 AM
 #24

Haha, it is not a good thing to do. I would prefer to save the bitcoin than spend all bitcoin owned > because I saw that it was just a temporary displacement and will return as before. Bitcoin will always sell, although in the future there is a much better competitor of bitcoin
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August 28, 2016, 10:26:25 AM
 #25

I will spend all my bitcoins on Purse.io. Cheesy  Cheesy

well, this will never happen because everything is being traded against fiat and gets their value that way; of course that is unless bitcoin itself has value. and as long as that is true, there is no reason why you can not trade it with fiat.

also why aren't you using purse.io or any other similar service for spending your coins right now?

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August 28, 2016, 10:36:04 AM
 #26

Do you mean "If one day BTC cannot be traded for cash, what will you do?" - Because it is illegal, there is no one to buy, or other reasons like algorithm is broken?

Obviously if BTC for some reason becomes illegal in the country reside, then will you have to respect the national legislation, that is a no brainier.
No one to buy: that is very unlikely, as long as the network is running then will there be BTC trading, if it gets so unappreciated that BTC will not trade on
any exchange then will there with out doubt be some 2nd market trading.
If the algorithm is broken, then are will there without doubt be a fork very fast.

Last aspect is the large amount of physical BTC out there, there is a significant amount of BTC tied up to physicals.
These are in principal un affected by the status of the network. This can always (and will always) be traded for cash.
Since they are historical objects.

Cryptography is one of the few things you can truly trust.
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August 28, 2016, 11:23:16 AM
 #27

Just because it cannot be traded for cash doesn't mean it also can't be traded for the other thing right? Then I'll actually act normally because I honestly rarely withdraw my Bitcoin to cash.

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August 28, 2016, 11:32:58 AM
 #28

If one day bitcoin cannot be traded for cash, i will stop using bitcoin. Because the only reason i use bitcoin because i can exchange the bitcoin into cash and i have job with bitcoin too.
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August 28, 2016, 11:42:48 AM
 #29

No problem as long as merchant/service don't stop accept bitcoin as well. I still can buy voucher/gift card and spend my bitcoin on video games at steam.
Maybe it will happen because fiat no longer exist and everyone use bitcoin Roll Eyes

Use SegWit and enjoy lower fees
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August 28, 2016, 12:00:16 PM
 #30

I will buy good from newegg or dark market.   Grin

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August 28, 2016, 12:05:49 PM
 #31

The big issue is if bitcoin cant be traded against fiat, most merchants as companies will remove it almost instant, even if we moove into another altcoin, maybe market can moove to another altcoin, but imagine that all crypto no longer has those feature to be exchanged into fiat again, all altcoins will die, markets and transactions would be over as miners turning off their hash.
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August 28, 2016, 12:07:10 PM
 #32

Well, many investment opportunities out there, like Forex and HYIP accepts Bitcoins.
Also, many online merchants accepts bitcoins as well.
There are many other opportunities to spend BTC online as casinos, games etc.
So, I really don't worry about it.

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August 28, 2016, 12:08:23 PM
 #33

Nothing... If it cannot be traded to cash, it will be useless..  But I might still keep it since I earn it... But if someone is interested to buy it I will sell it to them and I'll just stop collecting since I can't use it anymore... But if it cannot be traded to cash and I could still use it to purchase, I think I will continue... as long as it has a "value"...

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August 28, 2016, 12:18:49 PM
 #34

I don't think this gonna happen in near future as i have just exchanged some of my bitcoin to local cash in person to person deal. But if there will be no one intrested in exchanging bitcoin for cash, we can still use those bitcoin anywhere using bitcoin credit cards.
I think bitcoin will always worthwhile, and while the bitcoin bitcoin has a price can be exchanged for a fiat currency or cash. so if bitcoin is still alive I'm sure you can still do it


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August 28, 2016, 12:23:20 PM
 #35

Well, many investment opportunities out there, like Forex and HYIP accepts Bitcoins.
Also, many online merchants accepts bitcoins as well.
There are many other opportunities to spend BTC online as casinos, games etc.
So, I really don't worry about it.


What do you think those companies do with the bitcoin they get? Do you think they store them? Sure a part of those should be stored, since now you can pay almost all services online with bitcoin, host, domain ,security, but remove fiat exchange and you will see the bitcoin market services disappear instant. Bitcoin has value in fiat, and several companies, merchants just work with bitcoin because then can exchange it to fiat, taking their profit, dont be blind bitcoin needs more fiat then the reverse.
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August 28, 2016, 02:17:30 PM
 #36

Well, many investment opportunities out there, like Forex and HYIP accepts Bitcoins.

it is sad to see a Hero Member call HYIPs as an investment opportunity for bitcoin!

Quote
Also, many online merchants accepts bitcoins as well.
There are many other opportunities to spend BTC online as casinos, games etc.
So, I really don't worry about it.

yeah, and this is exactly the thing that gives bitcoin its real value. and the rest is on the speculators and those traders that change the price up and down so much.

What do you think those companies do with the bitcoin they get? Do you think they store them? Sure a part of those should be stored, since now you can pay almost all services online with bitcoin, host, domain ,security, but remove fiat exchange and you will see the bitcoin market services disappear instant. Bitcoin has value in fiat, and several companies, merchants just work with bitcoin because then can exchange it to fiat, taking their profit, dont be blind bitcoin needs more fiat then the reverse.

it doesn't matter what those merchants do with their bitcoin as long as they accept bitcoin, it gives bitcoin real value and it helps with the adoption which is important more than anything else.

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August 28, 2016, 02:55:33 PM
 #37

it depends whether it is only in my country, or globally. if the first, then i can do it from germany or belgium since i have enough family members there. if it's globally, then i'll do it peer to peer. very simple.
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August 28, 2016, 03:07:06 PM
 #38

Well, many investment opportunities out there, like Forex and HYIP accepts Bitcoins.
Also, many online merchants accepts bitcoins as well.
There are many other opportunities to spend BTC online as casinos, games etc.
So, I really don't worry about it.


A member here once shared the methology to game the HYIP system. I saw it when I first joined the forums. Don't know if I can still find that discussion. Basically it is about getting the maximum gain using the minimum allowable time to make this gain. But its high risk, high reward.

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August 28, 2016, 03:07:49 PM
 #39

Well, let's hope the reason for that would be because Bitcoin became the global currency and fiat currencies all converted to Bitcoin. We also hope

the developers got their act together and we sorted out all the scaling issues. By then 1 Bitcoin will be worth roughly $100 000 000 each and we will

all be financially secured for the future... We can only wish!

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August 28, 2016, 03:17:35 PM
 #40

Since bitcoin cannot be convert into cash, i will spend online bazzare which accepting bitcoin as a payment. I think my hardwork will pay off somehow. I dont know what can i do for bitcoin without that function. I think it will be senseless of having bitcoin if that happens.

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