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Author Topic: Turning crypto into fiat or is that even nessesary anymore!  (Read 1022 times)
cryptosamuri
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September 05, 2017, 03:06:11 AM
 #1

I know this subject has been looked at before but with the speed at which the cryptospace changes I felt the subject deserved a fresh look, and why not obtain that fresh look from the experts that are currently at the forefront of using crypto, namely all of you here on Bitcoin Talk forum.

I know there will be a time when it will not be necessary to change from fiat to crypto and vise versa. Hell that time may already be here. If the time has come where that exchanging of one to another is no longer necessary then i definitely need an update because that would save a lot of time and money. So if you would please share your insights and knowledge with the rest of us on what the most efficient way you have found for

  Shocked 1. avoiding the whole exchanging from crypto to fiat to take care of financial responsibilities out side the Crypto-space

 Huh 2. what is the most efficient and cost effective way you have found for the exchanging of crypto to fiat?

Please remember that ideas are awesome and helpful to further a subject so please do share yours, but with that being said please remember that lots of people that read this may be new to crypto so please do include details and specifics such as names of places, cost and special steps that maybe needed to accomplish your way of doing something. I want to thank you all in advance for your participation and for all that you give on a daily basis to help improve and add to the Crypto-space.
 

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September 05, 2017, 05:00:33 AM
 #2

Almost traders have already stored crypto and are still eager to exchange from fiat to crypto because the crypto market is on peak now.
Yes right now,anyone would love to have cryptos in their wallets than to keep fiat as everyone is expecting more profits from crypto.
An efficient way to exchange between fiat and crypto currency i have found so far is localbitcoins.com


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September 05, 2017, 05:46:52 AM
 #3

It ain't about the centralized vs decentralized but it's about the fact of which one is more convenient, if I get to convert my crypto currencies into fiat directly with a fair fee and done easily I would but what is more convenient for me? the most reliable and simplest method for now is for me to first convert them into Bitcoin and then into local currency not because there are no buyers or service providers accepting them but because the easiest way is to forget about finding the right people to use the coins directly without needing to exchange to fiat at all, fortunately Bitcoin is heading the right direction where we always wanted it, having the ability to only use it as the mainstream currency.

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September 05, 2017, 07:49:29 AM
 #4

Almost traders have already stored crypto and are still eager to exchange from fiat to crypto because the crypto market is on peak now.
Yes right now,anyone would love to have cryptos in their wallets than to keep fiat as everyone is expecting more profits from crypto.
An efficient way to exchange between fiat and crypto currency i have found so far is localbitcoins.com
localbitcoin forum is quite useless as majority of them are scammer.its better to use exchange rather any escrowed platform.no matter how many trade you do anonymously or decentralized but if you are a average person then you would have to use banks for day today needs.

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September 05, 2017, 12:45:17 PM
 #5

It ain't about the centralized vs decentralized but it's about the fact of which one is more convenient, if I get to convert my crypto currencies into fiat directly with a fair fee and done easily I would but what is more convenient for me? the most reliable and simplest method for now is for me to first convert them into Bitcoin and then into local currency not because there are no buyers or service providers accepting them but because the easiest way is to forget about finding the right people to use the coins directly without needing to exchange to fiat at all, fortunately Bitcoin is heading the right direction where we always wanted it, having the ability to only use it as the mainstream currency.

And i dont think all could also be applicable in all countries. Some services are only offered in there own country and some are not convenient when used in other places. In my observations most of the servies are easier in either US or UK. Exchanging crypto to fiat also have there own unique services in each countries so better find a good service for your country for better convenience.

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September 05, 2017, 01:52:18 PM
 #6

For now the most easiest and anonymous way is to use localbitcoins. It depends in what geographical area you located, the bigger city, the biggest amount of potential buyers/sellers. also you need to keep in mind local laws, as police and secret service can use localbitcoins to identify users.
Keep that in mind. Good luck with that

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September 05, 2017, 11:23:55 PM
 #7

Almost traders have already stored crypto and are still eager to exchange from fiat to crypto because the crypto market is on peak now.
Yes right now,anyone would love to have cryptos in their wallets than to keep fiat as everyone is expecting more profits from crypto.
An efficient way to exchange between fiat and crypto currency i have found so far is localbitcoins.com
You are very much right. I think everyone will be willing to go for crypto instead of fiat. Crypto currencies and especially Bitcoin is giving a lot of profit to its investors and its market price is increasing with higher rate as well. So everyone will be thinking of getting maximum benefit from it.


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September 05, 2017, 11:33:42 PM
 #8

I know this subject has been looked at before but with the speed at which the cryptospace changes I felt the subject deserved a fresh look, and why not obtain that fresh look from the experts that are currently at the forefront of using crypto, namely all of you here on Bitcoin Talk forum.

I know there will be a time when it will not be necessary to change from fiat to crypto and vise versa. Hell that time may already be here. If the time has come where that exchanging of one to another is no longer necessary then i definitely need an update because that would save a lot of time and money. So if you would please share your insights and knowledge with the rest of us on what the most efficient way you have found for

  Shocked 1. avoiding the whole exchanging from crypto to fiat to take care of financial responsibilities out side the Crypto-space

 Huh 2. what is the most efficient and cost effective way you have found for the exchanging of crypto to fiat?

Please remember that ideas are awesome and helpful to further a subject so please do share yours, but with that being said please remember that lots of people that read this may be new to crypto so please do include details and specifics such as names of places, cost and special steps that maybe needed to accomplish your way of doing something. I want to thank you all in advance for your participation and for all that you give on a daily basis to help improve and add to the Crypto-space.
 

It is still necessary. Because right now there is no effective way to buy anything using crypto. Especially if you exclusively earn money using crypto, that would mean you will likely need to convert to fiat to buy your food and all other basic necessities. I think the best way is different from country to country. In mine, I always check the local exchange and localbitcoins. They sometimes have different rates and one is better than the other.

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September 06, 2017, 01:01:01 AM
 #9

Almost traders have already stored crypto and are still eager to exchange from fiat to crypto because the crypto market is on peak now.
Yes right now,anyone would love to have cryptos in their wallets than to keep fiat as everyone is expecting more profits from crypto.
An efficient way to exchange between fiat and crypto currency i have found so far is localbitcoins.com
You are very much right. I think everyone will be willing to go for crypto instead of fiat. Crypto currencies and especially Bitcoin is giving a lot of profit to its investors and its market price is increasing with higher rate as well. So everyone will be thinking of getting maximum benefit from it.

I do not actually think this is true. At least I don't think that anytime soon Bitcoin or any similar crypto-currency will be preferable to have for everyday transactions. Besides the usual obstacle of most places not accepting Bitcoin as a payment method, there is the safety issue (imagine how easy it would be to steal from people's wallets if they do not secure their phone) and the transaction fee issue (low value transactions still have to pay very high relative fees in order to be confirmed in the blockchain). I see the latter more easily solvable by a side-chain or a separate service that does not work on top of the blockchain. Imagine an Apple Pay that allows for transactions in Bitcoin value rather than through credit cards.

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September 06, 2017, 04:56:32 PM
 #10

Rather than turning crypto into fiat, you could decide to buy something useful with it.  For example, you could buy millions of different items with it, or if you wanted to hedge against volatility you could buy precious metals with it.
Huh 2. what is the most efficient and cost effective way you have found for the exchanging of crypto to fiat?
If you ever need to buy goods that can only be bought with fiat, you could simply use a Bitcoin debit card.  These convert to fiat at the time of transactions for a fee, and you can do other things which you can do with an ordinary debit card such as making ATM withdrawals.

They rely on centralised services, so it's reasonable to hold most of your coins away from the card, but for everyday purchases it's certainly useful when you prefer to be holding crypto than fiat.

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September 07, 2017, 02:58:15 AM
 #11

You can buy in alot of stores so what will be the point in the future i think will be a most have cryptocurrency payment system
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September 07, 2017, 03:22:27 AM
 #12

It never was necessary, and look at the humongous profit you would
have made had you not converted bitcoin to fiat starting from
bitcoin's inception in 2009.  One would have stood to make millions.
Not only that, but you still would be able to spend it in lieu of fiat.

Theret always a time to sell, though. It would be so nice to have more
reputable exchanges with which to do that.  Coinbase is probably the
best, but they still have a lot of problems.


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September 07, 2017, 03:28:17 AM
 #13

1. It cant be avoided. If you have found a way to pay my internet bill with my Football coins I got from a past signature campaign then I would be happy to use that.

2. Exchanges are the most efficient and are the most cost effective way to convert to fiat. If you compute all the fees and the expenses of using them to get fiat into your bank account, it still is cheaper than localbitcoins.com.


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September 11, 2017, 04:32:48 PM
 #14

Just like earlier pointed out already, I exchange my bitcoins for fiat currency on localbitcoins.
I usually wish to sell whenever I need some cash to spend in the real world, since Bitcoin is not a accepted as a means of payment in my country.
But at anytime, I make sure that I still have some bitcoins left in my wallet.


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September 11, 2017, 06:13:48 PM
 #15

Right now converting to fiat is a must requirement, because with bitcoin we haven't got that acceptance in all markets same as that we use traditional currency. So, till such an situation exists we are supposed to convert and use it. Partly the direct acceptance from several companies have been getting increased.

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September 11, 2017, 06:20:26 PM
 #16

The ideal scenario is a world where we deal with bitcoins directly between people and not converting to fiat at all. This is not

currently a good option, because not all countries and merchants within countries accepts Bitcoin as a currency. We currently

move between Fiat and Bitcoin, because we need more merchant adoption.  Angry

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September 12, 2017, 12:51:59 AM
 #17

wirex debit card is pretty good just deposit bitcoin convert to your debit card and there you some fiat .There fees due up the ass  .There is TENX   as well but no idea how good they are

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September 12, 2017, 04:31:42 AM
 #18

The ideal scenario is a world where we deal with bitcoins directly between people and not converting to fiat at all. This is not

currently a good option, because not all countries and merchants within countries accepts Bitcoin as a currency. We currently

move between Fiat and Bitcoin, because we need more merchant adoption.  Angry

But how can we have merchant adoption if the people themselves dont want to spend their BTC because it an investment to them like gold, not money or a currency.

If you go to a merchant who accepts BTC and cash, which one would you use? Of course cash because who cares about it. While BTC could go to $100,000 in a few years.


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September 12, 2017, 05:34:19 AM
 #19

I know this subject has been looked at before but with the speed at which the cryptospace changes I felt the subject deserved a fresh look, and why not obtain that fresh look from the experts that are currently at the forefront of using crypto, namely all of you here on Bitcoin Talk forum.

I know there will be a time when it will not be necessary to change from fiat to crypto and vise versa. Hell that time may already be here. If the time has come where that exchanging of one to another is no longer necessary then i definitely need an update because that would save a lot of time and money. So if you would please share your insights and knowledge with the rest of us on what the most efficient way you have found for

  Shocked 1. avoiding the whole exchanging from crypto to fiat to take care of financial responsibilities out side the Crypto-space

 Huh 2. what is the most efficient and cost effective way you have found for the exchanging of crypto to fiat?

Please remember that ideas are awesome and helpful to further a subject so please do share yours, but with that being said please remember that lots of people that read this may be new to crypto so please do include details and specifics such as names of places, cost and special steps that maybe needed to accomplish your way of doing something. I want to thank you all in advance for your participation and for all that you give on a daily basis to help improve and add to the Crypto-space.
 

For now, I'd suggest converting to fiat but that's just because Bitcoin is not accepted on a super wide scale. Once it starts being taken in by more corporations and businesses, you can hold Bitcoin instead and use that. The only issue with using Bitcoin on a daily basis is the volatility of it. You may pay 5$ for something in the moment but that might end up being worth 7$ the next day.

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September 12, 2017, 08:58:00 AM
 #20

Right now converting to fiat is a must requirement, because with bitcoin we haven't got that acceptance in all markets same as that we use traditional currency. So, till such an situation exists we are supposed to convert and use it. Partly the direct acceptance from several companies have been getting increased.

Yeah, the situation today is that not all merchants are into bitcoin because of so many factors that's why we still need to convert our bitcoin to fiat and then buy things that we want through online. However, bitcoin is really gaining a good traction and maybe, just maybe we are going to see more online merchants accepting it as mode of payment. But currently, we need to convert it to used them as cash or just hodl on your bitcoin as a form of investment.

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September 12, 2017, 11:52:55 AM
 #21

The ideal scenario is a world where we deal with bitcoins directly between people and not converting to fiat at all. This is not

currently a good option, because not all countries and merchants within countries accepts Bitcoin as a currency. We currently

move between Fiat and Bitcoin, because we need more merchant adoption.  Angry

But how can we have merchant adoption if the people themselves dont want to spend their BTC because it an investment to them like gold, not money or a currency.

If you go to a merchant who accepts BTC and cash, which one would you use? Of course cash because who cares about it. While BTC could go to $100,000 in a few years.

This goes my vote, it is business on merchant and most countries is not adapting to spent they're bitcoin in stores. We can't blame them and even ourselves from holding one for we won't compromise the reality of future profits. It's regrettable to even think about spending it without exchanging it to fiat. In some it's look the same but it isn't, it's actually on your own perception that reflects it.

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September 12, 2017, 12:00:31 PM
 #22

Right now converting to fiat is a must requirement, because with bitcoin we haven't got that acceptance in all markets same as that we use traditional currency. So, till such an situation exists we are supposed to convert and use it. Partly the direct acceptance from several companies have been getting increased.

Yeah, the situation today is that not all merchants are into bitcoin because of so many factors that's why we still need to convert our bitcoin to fiat and then buy things that we want through online. However, bitcoin is really gaining a good traction and maybe, just maybe we are going to see more online merchants accepting it as mode of payment. But currently, we need to convert it to used them as cash or just hodl on your bitcoin as a form of investment.
Yes I agree there's a difference between what it is and what it should be, bitcoin also being a currency should have been accepted by almost all the merchants, businesses, various services providers etc but the fact is that it's not so. So when you don't have much options to buy things which you want to or which you need, you eventually have to convert them to fiat but yes once efforts are made and bitcoin becomes a global currency only then we won't be needing to convert it to fiat. I hope that we will be able to buying goods, services, and anything we may think of with bitcoin soon and there will be no need to convert it to fiat.

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September 12, 2017, 12:22:08 PM
 #23

The ideal scenario is a world where we deal with bitcoins directly between people and not converting to fiat at all. This is not

currently a good option, because not all countries and merchants within countries accepts Bitcoin as a currency. We currently

move between Fiat and Bitcoin, because we need more merchant adoption.  Angry

But how can we have merchant adoption if the people themselves dont want to spend their BTC because it an investment to them like gold, not money or a currency.

If you go to a merchant who accepts BTC and cash, which one would you use? Of course cash because who cares about it. While BTC could go to $100,000 in a few years.

This goes my vote, it is business on merchant and most countries is not adapting to spent they're bitcoin in stores. We can't blame them and even ourselves from holding one for we won't compromise the reality of future profits. It's regrettable to even think about spending it without exchanging it to fiat. In some it's look the same but it isn't, it's actually on your own perception that reflects it.

predominantly user and stores to access with our bitcoin very less in the market or any places in the world. We need to get more adoption get the people to invest on bitcoin or eth based projects. As of now exchanging bitcoin into fiat is the good option to use the money everywhere instead of searching concern shop.

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September 12, 2017, 03:12:09 PM
 #24

You can buy in alot of stores so what will be the point in the future i think will be a most have cryptocurrency payment system

This could be scenario where the country has already legalized or accepted bitcoin. So that businesses will accept this as a payment mode. For countries of uncertainty,es with btc it will take some years before such currencies is being accepted by stores for purchases of goods.


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September 13, 2017, 02:42:45 AM
 #25

Although it is now better not to exchange the crypto currency for fiat money, however, it is necessary to make certain purchases as necessary and, in connection with the still existing difficulty, to do it directly using the crypto currency, the need for such exchange will be for a long time and probably will not be completely eliminated. Therefore, I believe that the exchange between fiat and crypto currency is needed and it will exist for a long time.

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September 13, 2017, 03:05:30 AM
 #26

Maybe on my mental incapacity to ignored bitcoin is,, I have this in mind even if it looks the same in situation.. As a bitcoin user and addictive to it.. I think I can't spent bitcoin as it is without exchanging it to fiat/local currency.. I have this feeling of regrets afterwards when I have done it.. So it is necessary for some or for me because it makes me not to think too much..

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September 13, 2017, 06:54:36 AM
 #27

Almost traders have already stored crypto and are still eager to exchange from fiat to crypto because the crypto market is on peak now.
Yes right now,anyone would love to have cryptos in their wallets than to keep fiat as everyone is expecting more profits from crypto.
An efficient way to exchange between fiat and crypto currency i have found so far is localbitcoins.com

You have a point sir. But we can't say that we're rich if all our money is in cryptos.
We can only consider ourselves rich when we already converted our coins into fiat. In that way we can buy
anything that we want without limit. Purchasing through bitcoin is very limited, we all knew that because bitcoin aren't yet acceptable in everywhere. Converting cryptos into fiat is still essential for me, it's not the old fashioned way but I think it's the wisest move.

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September 14, 2017, 01:07:33 AM
 #28

With current economic situation it's impossible. But in the distant future it should be something like that. Goverment interested in it a lot. They can have more control without fiat than with it.

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September 14, 2017, 05:34:56 AM
 #29

At present, I am not converting any of my coins to fiat. As you can see, all cryptocurrency's price is increasing day by day. So its better to keep all the coins without converting into fiat. And I hope very soon most of the reputed or branded shops will start accepting cryptocurrencies. Because now bitcoin and all cryptocurrencies have become very popular . So all the international and local brands will be forced to keep cryptos as one of the payment modes.

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September 14, 2017, 05:56:26 AM
 #30

- If you want to turn your fiat into your crypto you have to buy Bitcoin then use that bitcoin (main digital currency ) to buy crypto.
- If you want to turn your crypto into fiat, you have to sell your crypto into Bitcoin then exchange bitcoin back into fiat.
So everything between Fiat and crypto will need Bitcoin at middle.

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September 14, 2017, 04:16:16 PM
 #31

Yes, it is still very necessary. The crypto space is minuscule compared to the amount of business conducted in fiat. If you take a good look at buying goods and services , how many businesses accept crypto currencies as valid payment method? Less than one percent. The adoption rate has to increase exponentially before things will reach a level when you can hold your coins without needing to convert to fiat. Only bitcoin comes close anyway and companies like Bitpay are making a killing from this situation.

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Kevin77
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September 15, 2017, 12:02:06 PM
 #32

The ideal scenario is a world where we deal with bitcoins directly between people and not converting to fiat at all. This is not

currently a good option, because not all countries and merchants within countries accepts Bitcoin as a currency. We currently

move between Fiat and Bitcoin, because we need more merchant adoption.  Angry

But how can we have merchant adoption if the people themselves dont want to spend their BTC because it an investment to them like gold, not money or a currency.

If you go to a merchant who accepts BTC and cash, which one would you use? Of course cash because who cares about it. While BTC could go to $100,000 in a few years.

This goes my vote, it is business on merchant and most countries is not adapting to spent they're bitcoin in stores. We can't blame them and even ourselves from holding one for we won't compromise the reality of future profits. It's regrettable to even think about spending it without exchanging it to fiat. In some it's look the same but it isn't, it's actually on your own perception that reflects it.
I don’t think there is any other way one can spend his or her bitcoin without having to exchange it to fiat, so we are only left with that option.
But if you’ve got enough money to spend, it will be best to overlook spending the money in your bitcoin wallet, and manage yourself with your Fiat; price is going up quickly, so what else can I say ?



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Marry Finch
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September 19, 2017, 08:44:15 PM
 #33

The need to convert the crypto currency into fiat and vice versa will always be, as some will try to invest in the crypto currency, others - to derive the earned. To buy goods and services in most cases with the use of altcoins does not go directly, since sellers of goods and services do not need such altcoys. Therefore, altkoins are usually transferred first to bitcoin, and then the necessary purchase is made either for bitcoin, however, most often bitcoin is preliminarily transferred to the local currency. In some cases, the transfer to local currency is allowed directly through widespread altcoyins, such as monero, litecoin, ethereum. Exchange in each country there are different, so there is no need to list them.

entrepmind23
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September 20, 2017, 02:33:23 AM
 #34

I don’t think there is any other way one can spend his or her bitcoin without having to exchange it to fiat, so we are only left with that option.
But if you’ve got enough money to spend, it will be best to overlook spending the money in your bitcoin wallet, and manage yourself with your Fiat; price is going up quickly, so what else can I say ?

There are merchants and stores that accept bitcoin as payment but there are only a few right now and mostly the items that we need for our basic needs are found in groceries which does not accept bitcoin as payment yet thus we need to convert to fiat to spend on things. I do agree to you OP that if it is possible not to spend the bitcoin in my wallet then I would just save it for long term investment because it is getting hard earning those coins and more expensive buying it.

Maybe time will come when there is no need to convert it as we would be spending it like fiat nowadays and a satoshi would be much more valuable that it is now. Bitcoin is more like a store of value for now but maybe there comes a time when we truly regard it as a currency and totally eliminate fiat but I think it would still be a long time for it to happen.

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