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Author Topic: Turning crypto into fiat or is that even nessesary anymore!  (Read 3740 times)
bubblebit
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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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Adbitco
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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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gekon
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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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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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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.

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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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October 11, 2017, 05:15:02 PM
 #35

There will definetly come a day when you wont need to. Just this summer over a quarter million stores in Japan began accepting bitcoin.
I can guarantee with that many stores, all your necessities would be covered. Now the issue is, its hard giving up bitcoin for goods in the respect that bitcoin is a commodity with an ever increasing value. It would be interesting to see what happens if a society only uses a currency that increases rather than decreases in value.
It seems that it may stifle purchasing.
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October 11, 2017, 05:41:58 PM
 #36

There will definetly come a day when you wont need to. Just this summer over a quarter million stores in Japan began accepting bitcoin.
I can guarantee with that many stores, all your necessities would be covered. Now the issue is, its hard giving up bitcoin for goods in the respect that bitcoin is a commodity with an ever increasing value. It would be interesting to see what happens if a society only uses a currency that increases rather than decreases in value.
It seems that it may stifle purchasing.
It would really be a tough decision specially if you are a person who do think up on the possibilities of the capabilities of bitcoin specially on future aspects.You would really have a doubt anytime you would decide up to buy up goods by using your bitcoin directly since you do know that this coin would potentially give you interest as the time goes by and rather than using your bitcoin you will still use up your local fiat to purchase physical goods.

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Pearls Before Swine
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October 11, 2017, 05:50:03 PM
 #37

Right now, and I speak for myself here, if I need extra money (like this week),
I do need to convert bitcoin to fiat.  My phone company doesn't take bitcoin,
nor my landlord, utility company, and grocery store.   All of those I pay with
fiat.  Crypto is and always will be an investment for me and not a currency,
and that's exactly why.  Nobody I need to pay accepts it.

All of that hopefully will change in the future, but right now it's definitely not
the case.
Sadlife
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October 12, 2017, 12:49:38 AM
 #38

The exchange between crypto currency to fiat is still far from over unless countries started adopting it and legalize it then it wont be neccessary anymore to convert it to fiat. Cause if a country started accepting bitcoin then you can pay any businesses with bitcoin whether its a resto bar,restaurant, hotel or mall. I think the most efficient way to convert crypto to fiat is find a site that lets you convert into currency from my country we have coins.ph although the fees is quite high but its better than nothing.

   
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btcton
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October 12, 2017, 03:44:10 AM
 #39

The exchange between crypto currency to fiat is still far from over unless countries started adopting it and legalize it then it wont be neccessary anymore to convert it to fiat. Cause if a country started accepting bitcoin then you can pay any businesses with bitcoin whether its a resto bar,restaurant, hotel or mall. I think the most efficient way to convert crypto to fiat is find a site that lets you convert into currency from my country we have coins.ph although the fees is quite high but its better than nothing.

I don't think you quite understand how Bitcoin adoption works. First off, there is no real thing such as a country "legalizing" Bitcoin. Bitcoin is already legal in most places around the world and we still don't see it being adopted by businesses. There is little incentive for businesses to adopt it even if it is promoted in a certain country. As much as people here like to think otherwise, Bitcoin is not really a means to avoid taxes or have a more convenient way to transact (at least not yet). What do you mean by a country accepting Bitcoin, exactly? I can't understand what you are trying to say by that, as it is not up to a government to dictate what businesses or financial institutions should be using.

illusioNiZt
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October 12, 2017, 04:49:29 AM
 #40

Most efficient and cost effective way of exchanging BTC to fiat is using your local exchanges for many reasons, of-course make sure they are trusted before you use them.

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