Turning crypto into fiat or is that even nessesary anymore!

[maimainguyen05]

Not at all. At the moment there are a lot of online shops, stores or serivces that accept Bitcoin for payment so we can use our Bitcoin directly in here. But with offline place like supermarket, mall,...I think it's still needed cause Bitcoin is not legalized so it's not a currency so we can't use it in these places

[katiecbell]

Right now it is still necessary. Since there are not much services or sellers that accept bitcoins yet, even in Japan there aren't yet a lot of merchants accepting it yet. But that would be a dreamland if bitcoins could be accepted in anything and everything. But as of now, there is little support yet for bitcoins to be used outside of the online world. But humanity is digitizing everything so there is a great chance it could happen in the near future.

Everyone has his own way of looking up at the things but I have a different point of view. In my opinion, turning of any kind of crypto currency may it be bitcoin or some other crypto currency into paper money and that too without having any kind of need is not a good thing to do. Holding of crypto currencies can for sure help us in making more amount of paper money than converting into fiat.

[cluit]

I think technologies around the world are all at different levels at the moment which makes this crypto - fiat relationship to remain relevant, and besides we need fiat in case crypto services are down which might be caused by an internet outage or some service maintenance.

And for some countries that have banned cryptos, i think fiat is still in the driver's seat.

Fiat currency is still the backbone of all the transactions around the world as most of the people don't have internet access 24/7 and also cryptocurrencies are no so flexible and handy now to use them for our daily payment. But one day surely there will be a revolution of currency and cryptocurrencies will be accepted all around the world.

Yes that is is right and the reason behind this is that bitcoin users are still low in number, i am sure that when the number of bitcoin users will increase then there are more chances that the use of bitcoin will decrease, because it is more convenient and easy to use bitcoin for different purposes, in modern time the young generation will also give more preference to bitcoin instead of fiat currency.

Yes, we are still low in number compared to the traditional fiat that gets used all around. Also the market place that support bitcoin and other digital currencies were also low in number. When this attains certain margin, there is no need of converting to fiat. Can keep hold of it and use directly on requirement. Till that fiat is must and for the same we need to go long.

In the present world, you actually do need paper money in order to meet your daily expenditures. The thing is holding of crypto currency like that of bitcoin can actually help you in earning of a very good amount of money. If there is no emergency of converting your digital currency into paper money, then do not go for that. Keep on holding your coins and it will result in more money.

[ivrynx]

I think it will depend upon the situation of the person, if they can survive without turning crypto currency into fiat, that is well and good, but if they have to, it is upon their discretion, but if you are looking at it as an investor, it is not advisable since below 100000 usd, is still considered a low value for bitcoin, if we could wait, let's keep investing and hodl for a long period.

[TheKeyLongThumbI]

Crypto is still not on the mainstream adoption but I know that we are close on getting there so for now, people are still turning crypto into fiat. Because once cryptocurrencies takes over everything then turning crypto into fiat is not needed anymore.

[LuffyD.Monkey]

I think as of now, people will still likely to exchange their bitcoins to fiat, since there are still.a lot of merchants that are accepting fiat than bitcoin, we still need more time for the general public to accept bitcoin and to have more mechants, that will come, let's just not rush things and convert our bitcoins to fiat, we need to remember hat bitcoin is the future of currency.

In my eyes it is not necessary till date because bitcoin is not fully cover the whole market and it will take more time to overcome all the other paper and fiat currencies. I suggest holding both the currencies fiat and bitcoin fiat for local trading and bitcoin for earning more and more money and when you realize the need for your life then you can sell them for your needs, but it is not necessary to turn to one currency.

Well you are right because the date does not matter and the date is not fixed yet but the bitcoin price and the value will be high, the fiat is important and the bitcoin currency will give you the highest price I am sure in the coming age the bitcoin will be use as the fiat because now the bitcoin is helping a lot of the people to buy all the things he want to have I am sure the bitcoin is now giving me the value and the price more high.

[alfs75]

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

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

  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.
 

Turning crypto into fiat is necessary and irrevocable as of now because the mainstream of this our goal as of now, to exchange it fiat in times of we need a physical aspectthat we can used everyday in our life.traditional currency is our daily bargaining to buy everything and its legalized by the government and accept as bargain in local bussiness, but maybe someday if this cryptocurrency will became legal and accept by the government as a known real currency,thats the time we dont need that fiat money.

[elegion]

Crypto is still not on the mainstream adoption but I know that we are close on getting there so for now, people are still turning crypto into fiat. Because once cryptocurrencies takes over everything then turning crypto into fiat is not needed anymore.

You're absolutely right. However, I can't really access fiat, I usually have to use a Bitcoin or crypto debit card to either get fiat out of the machine or pay with stuff using a card. I get paid in nothing but crypto ALL the time. So if cryptos did take over my life would be much easier, but it would be a nightmare to watch the vast majority of people going through absolute Hell when trying to figure out what is actually happening. That would be devastating so I wouldn't mind waiting a bit longer for people to catch up and learn more about this new crypto economy.

[The Sceptical Chymist]

It is the bitcoin and the bitcoin is the best because the value and the price of the bitcoin is high enough to give us the profit and the income, I am sure the bitcoin profit will be high. It is up to the investor and if the person will buy the bitcoin they will see the bitcoin price and the value will give you the profit but for this you will have to buy the bitcoin and then hold for the long time so you will get the profit.

Lol that's one of the padded-est shitposts I've read thus far. Tons of words and nothing of substance.   

Now, do we still have to convert bitcoin to fiat?  In my case I'd have to say hell yes.  I can't pay rent, utilities, buy gas or pretty much anything else with bitcoin.  I was going to buy some headphones on newegg, but I can't physically test any of them out.  My understanding is that you could potentially buy all your needs with bitcoin, but it's too much of a pain in the ass for me.  I'd rather sell crypto for cash--and it's a damn shame that Circle doesn't deal with btc anymore.

[Kingofbitcoin12345]

Yes,, the root word for bitcoin not to be converted into fiat is “acceptance” that obviously the word our society not into.. The reality is the government itself is hesitant to make any policy about cryptocurrency for a reason they were the one who cares for our financial and economic instability.. They can’t risked those by doing what people/bitcoin users want but for the what is best for the country.. And sadly bitcoin is not yet at that level..

First and foremost, most of the leaders belief on what is best for the country simply balls down to what is best for them. So many of the financial institutions and people in power have monopolized, manipulated and controlled the whole system that it would be so hard for them to just declare bitcoin legal for usage, apparently still with the use of cash.

However, they will not  have no choice eventually, with the rate bitcoin is going and they will just end up finding a way to tax it at the end once you are converting to fiat.

You’re right on that aspect about self interest of the government officials running our society.. But we can’t also deny the fact that geopolitical thing happens in our world.. If we and specifically my country will drastically accept bitcoin without the approval from the central banks ( loan will be compromised) most country is blackmailed by this.. Those us who lives in a third country and not like Japan that has the capacity to not follow this kind of oppression..

[traderethereum]

Now, do we still have to convert bitcoin to fiat?  In my case I'd have to say hell yes.  I can't pay rent, utilities, buy gas or pretty much anything else with bitcoin.  I was going to buy some headphones on newegg, but I can't physically test any of them out.  My understanding is that you could potentially buy all your needs with bitcoin, but it's too much of a pain in the ass for me.  I'd rather sell crypto for cash--and it's a damn shame that Circle doesn't deal with btc anymore.

I still convert my bitcoin to fiat too because every day I need money to buy something and I need to fill my daily needs. without money, I cannot buy anything. until we can use bitcoin to buy something in real life, we still need to convert bitcoin to fiat. but it is different if on the internet, there is an online store selling something and we can pay with bitcoin, then we don't need to fiat although we can buy directly with our debit/credit card.

[Ayiranorea]

The decision on converting bitcoin to fiat or some other form is purely depends upon the growth as well the necessity. At present the price of bitcoin is growing with fluctuations that are to provide forward push at some time interval. Upon this, it's good to keep hold of the bitcoin without moving it elsewhere.

[Kevondo]

The decision on converting bitcoin to fiat or some other form is purely depends upon the growth as well the necessity. At present the price of bitcoin is growing with fluctuations that are to provide forward push at some time interval. Upon this, it's good to keep hold of the bitcoin without moving it elsewhere.

yes The most important thing which results in changing of crypto into paper money is having the need of paper money for any sort of reason. If you are going to convert your bitcoins into paper money and that too without having any reason, then there are chances that you might regret in the future by the decision which you made. So, you need to be very much careful while making this decision as things once done can’t be reversed.

[MMA]

I think it will depend upon the situation of the person, if they can survive without turning crypto currency into fiat, that is well and good, but if they have to, it is upon their discretion, but if you are looking at it as an investor, it is not advisable since below 100000 usd, is still considered a low value for bitcoin, if we could wait, let's keep investing and hodl for a long period.

I think still majority of people feel the need to convert their bitcoin in to fiat. Actually still in most of the places people do not have the facilities of using bitcoin for shopping directly without changing it into fiat currency, may be in very few places like Japan and Brazil people have some opportunities but still even they cannot purchase everything using bitcoin because not all the shopkeepers are accepting bitcoin for shopping.

[carlisle1]

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

in some point yes everyone in this community want to have
 crypto into their wallets but most of us wanted an assurance to be
secured,so many has turn half of the crypto i to fiat,or someones
 using for off,ine businesses reserving for future targets

[marsmyname]

I think it's still needed cause there are very few place that everyone can use Bitcoin directly for payment cause Bitcoin is not legalized worldwide so for almost people all over the world they still need to exchange Bitcoin into fiat if they want to use it to buy anything or pay for bill.

It is just a matter of time. Technologies are more adapted faster in some places than in other places and it totally depends on how willing and ready the governments of these countries are to accept or legalize it. We have seen some of these situations in the past even with internet, smart gadgets and so on, same thing applies to bitcoin just that this one is a little bit different as it disrupts the monetary system. Over time, things would change and even without legalization, exchanges in conversion to fiat are still operating in some places.

[CodyAlfaridzi]

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

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

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

I'm from Indonesia. As a background, Indonesian Central Bank Governor recently stated that they will soon prohibit any financial firms to process Bitcoin and other cryptocurrencies related transaction. While the policy has not been released yet, but it's kinda obvious that Bitcoin-IDR exchanger will soon be prohibited. As you can see, since late November, Bitcoin price in IDR is at 10-20% premium, currently trading at $12500 vs $11785 on Bitfinex. Because of this, I'm withdrawing all my money and crypto from the local exchange.

I used to buy and sell Bitcoin regularly using the local exchange, bitcoin.co.id and Luno, for years. Both offering great service overall. Now that we're facing a ban, I'm thinking how would I buy and sell Bitcoin to IDR in the future? Before there was a local Bitcoin exchange, I sell my Bitcoin OTC or trade BTC-e voucher to some people. Those methods are obviously inefficient, slow, inconvenient, and most importantly extremely expensive. Most of my income is crypto related. I'm now worried that I'll have to do it like in the old days.

I know that this isn't answering your question, I just wanna share to the community the (potential) problem that I'm currently facing.

[BlackBoxRecords]

Frankly, I am still a bit scared of cryptos because they are so volatile and stuff, but appart from that, I cannot think of any good reason to have fiat .. at all.

[doomloop]

I think it's still needed cause there are very few place that everyone can use Bitcoin directly for payment cause Bitcoin is not legalized worldwide so for almost people all over the world they still need to exchange Bitcoin into fiat if they want to use it to buy anything or pay for bill.

It is just a matter of time. Technologies are more adapted faster in some places than in other places and it totally depends on how willing and ready the governments of these countries are to accept or legalize it. We have seen some of these situations in the past even with internet, smart gadgets and so on, same thing applies to bitcoin just that this one is a little bit different as it disrupts the monetary system. Over time, things would change and even without legalization, exchanges in conversion to fiat are still operating in some places.

There comes number of occasions when you have to go for converting of any of your crypto coins into paper money. It is because of the fact that still there are not so many places all over the world where you can buy almost all the things by using your crypto coin. So, most the time you have to go for converting your crypto currency into paper money as you do need paper money for meeting your daily based needs.

[el kaka22]

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

in some point yes everyone in this community want to have
 crypto into their wallets but most of us wanted an assurance to be
secured,so many has turn half of the crypto i to fiat,or someones
 using for off,ine businesses reserving for future targets

In fact, the first time I made use of my crypto direct into buying things without having to convert first was recently when I bought some land from a crypto enthusiast and he was so happy knowing he is selling to a crypto enthusiast who was ready to pay in bitcoin and even gave me some discount cause of that.

It is a good thing knowing you can spend at least without converting into fiat and paying some crazy tax (Sorry for those who may feel otherwise about tax). For now, though, you may still have to convert mostly to fiat first before doing anything.