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Author Topic: Why do we keep converting bitcoin back to dollars ?  (Read 3747 times)
SidharthMalhotra
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October 04, 2017, 01:05:27 PM
 #1

It's almost like we don't value it for itself, but what it's worth in "real" money.

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October 05, 2017, 07:36:51 PM
 #2

I think it's just easier for people to think of it in terms of dollars at this point. No one forces us to actually withdraw the cryptocurrency and exchange it for physical tender.

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October 05, 2017, 07:39:59 PM
 #3

People might have different reasons for this conversions, some might sell bitcoin to cashout some fiat and make shopping, others might just want to sell bitcoin on peak price to buy back some cheap bitcoins later on etc.

Converting bitcoin back to dollar doesn't mean we are not giving any true value to bitcoin.

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October 05, 2017, 07:42:49 PM
 #4

Remember that almost everything in the world still needs to be paid with physical money. I can't buy a pizza in my country with Bitcoin, for example. Even those merchants that accept Bitcoin will usually sell them for dollars to pay their bills, because they can't do that with Bitcoin yet.

Give it a few years and maybe we will start seeing people living just by exchange Bitcoins for goods and back and forth.

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October 05, 2017, 07:54:13 PM
 #5

Re: Why do we keep converting bitcoin back to dollars ?

I don't.  I keep converting dollars into bitcoins.

You'd have to be pretty dumb to go the other way around.

Why would you want to take a valuable appreciating asset and convert it into worthless depreciating paper?

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October 05, 2017, 08:03:40 PM
Last edit: October 09, 2017, 11:41:55 PM by BUK2016
 #6

Conversion of bitcoin to dollar or any other fiat currency will continue until most of the shops we patronise start accepting bitcoin. On the other hand, many are still afraid about the future of crypto currency and that make them convert whatever they earn through crypto currency business to fiat currency to avoid lost of value.
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October 05, 2017, 08:08:57 PM
 #7

People might have different reasons for this conversions, some might sell bitcoin to cashout some fiat and make shopping, others might just want to sell bitcoin on peak price to buy back some cheap bitcoins later on etc.

Converting bitcoin back to dollar doesn't mean we are not giving any true value to bitcoin.
I agree people may want to exchange bitcoin back to fiat to purchase something that cannot be bought with bitcoin like indeed the weekly groceries or pay for bills
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October 05, 2017, 08:13:50 PM
 #8

Nowadays BTC is not strong enough and still have a lot of volatily.

When it will become more mature and stable we can start thinking in BTC as a reference of price, since that moment arrives it is normal people transform to USD to has an "idea of value"

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October 05, 2017, 08:15:54 PM
 #9

It's almost like we don't value it for itself, but what it's worth in "real" money.
This thing actually depends on a certain person on how he do treat bitcoin.Either just for making money on it like once he gain bitcoin he easily convert it to fiat since he does need money,as simple as that.Some would treat it on other way which they do value bitcoin either on investment side and on its actual usage or innovation.

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October 05, 2017, 08:16:37 PM
 #10

In my own reason i just converting it in dollar for saving profit and converting it back to bitcoin if the price is low..
My purpose is trading between bitcoin and money just to make sure that i made a profit and save.. if the price is getting price low i'll exchange them again back to bitcoin..
Just like other said there is no same reason we have different reason why we are converting bitcoin..
Same here in my country bitcoin is not accepted yet but i am just saving my bitcoin and scaling up by selling it high and buy low..

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October 05, 2017, 08:22:54 PM
 #11

It's almost like we don't value it for itself, but what it's worth in "real" money.
This thing actually depends on a certain person on how he do treat bitcoin.Either just for making money on it like once he gain bitcoin he easily convert it to fiat since he does need money,as simple as that.Some would treat it on other way which they do value bitcoin either on investment side and on its actual usage or innovation.
i think the main reason is that in most of the places people do not have the opportunities to use bitcoin directly for shopping or any other purposes, because currently most of the shops do not accept bitcoin for shopping, but in future we can expect that a time will come when we will become able to use bitcoin for shopping without changing it into local currency.
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October 05, 2017, 08:23:25 PM
 #12

To be honest if i have enough money to support my daily expenses, I wouldn't convert this much bitcoin although its not the case in reality because this has become my part time

job to support my studies so it can't be helped if i'm selling my bitcoins. Differenyt people have different reasons but i think most of us are doing it because we just simply need it

and the other reason i could think of is because of profit e.g. trading

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October 25, 2017, 07:01:51 PM
 #13

Personally i tend to convert the calue of my bitcoin to dollars in able to know the real spending value that I have. Since there are only few merchants allow us to buy online using bitcoin. The spending value of it is still what matters to us. Its’ actual value will depend on wht it is in dollars and for me I tend to save in bitcoin for investment and when I am planning to buy something that is why its dollar value must be evaluated to see if I had reached the amount I need to buy something.

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October 25, 2017, 07:05:50 PM
 #14

Remember that almost everything in the world still needs to be paid with physical money. I can't buy a pizza in my country with Bitcoin, for example. Even those merchants that accept Bitcoin will usually sell them for dollars to pay their bills, because they can't do that with Bitcoin yet.

Give it a few years and maybe we will start seeing people living just by exchange Bitcoins for goods and back and forth.
This is one of the reason why do people do make conversions because bitcoin isnt still considered to be used to pay on bills and other stuffs we do basically do in life.Just like in my own situation i do actively convert my bitcoin earnings to my local fiat because i do really need to do it because i do need to use in order to live.Some portions of it would really be saved on bitcoin form but on big partition most of it will be converted and invest later if i do see already some opportunities that would give me even more money.Its just really on people preference and needs.


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October 25, 2017, 07:07:15 PM
 #15

I would prefer to see bitcoin go forward as a currency that can be used globally but as it stands just now it is mainly traded for profit. As long as there is still fiat it will always get converted back for profit.

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October 25, 2017, 07:12:58 PM
 #16

Because Bitcoin is not legalized all over the world so in a lot of country in which Bitcoin still not legalized, nobody can use Bitcoin directly so exchange Bitcoin into cash is the only way to use it and it's the same with my country. Beside some traders know that Bitcoin price has being at the highest peak so they decided to sell or exchange it into cash then buy it back at lower price
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October 25, 2017, 07:15:22 PM
 #17

I dont convert it to USD unless I absolutely have to. I have a bitcoin card, so I have no need to convert it myself since I can use bitcoins to buy whatever I want.

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October 25, 2017, 07:16:10 PM
 #18

I believe I can answer that question...to buy stuff.
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October 25, 2017, 07:20:47 PM
 #19

I think the main reason why people cash out is because they need the money for everyday things that bitcoin can't buy.

I think if you make a decent profit and you are struggling it makes sense to convert some bitcoin into cash, we would all love to simply hodl but life sometimes doesn't share the same sentiment.
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October 25, 2017, 07:25:44 PM
 #20

It's almost like we don't value it for itself, but what it's worth in "real" money.

We are not doing that, only those who need fiat money or those who are trading bitcoin do that. If there were no possibility to convert into fiat the whole idea of bitcoin would be destroyed. We speculate that in the future bitcoin can replace the real money, but I don't think that the government will allow it. It is a very difficult subject we don't know the future and what the governments are thinking about bitcoin. I think only japan is pro-bitcoin and is the safe harbor for btc holders.

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