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Author Topic: Why do we keep converting bitcoin back to dollars ?  (Read 3746 times)
Daniel91
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October 25, 2017, 07:26:32 PM
 #21

I had very simple reason for it.
I needed money in order to start my own business.
I also bought some staff as personal computer etc.
Of course, if I knew how quickly the value of bitcoins would increase, I probably would not sell so much bitcoin, but it's easy to be smart now Smiley
I think other people had very similar reasons.

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anhhung409
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October 25, 2017, 07:30:06 PM
 #22

In addition to dollars, I think we have a lot of options for converting BTCs like ETH or any Altcoin you like. So, I do not think it should change to dollars, it will lose the value of the coin, instead invest in other altcoin, it has the potential to develop in the future.

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October 25, 2017, 07:34:56 PM
 #23

It's almost like we don't value it for itself, but what it's worth in "real" money.
I switched bitcoin to dollars because I thought its price would drop when it reached $ 6000 and when it dump I would buy it for cheaper.
joseafonso123az
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October 25, 2017, 07:35:02 PM
 #24

I believe one of the main reasons that people use to convert BTC to dollars, is because it's easier to purchase everything anywhere with a worldwide currency like USD. Many countries might not know what is BTC, or are skceptical to use it, so better way  to use it in these countries is when you use it USD there. When it gets popular enough, and accepted, I dont think people will convert it much!
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October 25, 2017, 07:36:25 PM
 #25

Normally people convert their bitcoins back to dollars so that they can cash its value and enjoy the worth.It all depends on personal interest whether they need to cash their btc or not some keep it as btc for longer time in order to gain more profit where as some cash out their btc in case of emergency or in case if they find out that they have earned more than enough profit and some cash out to enjoy its benefits as in the form of dollars .

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October 25, 2017, 07:51:47 PM
 #26

It's almost like we don't value it for itself, but what it's worth in "real" money.
It is only a transaction to make a profit so when it is high the sale of real money is obvious.  Grin Grin Grin Grin
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October 25, 2017, 07:59:05 PM
 #27

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

As Danny said , start using "most of us" "a large portion' "some" not  WE.
Who are you and what does we mean?

Stop generalizing just because you have the impression everybody is doing the same.
First and most important even if we talk about fiat money a lot of people use euro yen yuan and so on.
And the problem with pricing bitcoin is that you don;t have many references in the real world.
You don;t see prices shown in btc in the stores you don't see the price in oil in btc every time in the news so it is normal to refer most of the times to your national currency.
Besides that it is more of a game right now, as a lot are waking up every morning to check how high it went.
It's cooler to say 5000$ than 1.2 tonnes of bread.

I had very simple reason for it.
I needed money in order to start my own business.
I also bought some staff as personal computer etc.

Slave trader detected, lols.



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October 25, 2017, 08:12:35 PM
 #28

It's almost like we don't value it for itself, but what it's worth in "real" money.
Op, not that we don't value Bitcoin but is just that we need to convert it to dollar so that we can purchase some things that one cannot use Bitcoin to buy. There are some shop's that doesn't accept Bitcoin till today and that is why we need to convert Bitcoin to dollar to enable us purchase them.

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October 25, 2017, 09:49:30 PM
 #29

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

Dollars or others, it is still easy to buy something with paper money. it won't be a good example but if you went to shopping and bought some clothes, how would you spend it. Of course with dollars. If you want to buy a house, you can not pay it with bitcoin in many countries. Therefore people still convert bitcoins to dollars.

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October 25, 2017, 10:02:19 PM
 #30

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

First, we use bitcoin because of the desire to profit, so when bitcoin goes up a high value, we feel satisfied. And we want to sell it to ensure the profit we have. Or another case, that is when bitcoin is unstable, we sell it to avoid losses.

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October 25, 2017, 10:06:11 PM
 #31

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

Although I hold bitcoin but at the end I will convert it to fiat because fiat is everything here. Bitcoin is just an asset hence I can't use it to buy things to cover my needs. Btw, I do trading too sometimes and converting btc to fiat is a very common activity for me.

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October 25, 2017, 10:15:54 PM
 #32

I think you are aware that bitcoin has not been widely accepted yet as a means of payment that is why we convert them back to fiat. After earning their preferred and desirable profit in bitcoin some people cash it out in fiat so that they can use it to buy something.

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October 25, 2017, 10:18:05 PM
 #33

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

I view Bitcoin as an investment right now like a good stock or mutual fund. There’s not much else I can do with Bitcoin right now at least where I’m located. It’s a store of value but with a profit along with it. I’ll just hold in Bitcoin until I need the money and at that point I’ll cash some out. This may be the main use for Bitcoin in the future as well because of the great potential for it to gain value over time.

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Ultegra134
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October 25, 2017, 10:57:48 PM
 #34

It's almost like we don't value it for itself, but what it's worth in "real" money.
It's due to most of us deeming Bitcoin more like an asset than a currency. Most of us don't really use it to pay our expenses, including me, we use it as a way of earning and investing money. It's the exact same thing with stock trading.


 
 
 
 
 
 
 
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Ann
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October 25, 2017, 11:07:41 PM
 #35

It's all up to each of us. Because not all the necessities of life use transactions with bitcoin and I'm sure that people play with bitcoin with one reason to get money. So that does not mean we do not appreciate bitcoin. If only all small shops received a payment with bitcoin maybe the story would be different but that is not possible because not everyone understands technology.

Marry Finch
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October 25, 2017, 11:23:17 PM
 #36

Now the infrastructure of services, where it would be possible without any special problems to buy various products for bitcoins, or to pay for various services, is still in its infancy. Therefore, for everyday needs still need regular paper money. In this regard, people are forced to some part of the bitcoins to translate again into dollars or another local currency in order to secure a normal existence in our physical world.

geac.xraekhurcoe
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October 25, 2017, 11:24:04 PM
 #37

Because of uncertainty, volatility, risks bitcoin keep flowing in and out but since it is valuating more than depreciating the money flowing in is way more than out, at the same time that if nobody was selling bitcoin it's value would sky rocket by lack of liquidity and huge spreads. So yes, people sell bitcoins because there is some source of influence making people do it, it may be emotionally or backed by some reasoning and this is why markets are always bull or bear, pump or dump !

   ҉ Planet QYBB   ҉
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October 25, 2017, 11:31:42 PM
 #38

Because it is still a standard unit of money a generally accepted current medium of exchange widely used and accepted in transactions involving the transfer of goods and services in any countries.
Cloud27
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October 25, 2017, 11:48:03 PM
 #39

Sometimes we convert bitcoin in fiat currency due to some circumstances like what happened before the August 1 BCH forking. Some of bitcoin enthusiast converts their bitcoin to their local currency because they did not know what will happen to their bitcoin. Someone will do the conversion when there is FUD going on, like what happened recently in China's shutting down of crypto exchanges.
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October 26, 2017, 12:03:06 AM
 #40

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.

Dollar is our universal currency that's why we refer to it in conversion rate. It would be great to have bitcoin directly as money or purchasing medium but its not yet regulated. We still use paper money of our local currency. We need it at our local currency and this time the only way to convert it is through dollar conversion.

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