Acquiring bitcoin: "Buy" vs "Convert"

[arbiter5]

Shower thought: If we're going to take bitcoin in a currency perspective, would it make more sense to say "convert to bitcoin" than "buy bitcoin"? Since when we're talking about acquiring some foreign currency like the JPY, we mostly say "convert our USD to JPY" and not "buy JPY".

Any thoughts and violent reactions?

[Rruchi man]

My thoughts are, since bitcoin is considered as many as digital gold, and gold is considered an asset, and we acquire assets, it is fair to say that we "buy" bitcoin.

[Tstar]

I'm going with "buy bitcoin" because I'm still using my fiat cash to buy something that I can't use for purchases in my daily life. And obviously, my goal when buying Bitcoin is not to use it for everyday bread and butter transactions.

[odolvlobo]

Shower thought: If we're going to take bitcoin in a currency perspective, would it make more sense to say "convert to bitcoin" than "buy bitcoin"? Since when we're talking about acquiring some foreign currency like the JPY, we mostly say "convert our USD to JPY" and not "buy JPY".

I totally agree. Unfortunately, most people now are hoping to get rich from "buying" BTC now and "selling" it later at a higher price. They are not converting.

Of course, the "true" HODLers are converting now and hoping they can use the bitcoins later rather than sell them, but true HODLers are rare.

[bL4nkcode]

IDK what others do or say in terms of this but I prefer (usually do) to use "buy bitcoin" and "convert bitcoin to fiat" or "convert to fiat". Mainly because I get used to it while using our local custodial wallet (coins.ph) which is "convert" is used for selling/buying such PHP to BTC and vice versa.

[hatshepsut93]

In my country we often say that we are buying US dollars when we convert our local currency to them to use dollars as a store of value. So, to me using words like "buy" and "sell" does not mean that I don't view Bitcoin as a currency.

I think when Bitcoin price will be more stable and there will be more adoption for payments, people will start saying "convert" more on their own.

[Swordsoffreedom]

Agreed with @bL4nkcode, It is better to say "Buy Bitcoin" when you are using fiat money to acquire this asset.
And In the case of selling, I prefer to say "Sell Bitcoin" when I sell Bitcoin for fiat money, and "Liquadet Bitcoin" when I use an exchange to liquidate it.

You may have known, In some countries buying Bitcoin is not allowed, they just buy paypal/usdt/usdc/webmoney or other digital currency and then convert that to Bitcoin.

[Quidat]

Shower thought: If we're going to take bitcoin in a currency perspective, would it make more sense to say "convert to bitcoin" than "buy bitcoin"? Since when we're talking about acquiring some foreign currency like the JPY, we mostly say "convert our USD to JPY" and not "buy JPY".

Any thoughts and violent reactions?

Does it really matter? No matter what you called it but those are just in the same perspective of things. Convert or buy is just the same.
You can acquire btc since you do buy or convert it from fiat so it does simply shows that you are also buying it.Just like on what you are
doing when dealing with FIAT/CRYPTO conversions which do simply shows that you are trying to acquire a specific coin on using
up your fiat.They do have similarities if you do try to compare on forex or stocks exchange terminologies.So this isnt really a serious
thing to be discussed.

[pixie85]

I don't see any difference in meaning. Conversion and exchange is usually used with currencies, but not exclusively.

You can say you're going to buy some dollars which is more colloquial just like when you say you're going to make food vs prepare or cook food.

Bottom line is that both are fine.

[batang_bitcoin]

Convert or buy, I think it's a good thought that you have come up with. We can have the idea of converting if we're going to hold bitcoin and selling it later. But it really depends to the person's perspective towards the idea of buying bitcoin. Anyway, you can convert it and think of the meaning of it as you're using it as a currency. But the majority is taking the idea of it as buying. Regardless of which and which, as long as you get to enjoy holding and using bitcoin as currency, I think that's what matters most.

[JeromeTash]

Bitcoin is not just a currency or an alternative payment gateway. It also acts as a store of value especially for traders just like Gold and other commodities like Crude Oil. Now you aren't going to say, I would like to convert my USD to Gold, are you?

It's right to say i would like to convert my JPY to USD because JPY is just a currency and can not act as a store of value
So for Bitcoin, I think buy/sell would be much suitable.

[aoluain]

Both terms work equally regarding currencies because essentially we do both in the same transaction.

But traditionally when going on a  foreign holiday we would go to the "Foreign Exchange"
desk to "Buy" the currency of the country we were visiting. The various currencies were
listed on a display with the Buy and Sell rate.

We also Buy stocks and shares, we dont convert FIAT into SHELL.

[maxreish]

Convert to buy bitcoin is the appropriate term (well, at least for me).
Because they have the same actions and purpose so what's the difference? If it is a digital currency, there is an understanding of converting it into fiats. Transacting thru online. Or considering it as a store value then buy some bitcoin. I hope you get it

[Darker45]

There is not much difference really. Buying Bitcoin means your fiat is converted into Bitcoin. And now I am noticing that swap is also a term becoming popular with several platforms.

Personally, I would consider buying when I have fiat outside any crypto wallet. I normally attach conversion with my fiat which is already positioned in my crypto wallet or trading platform for the best entry price. Trade would be more closely synonymous to conversion. But that's for me.

Overall, I guess they're interchangeable.

[OcTradism]

There is not much difference really. Buying Bitcoin means your fiat is converted into Bitcoin. And now I am noticing that swap is also a term becoming popular with several platforms.

Personally, I would consider buying when I have fiat outside any crypto wallet. I normally attach conversion with my fiat which is already positioned in my crypto wallet or trading platform for the best entry price. Trade would be more closely synonymous to conversion. But that's for me.

Overall, I guess they're interchangeable.

They are not the same and different actually. Buy and sell are for taker and maker orders but with swap or convert, you have to automatically accept the deal the is given by exchanges. They provide that service for you so they charge you more fees and the spread of the converted price and real price (if you buy or sell with Spot market as taker or maker) will be bigger.

You have to accept temporary loss at the time you convert it.

Buy and sell are different than Long and Short, Bid and Ask. 

[Jb]

So how is "Convert" and "Exchange different then? I deposited EUR to YouHodler the other day and I noticed they choose to use the word "convert fiat to Bitcoin" "convert fiat to crypto" etc.

Isn't that the same thing as exchanging?

[0t3p0t]

Shower thought: If we're going to take bitcoin in a currency perspective, would it make more sense to say "convert to bitcoin" than "buy bitcoin"? Since when we're talking about acquiring some foreign currency like the JPY, we mostly say "convert our USD to JPY" and not "buy JPY".

Any thoughts and violent reactions?

Since it is a different kind of asset or commodity you need to buy it just like gold, would you say convert to gold from fiat if you want to acquire? But yeah this topic depends on one's perception. And isn't "convert" and "buy" acceptable depending on how we use it in a sentence?

[marcbitcoins]

To me, it looks like buy and convert just means the same thing because they both get what we want to happen to have something like Bitcoin and eventually exchange it to make money on investments. After all, earning money is the most reason for all of us so we want to have Bitcoin.

[Wexnident]

I think it's better to Buy instead of Convert? Biased, yes I must say since I've been influenced by how it was said and as such, would rather choose the one I'm used to rather than the other, but buy just fits the idea more rather than convert. The very basis of transactions of Bitcoin even back then already was about "Buying" BTC imo. Sure, if we were to use an altcoin or stable coin to buy Bitcoin, convert may be the better term, but if it was something like using fiat money to acquire Bitcoin, then buying is the better term. Convert is more likely to be used to similar things, hence why convert JPY to USD, and they are of the sense, essentially the same (JPY and USD are both Fiat)

[Periodik]

I prefer to use convert. They are all money and currencies. They're all equal on that aspect so there must be no buying strictly speaking. There is just conversion. Just like when you convert USD to NGN to Yen to Pound to Euro, USD to Bitcoin is also conversion. It is not like you buy stocks or gold or something.