Do you worry about not being able to convert BTC to fiat in future

[DdmrDdmr]

<…>

The other important factor to ponder is the equivalent of the IRS in each one’s country. I mean the bank itself is a potential problem since they may block TXs to/from Exchanges (as you currently can read about here and there), but they also transfer data to the taxation office (so may other types of businesses, and even more so over time as regulation steps-up its deal).

Now depending on how the rules and regulations are set out on a given country, the amounts, the timeline, and how well tied-up and traced you’ve made your earnings in BTC, you may eventually face a just as dreary time having to deal with the taxation office.

P2P and ATMs may help, and a future wider extension of direct acceptance to business is a way forward, but quantities matter here, and the plans will likely vary depending on this factor.

[DaveF]

And there will probably always be places on the internet that are based in other countries that allow it.
You would wind up with more limited options and might have to jump though a few more steps but you will always be able to convert it out somehow.
Might take a hit on the rates, but that's about it.

-Dave

[sapnu]

I'm currently receiving some of my income in BTC, and I'm just holding it because I expect it will go up long term and so it is my savings.
But sometimes I'd like to be able to turn it into fiat for daily expenses. I can't yet pay my rent or buy my groceries with BTC (hopefully one day! but not today and not in the near future).
With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?
Do people think about this and have plans to work around these kinds of banking barriers? Or are there ways around it already but I'm not aware?

It is a good thing that you are being strategic with your bitcoin holdings and you are aware that in the future, we will be having bitcoin as a currency. If ever in the future it gets legalized by different governments in the world, there is a high chance that no matter how many bitcoin you hold, you will always be able to convert it into fiat and vice versa. I can't see bitcoin replacing fiats instead, I see it working in the future whilst having both still existing. Also, no matter how hard a certain government try to limit bitcoin or crypto use, people will still find ways.

[CryptoStar19]

There is too much big-player investment in the space for banking bans on crypto to become a universal phenomenon.

[The Cryptovator]

Straight answer NO, I am not worried. Because still now Bitcoin is ban in my country but it has a huge demand lately in peer to peer market. I don't know exactly what they do with Bitcoin but there is huge buyer and demand in my country. Even sometimes offer more than the legal price if you compare it with the USD price. So don't worry, just try to find a strong peer-to-peer channel. I believe every country has such a group that is trading Bitcoin with fiat. Once you are connected mean nothing to worries. It's a positive motive that you are holding Bitcoin. Safe it for your life, not for a lifetime by the way.

[ILuckyGuyI]

I actually don't worry about it. The reason why is that I think the places where we can pay with Bitcoin will increase at a high rate in the future. We will be able to use Bitcoin directly and won't need to convert it into fiat. And at some point, fiat will be gone and there will be only digital currencies left.

[geegaw]

I'm currently receiving some of my income in BTC, and I'm just holding it because I expect it will go up long term and so it is my savings.
But sometimes I'd like to be able to turn it into fiat for daily expenses. I can't yet pay my rent or buy my groceries with BTC (hopefully one day! but not today and not in the near future).
With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?
Do people think about this and have plans to work around these kinds of banking barriers? Or are there ways around it already but I'm not aware?

It is a good thing that you are being strategic with your bitcoin holdings and you are aware that in the future, we will be having bitcoin as a currency. If ever in the future it gets legalized by different governments in the world, there is a high chance that no matter how many bitcoin you hold, you will always be able to convert it into fiat and vice versa. I can't see bitcoin replacing fiats instead, I see it working in the future whilst having both still existing. Also, no matter how hard a certain government try to limit bitcoin or crypto use, people will still find ways.

He is holding only with need to increase profit level, talk about using currency in future position, it is just personal judgment and you are imposing your opinion on him while the story is that he can't turn bitcoin into fiat in a time when banks and some governments put restrictions, and it could be said that he was just worrying too much and lacking some sensible advice. Because as long as the need for bitcoin exists, telegram groups and exchanges will still offer methods for fundamental transformation, this decentralization has ceased to rely on governments and banks

[blockman]

With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? aware?
Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?

Do not think too much about that. You convert fiat to bitcoin or bitcoin to fiat at your will. And soon these banks will start to join the crypto revolution because there's a big revenue that they can take advantage of. I only see them joining us even if they're showing some signs that they're going against it. But time will tell that it's all about the adoption and it's an inevitable action that they'll do too.

Do people think about this and have plans to work around these kinds of banking barriers? Or are there ways around it already but I'm not aware?

There are a lot of markets that we can use. You'll always see those that provide liquid and exchange whether it's a dex, cex or P2P trade. There will always be a way.

[virtualdn]

I don't have such worries. I'm only hoping BTC will reach $1xx,xxx in the near future so I can enjoy the fruits of my labor. I've never cashed out a satoshi since 2013, but we all have needs so might cash out a small amount sometime in the future.

[tulusikhlas]

why should you worry? what if on the other hand fiat doesn't exist in the future?
will it affect BTC?
BTC is compatible with any currency, I believe in the future BTC will be accepted by all countries, and if there is one country that we cannot convert their BTC to fiat, there are still other alternatives to choose from.
  Don't worry the existence of BTC will not be as terrible as you imagine in the future.

[topbitcoin]

I'm currently receiving some of my income in BTC, and I'm just holding it because I expect it will go up long term and so it is my savings.
But sometimes I'd like to be able to turn it into fiat for daily expenses. I can't yet pay my rent or buy my groceries with BTC (hopefully one day! but not today and not in the near future).
With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?
Do people think about this and have plans to work around these kinds of banking barriers? Or are there ways around it already but I'm not aware?

Honestly yes, what i'm afraid if government made regulation that not allow exchanges can't be opened in my country. About withdraw fiat from exchanges maybe i will sell my fiat crypto balance to there are some people who called exchange partner, so where my money come from i don't need to worry about it because it sent from another people.

[Gamerholic]

I am not worried about this, because even if it does not work out, it will always be possible to exchange bitcoin for another cryptocurrency that will be converted. Or just buy something that can be resold if you need regular money. In general, in my opinion, this is the beginning of a great story, and all these problems are temporary. China has decided to abandon mining - great! Others will gladly take his share of this market.

[Rengga Jati]

I am sure that it will depend on each regulation of each country.
If it has been legal, so, this doesn't become a matter anymore and we can cash out our BTC to fiat every time. But of course, just do it through the exchanges that are reputable and have been leag in your country. However, if you are in a country in which the BTC is still not legal, you may use P2P with the trusted platform and or convert it to PayPal. Afaik, you can trade BTC in PayPal and then convert it to fiat through USD. And there are many third parties that accept converting PayPal for money.

With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?

Yeah, it may be hard and many countries still also do this same. But, there are always ways to solve this problem.

[dothebeats]

I’m not really bothered about not being able to trade my coins to fiat on centralized platforms. I started exchanging some of my coins in late 2015 using LBC and other local buyers and sellers. I could still rely on them if the going gets rough, and trust me, there will always be some people willing to buy and sell their coins even at below or above the market rate. You just have to be diligent about it and be really watchful of the scams.

[gundala]

And there will probably always be places on the internet that are based in other countries that allow it.
You would wind up with more limited options and might have to jump though a few more steps but you will always be able to convert it out somehow.
Might take a hit on the rates, but that's about it.

-Dave

If there is a problem, there will definitely be a solution. if what op fears really happens, there will definitely be a project developed specifically to address that, I'm sure, especially as more and more crypto users. it can be a business ground for platform owners who provide services for fiat attraction.

as long as the state legal entity legalizes the existence of local crypto exchanges, there is nothing to worry about I think. although we know that many governments are against cryptocurrencies, but many also legalize it as an investment tool and trading commodity.

[oktana]

You need to first check your country's status if they accept cryptocurrency or not. I don't think that banks act just on their own. The government in most cases are the ones who ban crypto, then the bank implements it. If it is banned in your country, you can use p2p like Nigerians now do. When you trade p2p, the bank does not know what is going on and thinks that it is a regular transaction.

[dansus021]

most people here will worry if they can exchange their bitcoin also my self.

same as you i work in crypto i pay my monthly groceries, internet and etc from bounty and airdrop

bitcoin reach 0$ its possible but almost impossible you know what i mean since bitcoin getting bigger and bigger and not all bank hate crypto

and banning bitcoin so gov can make their digital coin is happening right now

[GreatArkansas]

I’m not really bothered about not being able to trade my coins to fiat on centralized platforms. I started exchanging some of my coins in late 2015 using LBC and other local buyers and sellers.
(.....)

There are already lof of methods now to sell your Bitcoin besides Local Bitcoin, in some countries Local Bitcoins is starting to become not popular because of its competitor, and those competitors are now alternative of localbitcoins.

That's why I am curious why there will be a failure to convert your BITCOIN to FIAT in the future? It will be possible if you are from a country that government is extremely strict with Bitcoin transactions, but then again, there are very lot of ways if you want.

[isaac_clarke22]

~

It will all just turn out to be just all p2p exchange which is not that bad at all in my case, just a bit hassle for me.
Right now, I can still occasionally convert a little bit of my BTC to fiat to your mentioned reasons of converting one, but if one day those will be blocked out.
My plan would be to find some people around my area that buys one.

[acener]

It was one of my concern back when I was a newbie but it doesn't bother me now.
I know that there would always be a way for us to convert it if it isn't through trading site we could always do it P2P.
And before we run out of option on converting our crypto into Fiat then the price would surely be so low.