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

[goldade]

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 great plan to leave some of your savings in btc as an investment for the long term. It shows how prepared you are for the future.
While it is actually possible that the banks would, in the future, ban cryptocurrencies transactions, there's no way the banks can ban P2P transactions.
P2P is what early adopter of bitcoin and other cryptocurrencies use before exchanges that allow direct deposit of fiat currencies come into play. The only disadvantage is that it requires that you find a reliable person to exchange with.

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[ChiBitCTy]

There is certainly some fair worry when it comes to this particular topic.  This is one of the big downsides of a government banning bitcoin, not having access to exchanges to be able to easily "cash out" your bitcoin.  I do however thin we'll get to the point of where bitcoin is so valuable that even if your government bans bitcoin, you'll still be able to use it for enough stuff that you wont mind not being able to cash it out for fiat.  I at least am hopeful for this to come to fruition.

[DoublerHunter]

well p2p is highly recommended here if you remember that the bank or country you live in prohibits this bitcoin activity even though you do have to pay extra for it but this is better than nothing.
but if we talk about the future, of course, no one knows what will happen, maybe it can be like what you are talking about, maybe it can also be the other way around considering that there are so many people who are interested in this coin and it is possible that the government can maximize this so that those who still ban bitcoin can change his stance. hope it can happen

^ Probably it is, but how about the whole world? No, no way, I don't think that too much far. BTC will grow and it will accept in the mainstream as a medium exchange and now we are here, BTC was very well known all over the world, in fact, BTC is now legalized in most countries. So I don't think BTC will go down and reach the point the government will ban cryptocurrency. At this moment, we saw that BTC will have the potential to become an alternative currency and I don't think if is worth it to think negative side towards BTC.

[Mahanton]

well p2p is highly recommended here if you remember that the bank or country you live in prohibits this bitcoin activity even though you do have to pay extra for it but this is better than nothing.
but if we talk about the future, of course, no one knows what will happen, maybe it can be like what you are talking about, maybe it can also be the other way around considering that there are so many people who are interested in this coin and it is possible that the government can maximize this so that those who still ban bitcoin can change his stance. hope it can happen

^ Probably it is, but how about the whole world? No, no way, I don't think that too much far. BTC will grow and it will accept in the mainstream as a medium exchange and now we are here, BTC was very well known all over the world, in fact, BTC is now legalized in most countries. So I don't think BTC will go down and reach the point the government will ban cryptocurrency. At this moment, we saw that BTC will have the potential to become an alternative currency and I don't think if is worth it to think negative side towards BTC.

Not all country would really be ending up on the same decision when it comes to their own views towards Bitcoin or crypto as a whole.For sure there would be some opposing and some would tending for it to be adopted and we have seen such circumstances as of this moment where there are countries who do really adopted and welcome its existence and not really seeing it as a threat on where some countries do.

About cashing out then i dont worry that much since the country i do live in is on the bit positive towards crypto which means there are no problems or hiccups when you are tending to make out some cash out or conversion from crypto to fiat.Also if you do have some hard time on cashing out then there are still various ways which you can make use for you to do such transaction.

[boyptc]

It is a great plan to leave some of your savings in btc as an investment for the long term. It shows how prepared you are for the future.
While it is actually possible that the banks would, in the future, ban cryptocurrencies transactions, there's no way the banks can ban P2P transactions.
P2P is what early adopter of bitcoin and other cryptocurrencies use before exchanges that allow direct deposit of fiat currencies come into play. The only disadvantage is that it requires that you find a reliable person to exchange with.

Yes.

There's no way for them to ban P2P transactions unless they ask help from the authorities to track and stop those people who are being involved and pushing P2P transactions.

It's very usual for some business to track their competitors and lose them through asking help from the authorities.

[Nunoluck]

I am not worry about it. Since I know this is an investment with high risk, I only invest roughly 10% of my wealth so if that happen then I am still okay. In my opinion, our community is a big market for many business and bitcoin and blockchain technology is very good invention that can help this world. As far as I know we usually never stop the world advancement so I think we always can convert our bitcoin to fiat and vice versa. If not then I think it is a real fight between fiat and cryptocurrency, no one can stop people using cryptocurrency since it's transactions can be anonymously.

[worle1bm]

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?

Seeing the current adoption rate I am somehow optimistic that most of the countries will take a positive step towards its regulation and you will have no problem converting them to cash.We have seen that now banks are also providing crypto custodial service to the customer and many many btc ETF have been established worth billion of dollars.But with the countries lacking oversight exponential powers you can trade it via P2P methods and get fiat for it.The other way is out to look for someone who accepts bitcoin and will help you to purchase any stuff of your choice.But near future is of btc and you would convert fiat to btc so keep that word.

[romecheo]

For the last few years, BTC adaptation is getting strong and wider, even small merchants are now accepting BTC payment.

There are BTC ATM where you can cash out, P2P to transact via local or exchange and many others ways to spend BTC like fiat.

perhaps, the development for the BTC transaction will be faster and cheaper.

[evilgreed]

               This has been my biggest worry ever since I have gotten into this industry. Even with the the fortunate fact that the government here in my country doesn't pin down on crypto enthusiasts, the news I keep hearing about how bitcoin is being treated in a world wide scale is still scaring me a lot to this day. This is the main reason why I am very hesitant with investing or keeping my money in bitcoin or any other crypto currency. I end up just taking out profits every time and have a set maximum for investing. Even my friends are afraid to be found out by the government that they are using crypto currencies since if bad happens to bitcoin and the governments decide to track all crypto currency enthusiasts, it will be very easy for them to do so by then.

[SacriFries11]

Nope, because it is already your investment. It will provide good return of investment if the future. In case I make money, I will still invest in bitcoin and other cryptocurrencies. Because we are moving into the future digital currency that is proven to transfer money quickly and safely. You can also use it in case of emergency because it is easy to convert.

[thesmallgod]

If you study the rate of adoption of bitcoin you will understand it is not realistic that bitcoin will be banned globally. Five years ago, I hear the same news about bitcoin being banned but here we are today it is being discussed. The government will always fear something they do not have control over but it is seem they are coming to reality to think about the positive aspect of bitcoin rather than the negative side especially during the pandemic.

[Cling18]

It's a good thing that you're holding your Bitcoin. You're having too much assurance for the future. As for me, traders and holders will always find ways in case banks would block crypto transactions. That will be quite hard for us who are using Bitcoin for our necessities but I'm sure that there will always be other ways to convert Bitcoin to fiats such as P2p and other digital wallets that support crypto transactions.

[suzanne5223]

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?

Yes, the banking barriers have been happening before and people thought about the banking barriers but that's one of the reason why P2P exchange come to play the role of saviour.

If you study the rate of adoption of bitcoin you will understand it is not realistic that bitcoin will be banned globally. Five years ago, I hear the same news about bitcoin being banned but here we are today it is being discussed. The government will always fear something they do not have control over but it is seem they are coming to reality to think about the positive aspect of bitcoin rather than the negative side especially during the pandemic.

Aside the global adoption of Bitcoin, Bitcoin potential outshine the power of every government on earth and I could remember the Chain analysis advising the government that they can totally ban Bitcoin but learn what it truly was, Which is also what the IMF boss advised them to integrated virtual currency because they are future of payment.
Having said that, I don't think anyone should be worry about converting BTC to fiat when we have P2P exchange.

[amihada]

I don't think you need to worry about Btc for fiat it won't happen maybe in the future fiat will be defeated by btc I mean people are more confident in holding btc compared to fiat I'm sure banks in the future will issue transactions in coins and I'm sure in the future the future of coins will beat fiat.

[pinggoki]

Actually, I am not worried about not being able to convert my holding cryptocurrency such as bitcoin, litecoin, bnb and ethereum in the near future because I've already known that no matter what happens there are still exchangers who will be accepting cryptocurrency to be converted into Fiat and other local currency. How come that the cryptocurrency will not be able to convert into fiat if today it is accessible.

[Kiley33]

There may be a handful of countries that don’t allow or have some restrictions on bitcoin, but there are also countries that make bitcoin legal tender, and Bitcoin is a peer to peer transaction, it’s quick and easy.

[samsul1234]

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?

hello sir, I think the country will find it difficult to take steps about where bitcoin will enter the bank and convert bitcoin into the country's currency, because most people will disagree with this and if that happens it will be very difficult to take profits in bitcoin too the state interferes in banking

[Poker Player]

There may be a handful of countries that don’t allow or have some restrictions on bitcoin, but there are also countries that make bitcoin legal tender, and Bitcoin is a peer to peer transaction, it’s quick and easy.

That's what I think. And I think the trend will continue in the future. It is not a thing that makes me eat my head off whether I will be able to convert Bitcoin to fiat. For the time being I prefer to continue to accumulate it. Being the most profitable and scarce asset, I will worry about converting it to fiat in the future, if I do, as more and more people say that instead of selling their Bitcoin they will borrow against it.

[CryptocurencyKing]

With the influx of people really trying to get involved and with bitcoin breaking all odds to creating new and new lines of actions or waves in the cryptobspace and the world in terms if value, volatility, international recognition and a lot of others. I only believe, there is nothing short of general acceptance as the future Iof bitcoin or some modification that would allow for it to be used somehow to attain a purpose that would suit people of the world. Should it come to any of sort as stated by OP regarding not being able to transact freely, we've still got ourselves. It might shock you that despite the failure of the ponzi scheme MMM in 2016, it was still resurrected in the minds of those who believed in it.
Bitcoin is nothing orlf that sort and by that I mean, not a Ponzi scheme and its got a lot of potential in being something really better in the future so, I doubt it going out.

[yohananaomi]

Actually, I am not worried about not being able to convert my holding cryptocurrency such as bitcoin, litecoin, bnb and ethereum in the near future because I've already known that no matter what happens there are still exchangers who will be accepting cryptocurrency to be converted into Fiat and other local currency. How come that the cryptocurrency will not be able to convert into fiat if today it is accessible.

as long as it is a profitable job it is clear what you fear will never happen. because after all there are still many who want to make money from crypto, which is very attractive to many people.
then no one exchanger can be sure there are other exchangers who want to do it because everything is profit-based.
so there is no need to worry because as long as crypto can still make people produce something that can be used as a livelihood, it will always be available.