Would you still stay on crypto world if you couldn't convert your cryptocurrency to fiat currency?

[MilaNi 603]

On 02.12.2019 at 10:42, Brushless4500KV said:

How can you collect coins to grow your assets if you can't convert your asset to cash?

How many online shop or services out there that support cryptocurrencies as payment? You still need fiat to pay for your necessary needs in your life. It is possible to live without crypto but impossible to live without fiat because still most well-known shops don't accept cryptocurrencies. Amazon is the only reliable and well-established shop that I know will accept cryptocurrency but there are lots of other shops like E-bay and Banggood that reject crypto coins.

How many organizations you know that accept cryptocurrency? Suppose you want to insure your car. Can you pay for it in BTC or ETH?

I'm also among those who like cryptocurreny but it needs to spread more worldwide so that we can leave fiat forever and just rely on our crypto coins to pay for everything.

I love crypto as well. But as you have wrote -  few places accept crypto for goods and services. The propositions are not so enormous, they are too limited. And of course the amount of crypto lovers may substantially melt in case something like that will happen with the loosing opportunity to exchange it into fiat. But there will be lots of other directions where it will be possible to use crypto in my opinion. I think that creators of crypto projects and different sites of goods services will find some mutually beneficial solution.

[Raqeebzy 6456]

On 12/2/2019 at 6:54 AM, Brushless4500KV said:

 

What do you think would happen if there was no online exchanger to convert cryptocurrencies to digital fiat currencies

Maybe you should put the question as "What will be the fate of cryptocurrency". 

Cryptocurrency has no been adopted widely as a mode of payment and it hasn't replace the old fiat system, if there is no crypto-fiats exchange, I can cryptocurrency projects are as good as gone. All these are already put into place before the creation of cryptocurrency.

[Brand1 1336]

If this happens, I will never give up cryptocurrencies for a number of reasons. I can use these currencies to buy some gift cards or to buy some products from electronic stores. I can store currencies only so that cryptocurrencies become a global currency and are recognized throughout the world.

Edited June 6, 2020 by Brand1

[Virgil dijk 1431]

Well if this happens I would still stay in Crypto, but all I will do is to search for sites which accepts cryptocurrencies, and I will use my crypto to buy things online, so I would still stay in crypto if we can't change to fait.

[ETheHedgehog 3104]

i think this would make it lose it's value, especially if you also can't buy anything online with it, as currently there are still a lot of things you can only do with fiat, and people invest in crypto as an opportunity for profit

[koussai999 1986]

I do not think that everyone is doing things there are many people around me and my friends are trading cryptocurrencies as if they are the future and they are more important than digital currencies so I think there are some people that do it as a principle

[Yomose 3704]

16 hours ago, ETheHedgehog said:

i think this would make it lose it's value, especially if you also can't buy anything online with it, as currently there are still a lot of things you can only do with fiat, and people invest in crypto as an opportunity for profit

You are right at all, if I can not convert cryptocurrencies  to fiat, I will no think two times before I will stop accumulating cryptocurrencies. That means cryptocurrencies have no value. 

[Omar Ommeish 4872]

I do not think that this will be a problem because we can count on the cryptocurrency for our basic needs.

[TimopheyKa 3900]

Most likely, it would not, except if you could buy something for cryptocurrency, and the blockchain system would be actively developed! And in fact, so the cryptocurrency would remain useless, and not very interesting for anyone, which is very sad!

[P A Ashif 2409]

Actually people not want either crypto or fiat. They want money , luxury and all. The reason why people choose to increase their fiat money is because it is accepted every where. If crypto was accepted every where then people will keep crypto. No one will die for crypto just because its interesting.  One should be benefited by it.

[Sugibengi 390]

On 12/2/2019 at 12:54 PM, Brushless4500KV said:

To be honest, most people who call themselves crypto lovers or crypto enthusiasts are not interested in cryptocurrencies. They invest in them or trade with them just to increase their fiat currencies by exchanging (converting) their crypto coins to their local fiat currencies. They are in fact interested in fiat currencies and tolerate the instability of cryptocurrencies to earn more fiat which is stable. They like cryptocurrencies because of fiat not because they are decentralized payment systems with lower fees. Increasing crypto coins means nothing to them until they convert their coins to fiat as soon as possible.

What do you think would happen if there was no online exchanger to convert cryptocurrencies to digital fiat currencies? (For example BTC to Paypal or ETH to Payeer).

Do you think the value of cryptocurrencies is independent of fiat?

Is collecting crypto coins without converting them to fiat means increasing investment and income?

 

 

If I can't convert cryptocurrency to fiat, maybe I'll leave the world of crypto, maybe everyone thinks the same as me, because we trade and invest in the crypto world, the goal is to make a profit, and the profit can be spent to buy something useful, like cars and houses, and the cost of daily living.

[rvherrera 137]

In reality, it is intended that in the future the transactions are in cryptocurrencies, leaving aside the use of fiat, that is why it is important that crypto have a real use when they propose a project, for example the use in video games as something simple to understand or currencies that are used in the dentists niche.

[Cryptic 0]

I wouldn't think that there would people who will got interested in Crypto if they can't encash it since the main purpose of it is to sustain us financially. When the Bitcoin's price was just a cent there were only few people who got interested on it but then suddenly its price rose up, the investors and users also rose up because they could make an income from it. Yeah there were a few business that accepts crypto as payment but it is only the big company like Microsoft, you can't buy your needs like goods if you can't convert it to digital fiat money.

[Sid 589]

Depending on the function of the cryptocurrency itself, if it could be used to buy something and provided convenience compared to fiat money, it might still be worth it.😀

[Onden 2098]

In my opinion, if cryptocurrency cannot be exchanged for fiat money, of course people will leave the crypto world, the goal of the people here is to make a profit and be able to buy some things. The problem is, not all shops accept crypto so people always want to convert it to fiat so that the money can be used immediately.

[Flying11Horse 45]

On 12/2/2019 at 10:54 AM, Brushless4500KV said:

What do you think would happen if there was no online exchanger to convert cryptocurrencies to digital fiat currencies? (For example BTC to Paypal or ETH to Payeer).

Do you think the value of cryptocurrencies is independent of fiat?

I think @Brushless4500KV that if there is no exchange for converting digital currencies to fiat currencies now one will work in crypto. Only very few people who love it's technology will work here .

The reason is that they want real money which is fiat currencies.The value of cryptocurrency depends upon fiat currencies because we buy and sell crypto using Dollars most of the time and mostly investment is done in Dollars which is a fiat currency  in a coin .

So it's value depends upon fiat currencies.

[Gluttony 1775]

I say that if the crypto currency has still value on the market, I would still use it since it is a convenient way of managing your transactions that involves money. This kind of method is kind of most people prefer since they do not need to carry their physical money anymore since there is also a chance of having a risk in getting mugged by a stranger.  This is also the reason why most of the individual prefer to use debit cards for the money transactions they would engaged with. Well, if ever the crypto currency doesn’t have a value anymore then what would be the point of staying with it since you can’t use it anymore?

[notts 164]

That happens because cryptocurrency is a place to invest and to collect assets for the future. Of course I will gather lots of cryptocurrency to make future assets.

[yonkii 3205]

I think that since we can buy many things with cryptocurrencies there is no need to convert them to fiat and this makes good question if we have to convert them anyway. Maybe we can hold in Bitcoin and Ethereum and wait for prices to rise a lot and then we can buy some things we want very cheap from places that accept cryptocurrencies.

[Kaytom 31]

Yes, i will stay because  you can still buy things with them even if you can't  convert  them to fiat, and it's  more secure  to buy it with  crypto  than fiat, more store will accept  crypto  in the future  so it's another  plus. 

[malik6314193 5449]

I think everyone in crypto currencies is because of earning money. We can't get anything by crypto currencies so everyone want fiat currency so if anyone is unable to convert their crypto currencies to fiat currency then he will leave it. 

[rekter 8129]

I am not sure how would that even work. That would mean that bitcon for example wouldn't be worth anything. Miners need incetives for mining because they are making sure that the blockchain is secure. Without any financial profit, why would they pay for electricity for their rigs?

[Braulio Eurea 720]

Cryptocurrencies are in themselves a means of payment, they accumulate value and have exchange power, that is, they meet almost all the requirements of fiat currency, so they can perfectly replace it, so I would continue in the cryptographic world if they were accepted in all transactions of everyday life.

[Gwataman 147]

i really prefer to hold both crypto and fiat money that is all i want both of them in my own power

[Mella 3680]

I am not understand a lot from this question, why we are not able to sell our crypto and profit in other currency, maybe if only the other currency became so bad that we are not want it to hold at all perhaps as is the currency of the Venezulela.