The challenge of converting some crypto currency to Fiat cash.

[Nimra Saeed]

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New investors in the crypto space are being a bit skeptical about investing much in less know crypto currency, this is because crypto currencies are not yet fully integrated as a direct means of exchange for goods and services because some countries and even individuals haven't yet accepted crypto currency for the purpose of exchange.
Conversely, crypto holders depends on other crypto user to buy their crypto in order to convert it to Fiat cash.
This is a challenge I believe has mitigated against the rise in the use of crypto currency.

Cryptocurrency is a best platform for earning. In cryptocurrency we mostly exchange money with less market value with the . money with higher market value. By calculating the difference between the exchanges, we got profit.

 

[Ojonuyo]

Yeah, I get your point. It gets frustrating and disappointing when you finish working for your money and then you come to the point of exchanging to your country currency and discover the charge rate are really high. I do wish those in charge of the medium do consider us and reduce their charges. It can be true what they say, that the charge rate are for their service and are use for maintenance. I agree with them but still feels It should be minimize to make more people register and use their exchange platform.

 

[Bookwormlux]

It is a great challenge indeed, but it is not a problem for me because I only invest my money In popular crypto currencies like Bitcoin, ethereum, litecoin, Bitcoin cash that I can easily withdraw to my bank using luno wallet. You only face this issue when you invest in coins that ain't popular and widely accepted.

 

[Kennysplash]

New investors in the crypto space are being a bit skeptical about investing much in less know crypto currency, this is because crypto currencies are not yet fully integrated as a direct means of exchange for goods and services because some countries and even individuals haven't yet accepted crypto currency for the purpose of exchange.
Conversely, crypto holders depends on other crypto user to buy their crypto in order to convert it to Fiat cash.
This is a challenge I believe has mitigated against the rise in the use of crypto currency.

I don't think crypto currency can be accepted more than it is right now. And it is not hard to convert to Fiat money, if you have the application. Fiat money will always dominate crypto currency, they cannot be in the same level.

 

[Oloritoks]

The challenges most times is the slow nature of some exchange platforms that seems to slow down a bit, but it's better one maintain some level of patience when doing such so as not to loose in both ends

 

[Tienda]

I remember years ago it is not easy to find where you exchange your cryptocurrencies to fiat money. But now I think there are a lot of website exchanges and offer the withdrawal to the bank account and also some exchanges site offer exchange Bitcoin to Western Union...etc

 

[Akinwale701]

New investors in the crypto space are being a bit skeptical about investing much in less know crypto currency, this is because crypto currencies are not yet fully integrated as a direct means of exchange for goods and services because some countries and even individuals haven't yet accepted crypto currency for the purpose of exchange.
Conversely, crypto holders depends on other crypto user to buy their crypto in order to convert it to Fiat cash.
This is a challenge I believe has mitigated against the rise in the use of crypto currency.

I think this so called challenge is only a challenge to only those Crypto currencies that are not really that popular, coin like bitcoin is free from stuff like this, to my own opinion. it doesn't have to fear from what the OP listed above.

 

[Johnbami]

The best way to navigate through this challenges is selling your coin to another person.
As we know that, you can transfer bitcoin directly to another person without involving the services of a third-party such as a bank or a credit card. So you simply need to find out somebody who wants to buy your Bitcoins. When the buyer is available, you can transfer your bitcoins directly into their wallet and can get paid for that. In this type of transfer, there are some
security risks involved because when you do a transfer of bitcoin to someone else, that transaction is irreversible . So if you send your bitcoins to someone else and that person does not pay you for the bitcoins, then there is no way to retrieve your bitcoins back. So whenever you are going to sell bitcoins to someone else whether it's a family member, a friend, or some other person, make sure that you can trust on this person, and you are going to get paid for the bitcoins that you send.

 

[Abibatabosede]

You shouldn't say unacceptance of the crypto currency by the entire globe should be a factor to binder investment in crypto currency.Since it can be converted to some generally accepted money,I believe it is save to invest in.

 

[Patrik]

I would say there are 2 official main challenges, first one is to find some exchanger that accepts low amounts and second challenge is the transaction fees, even if you sell crypto for higher price than it is, you will still actually face some loss in transaction fees

 

[Erik4150]

It is really challenging but that is one of the problems you might encounter when converting your cryptocurrency to fiat currency. The charges can be very high, that is why some people end up using third party exchangers and it is not always safe.

Post automatically merged: Jan 12, 2021

It is really challenging but that is one of the problems you might encounter when converting your cryptocurrency to fiat currency. The charges can be very high, that is why some people end up using third party exchangers and it is not always safe.

 

[Ehizzy1]

I dont think issues like that have dampen or affected the rise of crypto currency ,because most payment companies are now using crypto currency in exchange of cash and receiving funds , and if some people are not using for exchange , others might consider using it for exchange

 

[Chumzy]

I don't think there is a challenge in converting cryto to fiat. Two years ago or older than that, I would agree, but these days, it is the easiest thing to do. Most wallets let you withdraw your money directly to your local bank.

 

[ahmedo24]

To solve the problem of converting Crypto currencies to fiat currencies, the member must state his or her country of location because this will help members to suggest likely wallet apps the person can use easily for such conversion. We use roqqu and Luno conviniently.

 

[Dylinks]

I must say it is a terrible experience for me as I planned to renew a platform's currency and I need to buy the currency. I funded the account of the exchanger and exchange the currency but to my amazement, I never knew there was a limit to send out there. As at now, my fund is pegged now because I can't get cash.

 

[Kelly5]

New investors in the crypto space are being a bit skeptical about investing much in less know crypto currency, this is because crypto currencies are not yet fully integrated as a direct means of exchange for goods and services because some countries and even individuals haven't yet accepted crypto currency for the purpose of exchange.
Conversely, crypto holders depends on other crypto user to buy their crypto in order to convert it to Fiat cash.
This is a challenge I believe has mitigated against the rise in the use of crypto currency.

This is never a challenge. When you Know your way around cryptocurrency platforms, you'll find it easy and exciting moving around your funds from one platform to another and get your Fiat.

 

[btaliat]

Personally I don't see this as a challenge. For the fact that gold is the most valuable item in the world and it is not used as a medium of exchange is not a yardstick for it to have a lost its value in as much its value to fiat currency still correspond.

 

[Lyrrex]

It depends on the country you are staying and there are some crypto wallet that allows you to convert your bitcoins or other cryptocurrency to local Fiat currency,the fee for transferring crypto-currency to buyers is so high. I use Roqqu to store my cryptocurrency because I can easily convert it to local currency.

 

[Sanusi]

The challenges we faced while transferring crypto currency to fiat money is only experiencd in Africa. Most developed countries doesnt have problem as their banks are allowed for the transfer. African banks are not allowed, so we battle with it by considering any measure that will allow us to get it done. Thanks to Luno wallet which now allows us to buy and sell bitcoins to our local bank with ease.

 

[Ifeayomi]

It not difficult in exchanging your crypto in cash because you can transfer from wallet into your bank account directly. And you can also exchange through your friend or agency who is willing to buy or sell.
Crypto have really advanced so much gone are those days that exchanging your crypto into cash that is very difficult to do. You can get your crypto into any type of currency in the world today.