Re: Turning crypto into fiat or is that even nessesary anymore!
I know this subject has been looked at before but with the speed at which the cryptospace changes I felt the subject deserved a fresh look, and why not obtain that fresh look from the experts that are currently at the forefront of using crypto, namely all of you here on Bitcoin Talk forum.
I know there will be a time when it will not be necessary to change from fiat to crypto and vise versa. Hell that time may already be here. If the time has come where that exchanging of one to another is no longer necessary then i definitely need an update because that would save a lot of time and money. So if you would please share your insights and knowledge with the rest of us on what the most efficient way you have found for
1. avoiding the whole exchanging from crypto to fiat to take care of financial responsibilities out side the Crypto-space
2. what is the most efficient and cost effective way you have found for the exchanging of crypto to fiat?
I know there will be a time when it will not be necessary to change from fiat to crypto and vise versa. Hell that time may already be here. If the time has come where that exchanging of one to another is no longer necessary then i definitely need an update because that would save a lot of time and money. So if you would please share your insights and knowledge with the rest of us on what the most efficient way you have found for
1. avoiding the whole exchanging from crypto to fiat to take care of financial responsibilities out side the Crypto-space 2. what is the most efficient and cost effective way you have found for the exchanging of crypto to fiat?I'm from Indonesia. As a background, Indonesian Central Bank Governor recently stated that they will soon prohibit any financial firms to process Bitcoin and other cryptocurrencies related transaction. While the policy has not been released yet, but it's kinda obvious that Bitcoin-IDR exchanger will soon be prohibited. As you can see, since late November, Bitcoin price in IDR is at 10-20% premium, currently trading at $12500 vs $11785 on Bitfinex. Because of this, I'm withdrawing all my money and crypto from the local exchange.
I used to buy and sell Bitcoin regularly using the local exchange, bitcoin.co.id and Luno, for years. Both offering great service overall. Now that we're facing a ban, I'm thinking how would I buy and sell Bitcoin to IDR in the future? Before there was a local Bitcoin exchange, I sell my Bitcoin OTC or trade BTC-e voucher to some people. Those methods are obviously inefficient, slow, inconvenient, and most importantly extremely expensive. Most of my income is crypto related. I'm now worried that I'll have to do it like in the old days.
I know that this isn't answering your question, I just wanna share to the community the (potential) problem that I'm currently facing.