I decided to deal to this topic because very often I hear the question “how do I get back into fiat from my bitcoin”?

This question a little bit upsets and disturbs me. Why would one want to return to fiat? i.e., sell bitcoin in exchange for eur, francs, or dollars? first let’s look at what this would entail:

  • first, selling Bitcoin for eur has a (in standard cases, imperceptible) effect on the market in that it increases the demand for fiat, in itself therefore it is unethical and increases the demand for a thing that by definition is non-scarce, infinite and manipulated by central entities and governments;
  • exposes our purchasing power again to erosion by inflation and taxation. By being in possession of fiat again, we need to spend it as soon as possible to lessen the erosion by inflation;
  • eliminates the privacy we had with our Bitcoin (if we purchased it correctly), exposing the data about whether we had Bitcoin and how many we had. If the exchange takes place in a centralized low-privacy platform, this also exposes the data about where our Bitcoin came from;
  • exposes ourselves again to the coercive power of banks and financial intermediaries, who can now again influence our spending choices and our freedom;

but what are the typical questions.

  • how do I go about it if I need to spend to buy something?

here the answer comes from the method of accumulation. if you accumulated Bitcoin by changing into Bitcoin what you knew you would not need in the immediate term, then you will not have that need. If you accumulated Bitcoin because you wanted to increase the fiat money you own, then you bought it for speculation and did not understand what Bitcoin stands for; in that case I suggest you to go back into fiat and never use Bitcoin again until you studied and really understand what Bitcoin really is.

if you are all in Bitcoin, then you may need to spend to buy items. in this case you have a few options: 1) go to shops that accept Bitcoin (there will be more and more of them as time goes on), 2) use bitrefill type vouchers to do your shopping or buy other items (there are really a lot of them), 3) pay middlemen in bitcoin who will buy the item for you.

Another question is:

  • How do I do if bitcoin becomes illegal and then I can no longer use Bitcoin and I lose everything?

as indicated several times, Bitcoin cannot become illegal per se. Central governments and entities could only attack intermediaries in certain jurisdictions, but that would not stop the use and circulation of Bitcoin. As you know Bitcoin does not need permission and it has been designed to resist to such attacks.