The price of Bitcoin is experiencing a ride down a roller coaster these last few months with good reason, since the asset is becoming more of a store of value than ever, considering the collapse of the banking system. The horror show that we are witnessing in the media regarding the financial woes of the United States is just the beginning of a much larger crisis that is sure to engulf the rest of the world in the coming months as it becomes obvious that the money invested in various banks has simply vanished.
With such a dreary forecast displayed before us on the TV screens, it is becoming clear that alternative means of value storage will have to be found. Luckily, the traditional financial system has a real and rather brutal competitor in the face of the decentralized economy. With the banking system failing and the centralized model collapsing before our eyes, people are starting to turn to the cryptocurrency ecosystem in search of a reliable means of settlement. Bitcoin is at the top of the food chain in this regard, even despite the fact that it has lost over half of its value in less than a year.
Though Bitcoin is considered a standalone asset, its value still has to be expressed in some kind of terms. The most traditional and widely accepted among the latter is, of course, the United States Dollar. There are several reasons for such a historical, debacle, namely:
- USD is a global reserve currency;
- Everything can be valued in USD;
- USD is globally available for exchange;
- USD is accepted globally as a currency.
Considering these factors, users who already have Bitcoin can easily convert their available assets to USD using a convenient converter instrument. The vast majority of exchanges operating on the market have their own native BTC converter to USD and offer users a rather convenient and straightforward means of transferring the proceeds to bank cards or e-wallets.
The biggest advantage of converters is that they take into consideration the price of the asset based on its market value and can be used to transfer assets to bank cards without excessive commissions. Considering this fact, the converter is the real bridge linking the decentralized economy with the real financial system.