It sounds similar to having a Ted Williams rookie baseball card worth $60,000. That's nice and all, but if I want the $60,000, I will need to go find somebody willing to pay me the $60,000. Am I understanding that correctly?
You can convert Bitcoin into dollars or any monitory denomination. You can buy gold or silver with it.
You can do it with any Exchange that does USD, and then send it to your bank account.
I don't understand it either. I have friends that invest in crypto currency who have tried to explain to me how this works, but it just doesn't make sense to me.
If I owned a business, why should I accept Bitcoin for goods or services that my business provides? What's the advantage to that versus accepting traditional, well established forms of currency?
Imagine your Ted Williams $60K card on an exchange and everybody wants that card. There are 21M of them, but that are rising in value. Imagine the Banks are collecting them and people are investing thru the banks in ETFs where they can own a part of a card. Imagine that this year and next year that card will double 3-4 times on Coinbase or the ETFs, but not in your home safe unless you can find one buyer to hammer out a legal transfer without getting robbed.
There are plenty of exchanges around that would gleefully give you $60k in cash for a bitcoin.
It would take about 1/2 second.