Airhawk SDB Exchange; Adding value to steemit

in airhawk-project •  2 years ago  (edited)

Hi steemians, happy weekend to you all. @dorth here to give a full rundown of our telegram based Airhawk exchange. Remember this was stated as one of our sister projects in our introductory post few days ago.

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How did it all start?

So, some of us have been on steemit for a while now. We have earned some Steem Backed Dollars(SBD) and are ready to turn this to fiat (Instant Cash). To do this, we are all aware that the only currently realistic way of doing this is through the exchanges like @bittrex, @poloniex or @blocktrades, e.t.c.

So, to get your cash, you do the following;

  1. You send your SBD to the exchange – Here you pay no fees – thanks to the steem design

  2. Exchange your SBD for BTC - Here you pay a fee for buying BTC.

  3. item 3Send your bitcoin from your exchange to your wallet. This operation currently on bittrex would cost you 0.001 BTC which is currently valued at close to 4.24 dollars.

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4.Lastly, sell your BTC for cash. This we all know is dependent on the prevailing exchange rate for which changes with time.

From the above, you will agree with me that converting your SBD to cash is not as easy yet as we will expect it to be. Infact, a friend recently shared a post from a Malaysian user @lordoftruth here, where he expressed his frustration having not been able to get to buy his pall mall superslims blue at a friendly price with his earned SBDs. His 11SBD could only get him about 4$ when he converted from @blocktrades. This is obviously owing to the calculated hassles he would have gone through trying to convert his sbd to cash through any exchange as outlined above.

The way forward.

You will agree with me that on introduction of any money making venture to anyone, one of the first and sometimes, the major question asked is "how do I get my money". Infact, I recently found an article by @diana01 here where she shared her experience on the task it took her to introduce steemit to her sister and this revolved around how the actual earning is withdrawn. In order to encourage already known users and new ones alike who would love to exchange their SBDs for cash as at when needed, we decided to come up with the idea of an exchange wherein members can convert their sbds to cash much easily. This is @airhawkexchange on telegram here. This exchange is organized through an escrow service.

How does Airhawk Exchange Work?

Airhawk exchange operate on an escrow format. This is a financial arrangement wherein a third party holds and regulates payment of the funds required for the two parties involved in a given transaction. This arrangement requires that:

(1). Buyer and Seller agree on a rate/price
(2). Seller send SBD to airhawk-project’s steemit account
(3). Escrow confirms payment and directs buyer to make payment.
(3). Buyer makes payment to Seller.
(4). Seller confirms receipt of payment.
(5). Escrow account release the sbd to buyer.

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Why should I trust this process?

The escrow team is made up of 5 members of the project team, namely @dreamchasser, @dorth, @diskorvery, @drepo15, and @geetasnani. They have all exhibited known levels of commitment and integrity to the project. They are the only ones who have access to the account information of the account. Although we cannot prove our trust by merely telling you to trust us or merely telling you we trust ourselves, but we believe with a couple of transactions and as the project moves on, the level of trust would be boosted.

Airhawk escrow reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses SBD when both Buyers and Sellers are satisfied. All transactions are open on the steemit blockchain and can be easily confirmed by all when payments are received or not.

There will be no escrow charges as all SBD transactions are without charges and are instant. The transfer charge to be incurred by sending fiat is accommodated the agreed rate.

Price Control.

A price range is set based on the current exchange rate. The price will be set so as to find a balance between the buyer and the seller.

You will agree with me that the goal of the steem devs @ned and @dantheman and a number of witnesses is to have the value of SBD worth 1$. At least I could remember reading one of @timcliff ‘s last witnness report here where he talked about adding an interest to check occasional deeps in the price of SBD so that the price is always equivalently 1$. Therefore, we are promoting the fact that SBD is 1$

On our exchange therefore, the price of SBD is taken as 1$ at any particular time and so, it would be exchanged against the statuitory price of a dollar. However, to check and cater for the costs/charges the buyer might incur in the process of transferring to the exchange and all the process of getting his funds back to BTC, we allow a price range of *0.92 – 1.08 as the base price for negotiations and allow the market to determine the rest. This agreed price can then be used for negotiation.

Also, we make use of the flexibility of telegram to have quick access to the current price of SBD, just maybe it could assist in the basis for negotiation per time. For example, the digi bot is one of the bots installed on the trading group for this price update,

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For example, if I as a Nigerian wants to sell 100SBD, and the current exchange rate is #345 per dollar.
To make my order attractive, I could choose to sell at 0.92SBD per dollar. So, I do 0.92 x 345= #324.3
I could then announce that I have 100$ SBD for sale at say #324/$ or 320/$ and probably get someone ready to buy for my price or willing to bring it down. This is in order to ensure that people get value for their earnings.

Limit of Price Control

We set a price control only for orders starting from 5$. We understand that the smaller the amount, the more the marginal exposure of the other party to transaction fees eating up onto their funds. This means therefore that sales below 5$ could be negotiated to any extent both parties wish to. We believe our buyers to get much of their gains from here as we expect some minnows who just wish to test how real it is to come around and testrun with their little earnings before they build their base. we could also have persons who need quick SBDs probably to boost a post or do anything.

Currencies Accepted:

All local currencies are accepted as long as there is a buyer willing to pay with your local currency.
BTC is also accepted on occasions where there is no local currency exchange. Both parties just need to find a common ground and they deal.

Airhark Exchange in the Future

We see the exchange being a “go to” place for steemians and non steemians alike. We see a numbers of bitcoin users withdrawing their bitcoins as SBD from the exchanges to escape the high fees and thereafter trade their SBD for fiat on our exchange. We also see some traders buying SBDs in bits to sccumulate to the amount of funds they need to send to the exchange for trading. Above all, we see a bright future for steem and SBD.

Happy trading.

Please note that this is a new project around. We would appreciate your comments, suggestions and contributions on how we can do better with this.

However, the first transaction was completed on Thursday, 5th October and we have been able to have some happy people from the platform.

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Join us on telegram here

Join Airhawk-Exchange here

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Nice one. I guess this is as easy as it gets for prompt exchanges.

Nice work guys bigger you we pray and à lasting circle we hope to see

Just when we are excited having found steemit and earn from what we do normally, we were all thinking of the rigorous process of withdrawal process of converting SBD and steem to our local currency and the transaction fees from exchangers, then came Air hawk project. Airhawk-project is the best thing that has happened to steemit no more $4 transactions fee withdrawing from bittrex. And no delay in payment and exchange, the escrow team is awesome and we'll coordinated, my 1st Transcation was swift and easy. Thanks to @Steemitdotcom team for creating this initiative and watch out for my own project. Coming soon 🔜 @ogejoy @sandybee @airmarshalobi1 @tochprince @ayfcot @kayceefresh @sportsprediction @DreamChasser @dorth

This is stupendous!
I bet no one saw this coming. Solves the problem new users (Nigerians especially) have. Watch your back Luno, Reminato, Bitpesa and the likes, somebody is gonna challenge your stakes in the nearest future.
Thumbs up! This is a laudable project.

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You can say that again @stevenomole. The biggest projects of our time merely started with some little conceived ideas that were started (even if it looked small). Those ideas are what gave birth to the big projects we talk about. In fact, we never saw this coming either...lol... Thanks for stopping by while hoping to see you more regularly around here and on the group.

Ok, what am i actually supposed to say?? When of course i am part of the people that has tested the service...

Why should I trust this process?
The escrow team is made up of 5 members of the project team, namely @dreamchasser, @dorth, @diskorvery, @drepo15, and @geetasnani. They have all exhibited known levels of commitment and integrity to the project.

And this seems to be true because based on my interaction with this people, i can say that really they are trustworthy and will live up to the task!!

Long live airhawk-project

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Thanks for being a witness @ambmicheal. Maybe you are prepping to be a steemit witness too...lol.

Long live airhawk-project

Laudable project from the airhawk-project team. Trying to solve a problem in the steemit exchange ecosystem. Bravo

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Steemit.com is a very large community and the decentralised nature have made so many things possible from different individuals. We are happy to add our own bit. Thanks for your comment.

SBD to IC...that's a great way to go.
A lot of problems solved not just for those that want to sell but those who do not want to go through buying BTC and getting SBD just pay cash for SBD directly.

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In a team, there has to be different divisions performing specific functions. We are happy to add our own contribution. Thanks for your comment.

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You very much welcome

Still love this project

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We love you too @diano01. We anticipate your first transaction.

Another brilliant step in the right direction.
@airhawk-project ~ creating a stable exchange base for the steemian community.
A trial will convince anyone.

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A trial will convince anyone.

Thanks @rickie

This is a good idea. I love the transparency.

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Yes, just like the blockchain is transparent. Thanks for stopping by.

Just like block chain. Transparent too.
Love the problem solving idea being introduced. Nice one.

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We are happy to be a problem solving team. We trust you'll join us so we solve the problems together...smiles...

Thanks

  ·  2 years ago (edited)

This is a nice initiative, it is going to simplify things. You got my upvote.

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Thanks for coming by; and the upvote.

Amazing @airhawk-project. Way to go 😎.
You are making this much easier and relaible for a lot of Steemians here. Good luck and this is a sure win win for both the project owners and the rest of steemians. More success for this project. Good luck and amazing work again🏆

Great project and excellent execution. Find it very interesting and educative. God bless you sir.

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God bless you too. Thanks for reading.

The is amazing, i see us going places with this project

Now this is sweet... The "Earn" in Steemit made very easy...

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You can say that again! Thanks

What more can I say?, for what is worth doing is worth doing well. And this is going to be done well. More to come. Come to airhawk for your swift transactions.

This is awesome. Great team with trusted personality. I believe in your team. Good job guys.

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Thanks our captain @ceepee

Yes ooo . Join the airhawk-project. The one stop to convert your sbd to raw cash without extreneous charges. Trusted escrow service ever. Lets do this!

Lovely and aptly put. Airhawk-project is the project of the year. Well thought out and directed towards solving the challenges of many steemians. We look forward to greater ideas emanating from steemitdotcom the mother platform. Long live @airhawk-project, long live steemit.

Wow nice post and very understandable.
This service provides a real value, without involving big coorporations. That's the future!
All members in the escrow team are very trustworthy!

I am so happy, at least this will reduce any scam issues on steemit. God bless y'all

Great post!

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Thanks @thosyno

great post :)

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Thanks

Nice one ..this a problem solving platform
An innovation which as added value for the steemit community at large.

It's a a wow Project! All the very best for execution of Plans.... Good start up from the post and all the tiring efforts should be appreciated.... So cheers... :) hawk should always be higher in the steemit... Air.

Well done guys. I can see this project becoming bigger very soon. One of the best part of this project is that it's open to everybody from all around the world as long as you have someone to pay you in your local currency or bitcoin which is good. Nice work guys.

Calling @originalworks :)
img credz: pixabay.com
Nice, you got a 4.3% @minnowbooster upgoat, thanks to @airhawk-project
Want a boost? Minnowbooster's got your back!

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This is good

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This is great innovation.....this project is a huge one and I love the custodian of this project and I'm in full support of this. Upvote and resteem

This is great !!!! 👊👊👍👍👍👍👏👏👏👏

am new to steemit but when its time to withdraw ill give it a try