Growth-Idea: A Market To Buy And Sell Steem With Credit Cards
One of the biggest problem with cryptocurrencies is how difficult it is to get the money in and out. If people could use a credit card to buy steem and could sell their steem for money that goes to their paypal account, this would go a LONG way in taking the currency mainstream. A lot of details are not needed, the currency is a currency and the value of it depends on the market. People have exchanged USD for other countries' currencies before and the value of a steem is not that different. But what we need is an easy way for people to buy and sell them.
Here is what I am thinking. We take a chunk of steem from the steemit account, let's say a million. We put that million in an escrow account. Then we set up a market to buy it with a credit card. There will be a number of how much steem is available to buy and the cost of steem for the day. It will all have to be in USD so it is easier. When people buy steem it gets sent to their account and the money goes into another escrow account. When that account gets high enough we can then open it up so people can sell their steem. Just as there will be the total amount of steem that is for sale, we will also have a number for how much money is available to buy steem. And the steem that is bought will go back into the account that is for sale. That way we can setup a cycle where people can buy and sell steem with ease. And we will need a user friendly UI so people can navigate it with ease.
What do you think?
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
With the money laws in place in the United States, then each individual state having their own twist on it, this would be hell to implement.
I would love to see something like this happen though. Bitcoin took off when services like Coinbase and others offered credit card purchases and withdrawals to Paypal. That means something like this is at least historically proven to be good for the cryptocurrency in question.
I think it would worth the pain in the ass to figure out ways to get it done. But you got a point, it won't be easy.
Anything worth doing is not going to be easy. That is what makes it so much fun.
I am from South Africa, I have a Credit Card that I can put Bitcoin in that converts to USD. If a Credit Card Company would do the Same with Steem or SBD , Problem Solved, should not be that difficult?
I hope it isn't @awgbibb, cause if that can be done we would see a big push for steem
Like it was stated below. There needs to be a coinbase like site that deals with SBD and Steem.
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