My Favorite Cryptocurrency – How Can We Get Businesses to Accept as Payment?

reeta0119 (74)in Project HOPE • 4 years ago

Hello and Namaste Friends

This is my submission for My Favorite Cryptocurrency challenge announced by @steemitblog

I have been in the cryptocurrency world for 18 months approx and STEEM is the first-ever crypto that I own. I got to know about cryptocurrency through media channels and it was more about bitcoin. They used to share bad things about bitcoin in early 2017 and that was one of the reasons I had no interest to be part of the crypto world. I got to know about steem in Nov 2018 through youtube since I had a wrong impression about it because of media so I did not pay much attention. I joined steem in March 2018 finally just to give it a try with a thought that will see whatever happens and its better to try and experience rather believing in someone else.

What makes you like the cryptocurrency most and how do you use it?

I like cryptocurrency because of its new-age digital money and I can trade anytime and also I have full control over it. My few of the friends had made huge profits in late 2017 I never saw this much of returns ever in any other instruments in my life. Cryptocurrency has the power to empower the payment system and we can easily get rid of huge bank charges for overseas transfers. I am not so techie so never got the chance to use my crypto anywhere other than the steem ecosystem that's why all my steem earnings are here and I am working to BUIDL bigger account here.

When did you learn about cryptocurrency and how long have you held it？

As I mentioned that I got to know about cryptocurrencies in the year 2017 but my first ever holding was in march 2019 when I joined steem. The best things are that I did not invest any amount to own crypto and as of the date I own over 5k STEEM POWER. Since I have staked it to SP so it's giving me significant returns and I don't know if any other crypto is offering this kind of benefits. I am not from a technical background so prior to joining steem I was not aware much about crypto but here with the steem family, I got to learn a lot and now I can say that I know a lot about crypto and for this credit goes to the STEEM platform. Whatever steem I earned here through reward is still here and I will hold it for very long term. Although I have been holding it all for the last 18 months and t is going to be many more years because I believe in crypto and steem.

Which platform you like to trade cryptocurrency？

I am not a trader so I never traded on any crypto and even I don't have an account in any crypto exchange. I never find a situation when I need to withdrawal my steem tokens however I use steem internal market to swap SBD to STEEM depending upon rate fluctuation and it gives me good returns. I don't have much information and even not aware of tricks to follow for trading that's why I have not created any exchange account. In fact, I don't want to do it because if I would have an exchange account then I might start sending my steem tokens to exchange and that's when I will get distracted. Steem wallet and the internal market platform are enough fo me to trade and hold my crypto. Recently I have seen a post about TRON token implementation on steemitwallet then I will probably buy some TRON and hold here as well.

What changes does cryptocurrency bring to your life?

I would rather than cryptocurrency this crypto and the blockchain-based platform has changed my life and also my way of thinking. I never thought that digital money that is known as a crypto coin can make such impressive changes in the world. Nowadays even warrant Buffet has started thinking positively about Bitcoin. Because of crypto I joined steem and though this I learned a lot about crypto and blockchain. I don't discuss steem and crypto with my parents because they don't believe that this is possible. I completely understand that it's not their fault because they never came across anything like this in their life.

My life has and way of thinking has changed significantly because now I believe in technology and the crypto world and I have made up my plans for the long term. Now I don't care if the Indian govt ban it or not because I know they can not ban crypto as its decentralized and if by chance they ban in India then certainly there would some way to use these coins. They can not do anything with steem or steemit and that is enough for me to continue working here on the steem platform.

Share stories about how you have made payment via cryptocurrency.

I never had any experience where I could use my cryptocurrency for making payment but it would be so interesting to do if I ever get a chance. India is certainly a tech-savvy country but because of no clarity, it seems things are on hold. I see that one of the Indian exchange BITBNS is working hard to make crypto payments possible and once govt gives green signal then it would be a reality soon. They are going to launch their Debit card soon and it will allow users to pay through crypto. It would be great if STEEM gets listed on www.bitbns.com so once this card is launched their users would the option to use cryptocurrency for payment and I would love to play by STEEM.

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How can we get businesses to accept cryptocurrency as payment?

These days QR scan and pay is very much popular in India because -

It's contactless and in this time of covid, I can pay without physical connect and maintain social distancing.
It's easy to pay and need not visit ATM for withdrawal and even no need to give card directly so money is safe.
It does not require any infrastructure set-up and a print of QR code is sufficient for the payment wallet app on the phone.
Transactions happen even faster than card payment.

I believe STEEM has an advantage here because it processes the transaction instantly and if we get steem wallet app then making the payment is like a child play.

Steem offers-

Free Transactions
Fast Transactions
Scalability that can handle high number of transactions.

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If we can educate merchants and shop owners about the benefits of crypto and training to use it then it's not difficult to enable crypto payments. These days India has got over 50 crore smartphone users and the internet is quite affordable provide by Jio telecom. It opens a door of opportunity and if it's pursued then it can be done easily.

I am saying this because companies like Google and Paytm are also operating the same way and this has made life easy for merchants however we need to focus more to educate people about crypto

Thanks to @steemitblog for bringing this nice challenge and @steemcurator01 @steemcurator02 are doing great work to support the people on the platform

This post is published with 100% power up

Thank you so much.

Stay Safe

#steemcryptochallenge #india #promo-steem #steemit #steemxclusive

4 years ago in Project HOPE by reeta0119 (74)

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jehoshua-shey (71) 4 years ago (edited)

Hello @reeta0119

I respect your decision to finally try out crypto rather than continuing with your conclusions based on what other people are saying. Positivity is very important for one to be successful in crypto. If you continue in crypto and you're positive, you'll definitely make huge gains like your friends did in 2017. You just have to follow these things carefully, learning, relearning and unlearning.

You must be very fortunate not to have a reason to withdraw your steem. I hope you continue like that. I also have not withdrawn my steem as at now.

I concur to your suggestion of a steem wallet app. It's a good opportunity to make steem acceptable as payments. If people can easily pay with an app, they'll want to go for it. Ease of payments is one thing everybody wants as long as the payments is secure. Especially if the app is technically sound, with minimal glitches.

So developing an app for steem wallet for people to use to make easier payments is a very good suggestion.

Have a lovely day friend.

reeta0119 (74) 4 years ago

Hi friend

Thanks for your feedback about my post and thoughts about cryptocurrencies. Wallet app is very much helpful to make easy payment using steem and it can make things so easy and also add more value on the platform.

Security and speed is already the USP of steem so a little extra effort to educate merchants can take this initiative further.

Thank you so much.

$0.00

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sapwood (75) 4 years ago

I am saying this because companies like Google and Paytm are also operating the same way and this has made life easy for merchants however we need to focus more to educate people about crypto

A merchant gets less when you pay via PayTM, but they still allow their customers to pay via PayTM because the PayTM has a huge consumer base and that is its strength to force merchants to allow Paytm as a payment option.

But with digitalization and Govt support for digitalization, this sector is a booming one, and many other players joining this space. For example GPay and many others.

The end users also have certain benefits like cash back and other discounts.

So we can create something attractive here also with SBD or STEEM and build a base(community) and then it will automatically create that demand for the coin as a utility coin.

Thank you.

#twopercent #india #affable