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RE: A Steemit X-Prize - A Competition to Brainstorm Ideas for Promotion and Marketing
How about a fiat currency gateway removing the need for "non-crypto" users to get into bitcoin... Steemit can draw many people into crypto, but it would be easier if they didn't have to learn about exchanges and all that when they first get started.
Being able to send money from a bank account to a gateway site for steem power seems to me like it would make things a lot easier for new steemians, who don't know about crypto yet.
I know all this can be done via bitcoin, but bitcoin is slow and unstable. Regular people love the stability of the dollar. If Steemit wants more users a US $ gateway needs to be made.
I found this from The Morning Task Manager.
Isn't one of the main reasons for using a crypto currency rather than a fiat currency the fact that a crypto currency spend, purchase, donation, whatever cannot be reversed while fiat currencies and gateways like credit cards and paypal can all be reversed at the whim of the spender?
So somehow your fiat currency gateway will have to provide some sort of irreversible spend, and that might be complicated by rules and regulations of the fiat currency provider.
I hope you can find a way to set up a fiat currency gateway. I would be tempted to use it.
Like a bank wire?
I'm probably mistaken, but I am under the impression that in some cases bank wires can be reversed. I'm certainly not well versed in what transactions can or cannot be reversed. And, what's worse, I would be interested in buying so little steem at a time that the cost of the wire transfer would exceed the cost of the steem -- a real disincentive.
I guess not a bank wire, bank deposit, take your cash and deposit in their account at their bank... no reversing that
I think you are mistaken. They can't be reversed. What is called reversal is not actual reversal which is described in my other response.
Fiat currency gateways already exist for bitcoins. There are usually terms and conditions that prevent them being reversed. It (reversal) is not something that the end user can do anyway - it has to be done through the bank. Further when you reverse a transaction through your credit card company or bank that is not AN actual reversal of the transaction. The credit card company pays you back and then tries to recover funds from the recipient. It is not a true reversal. I don't think this is a problem for a fiat gateway - regulatory/legal issues are the real problem.
That would be a killer feature for sure. A lot of people have been asking for it and not just for Steemit. That is one of the main feature requests we have been making for nearly every crypto I have been involved with in the last 3 years. I think the main hurdle is regulatory issues relating to AML laws and also the different unique laws as they pertain to specific nations.
If someone could figure out a way of doing it, it would be massive and big news in the cryptocurrency community at the very least.
I suspect it is only a matter of time before it happens though.
Thanks for the link.
Build a site like localbitcoins.... only altcoins... The users are responsible for claiming and covering their own income tax. If records are kept of identification and trades it would at least be legal for Canada, and likely other countries too.
Why not try to get localbitcoins to accept Steem? I have already asked our local equivalent which is called Bittylicious but they are not interested at present because they don't see enough demand. I suspect that may be one of the issues that we may come up against. It has to be worth it for whoever starts doing it and right now they might not see it as a good business proposition.