STEEM to Fiat: STEEM now listed on LocalBitcoinCash.org

in localbitcoincash •  7 months ago

We are excited to announce the listing of a STEEM/BCH trading pair on LocalBitcoinCash!

LocalBitcoinCash (LBC) is a new cryptocurrency exchange that was launched in January of this year and now can act as a fiat gateway for STEEM, anywhere in the world, as users will be able to ‘shift’ the BCH they buy with fiat into STEEM with ease.


LocalBitcoinCash Homepage

Trades can be done via escrow using methods like a bank transfer, or users can meet each other locally, which is common on the platform.

Personal verification is not compulsory so your identity is protected. That being said, verifying your identity on the platform is an option and doing so helps build trust with other users, facilitating more trades.


Trade BCH for STEEM

LBC stores the majority of its funds in offline cold storage, only allocating a small percentage to hot storage so as to enable fast and easy withdrawals.

For more information and to register an account, please visit: localbitcoincash.org.

Team Steemit

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LocalBitcoinCash (LBC) is a new cryptocurrency exchange that was launched in January of this year and now can act as a fiat gateway for STEEM

Sorry, but I don't quite get it. To me, the headline of this post implies that a new STEEM/Fiat gateway has emerged. I understand that I can buy Steem with BCH, or with BTC, but somehow that fails to really thrill me. What am I missing here?

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I just scratched my head over this too. It's basically localbitcoins, but BCC instead of BTC... I already have a localbitcoin account so I see no reason to sign up to another if it's the same function but a less popular site =/

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Steem inc joins the btrash shillers! What's not to get?

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You're right, it should be titled Steem->BCH->fiat.

Still a better alternative than sending Steem to Bittrex/Binance/Polol, exchanging them for BTC (0.1-0.25% fee) then withdrawing them as BTC (0.0005-0.001BTC withdrawal fee) onto an exchange where you can then trade BTC into fiat (~0.2% fee) + added fees for bank transfer probably.

This way you send Steem that doesn't cost anything to Localbitcoincash.org, where you can trade them for a certain fee (haven't checked what it is) onto BCH and then sell them for fiat.

It has at least 1 middlemen removed from the equation so that's a good start in my eyes.

Binance will soon add fiat to their exchange as well which will be similar to this, hopefully they'll give Steem fiat pairs as well to remove the extra trade.

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Oh jeeze where do you always get this juicy info?? That day will be such a glorious day for me

Great News!

If I am misunderstanding this then please do correct me, but is the title of this post not misleading? STEEM to fiat would suggest to me that you can now sell STEEM for fiat currency. But the content of this post leads me to believe that you can now trade STEEM for Bitcoin Cash and then trade he Bitcoin Cash for fiat. So the title should be STEEM to BCC to Fiat.

This doesn't help us at all because we will still get raped by fees multiple times during the cash out process. Why not push for a LocalSteem.com rather than relegating STEEM to a bitplayer in another coin's story?

If my observation here is correct, then I really have to wonder what you guys are doing with your time. Because it certainly isn't being spent improving things within the ecosystem from what I can see.

So you've thrown in your lot with Roger Ver and Jihan Wu?

The two proponents of BCash(BCH).

How depressing. I always thought there was hope for Steemit if they changed somehow, but now, with you supporting these two con-men who are actively trying to social engineer their control over Bitcoin -- that's insane.

You deserve the fruits of such efforts - and they won't be to your liking.

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In case you haven't noticed, @rogerkver came back to Steemit yesterday selling his news because of "censorship" from Twitter, etc.

Yeah, dude is back to add to the muck we have here.

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@rogerkver is a con-man, scammer and convicted felon. He also is a full Douchetarian.

I'm not surprised he's banging his gong over here, because when it comes to expanding his ego, every platform has to beware of his greasy grip.

Here's a great teardown technically and historically about Very Wrong Ver's con-game -- https://hackernoon.com/thats-not-bitcoin-that-s-bcash-f730f0d0a837

steem is my bigest hodl after bitcoin :)

These are my Steemit Gear Designs I made for all my Darling Steemeans.♨️🤗💖

Steem T-shirt.png

And this.

Steem T-shirt2.png

I hope you all like it.
🤗

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It's beautiful

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Thank you very much.

I've been on Steemit since July of 2017. The more I'm involved with the community the more believe in the longterm viability of the platform. That being said, last week I decided to try and convert a small amount of Steem to fiat USD, mainly because I wanted to see how easily I could do it, and Steem has gone up since last year so it doesn't hurt to take a little bit of profit.

When I started on Steemit, I had almost zero knowledge of cryptos, exchanges etc. and honestly, my knowledge is still pretty limited. I think I was a bit intimidated on withdrawing funds, as it seemed overly complicated. It turn out it's not that difficult to do, but there still does seem to be a lot of steps and withdraw time.

Essentially what I did was use Blocktrades to withdraw some Steem to Bittrex, by converting Steem to Bitcoin, from Bitcoin to Litecoin to save on fees (I saw a suggestion to do this). And then move that Litecoin to Coinbase, then ultimately sell the Litcoin to USD that was to linked to my bank account.

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You could have just used Blocktrades to send to Coinbase directly instead of sending to Bittrex. You can convert your Steem to BTC, ETH or LTC using Blocktrades and then sell your crypto for Fiat on Coinbase.

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Still five steps too much. This process must be simplified a lot to increase the adoption of cryptocurrencies.

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I couldn't agree more. Being able to go straight from whatever to Steem and back really needs to happen. I don't mind cryptos 'paying their dues' so to speak, since we know not all can or will be viable, but that said, it still needs to be easier, and not only the top coins at some point.

I've heard, though, that exchanges are charging ridiculously high fees to keep a crypto listed, so I think that's part of if, too. Which I guess more and more competition on the exchange front is needed.

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If you are using Blocktades and Coinbase why didn't you just got straight to Coinbase? Why the extra steps to Bittrex, Bitcoin etc. Just go straight Blocktrades > LTC Coinbase > FIAT.

Seriously, if anyone has BCH, the least they could do is trade it for STEEM. BCH is pure evil.

That's so great, steem go to the moon.

Steem is going places and if you would ask me, I'll say this is goodnews and I am looking forward to more

How to transfer steem to https://www.localbitcoincash.org/? Is there any video tutorial?

This is a very exciting news...we are moving beyond the skies

Yep that is great news for steemit community😊

Yayyy.
Steem is expanding.
I always knew this would happen.
#Steem is taking over.

Steem one more way to moon ... Cool news. Thanks

Good news for steemit users, steem now listed on LocalBitcoinCash.org, this is a great achievement, now steem will rock and touch stars real soon...

Is it possible to trade steem for fiat directly?

The title of the post is kind of misleading. When an exchange lists a Steem:Fiat pair then it would be appropriate to include "steem to fiat"...just my 2 cents.

Are there any legal implications for people trading in this manner? There have been some stories of people getting arrested for not having money transmitter licenses. Thoughts on that? I was hoping this post would also include some references for people in that regard.

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Quite an important observation. I think this depends on one's country of residence. On Nigeria, there is no restrictions.

@eurogee

This is great news.
Go Steem go, go Steem go👏♨️

A Very good initiative,I'll try it out soon, can someone advised me on how to recover my Binance Account.I did Two factor Authentication,I know the password, but how do I recover my account back, I misplaced my phone and I got some cash on the account.can some advise on what to do?

another crypto.i thing steemit cross bitcoin price but it take time to cross bitcoin.cause bitcoin price is so high and steemit price is so low.
Thanks for this nice post.

This is excellent news!

Huge news! The off ramp is a key feature!

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nice move! making steem more available will hopefully drive price up.

Nice post

Thanks for sharing the good news!

Would be nice if Keybase took a look at that and potentially added it; one less verification step.

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