Why Steem debit card will be great for all
As many of you guys already know, good management plus innovation and design thinking strategy are principles that help an organization´s viability in the short and long run. In my former blog post, I indicated : Why Steemit should kick the Ass of Major exchanges / Trading Platform like Poloniex and Start its Own see here . This is because of issues we steemians constantly have with trading platform like Poloniex with regard to Steem and SBD which was raise by some members : @barrydutton , @teamsteem , @fyrstikken and @krnel (to mention just few) and subsequent advice was given.
In light of this aforementioned issue and the need to add revenue stream to steem ecosystem, I am convinced that management of steem should think of ways to incorporate steem debit card -which will help members easily spend their steem or steem dollars without going to a third party. If done prudently, this will certainly move the playing field to our advantage and subsequently, add a solid revenue stream to steem ecosystem. Some great Steemians , : @infovore , @ausbitbank , @donkeypong , @gtg, @timcliff , @blueorgy and @stephenkendal (to mention just few) have written extensively on the power of steem ecosystem and its growing member base and the need to even innovate further and tap into the greatness of steem ecosystem. This should not be ignored, rather the debate should begin.
Why steem debit card will be great for all
- Members being able to access their money worldwide
- Fast and less stress because no need to login to the internet to access funds
- Best security due to steem solid blockchain technology
- There are many content creatures in steem ecosystem so it makes perfect sense
- The stability of SBD which moves in tandem with USD makes it an awesome fit
- Ability to use Steem debit card to buy steem directly from the internal market , thus leading to faster and cheaper transaction
I do understand that steem is still on its infancy (still on beta) and all these ideas might sound like a big noise. Moreover, some debit card providers ( Payza , Bitwala ) have steem in their debit card service- however just like Poloniex et al , there are limitations to these providers and having our own debit card will be a game changer. Importantly, I am not saying that it should be done now, rather let the conceptualization begin. Dreaming big , having great ideas and prudent implementation are what makes an innovative and successful company.
Note: this can even be done via Joint venture (JV) , Partnership or even M&A ....
What do you guy´s think? Send in your comments, Please Up vote in order to send in your support and Resteem in order for others to join the debate.
Soooo easy a bird can do it !!!! Hahahaha
Image credit @karenmckersie
Do you trust steem and bitcoin? Pls click here and read : Why are Ignorant people Calling Steem & Bitcoin A Ponzi Scheme
Totally agree. The current system holds Steem back from acting as a full currency and it has this amazing potential that at the moment is restricted by reliance on unstable 3rd parties. Steem will rocket and steemit will flourish with an innovation like this! Great post.
Thanks for your comment, good point. Keep steeming to more success.
While I upvoted this post and like the idea of having a Steem debit card, there's some perspective that I have and would like to add here.
Steem is the main currency of Steemit Inc. If Steemit provide a debit card, liquidity of Steem will increase and people would easily cash out.
However, what the easy liquidity will do is to reduce the number of Steem on the blockchain in an uncontrolled fashion. Eventually, it would be theoratically possible to convert every Steem to fiat money through the debit card.
There would be another issue too; massive powering down by Steem Power holders to have liquid Steem available for use via Steem debit card.
I do not think that this scenario will be suitable for the Steem ecosystem. I wonder how Steemit Inc. (@ned, @dan, @dantheman) and Steem witnesses like @ausbitbank, @timcliff, @good-karma, @blueorgy, @aggroed and many more think about the issue. It would be interesting to know about their opinion on the matter.
What I do want (and it won't leak Steem out) is the ability to purchase Steem directly from the internal market using Debit/Credit cards. It would make it easier to invest in Steem and Steem Power. Buying Bitcoin, then trading Bitcoin for Steem, then sending Steem to Steemit wallet and then powering up is such a long and complicated process.
Having a Steem debit card with some limitation (daily, weekly, monthly limits on withdrawals) is a viable idea and I would love to have that two-way convenience of spending and buying Steem via a Steem debit card.
Well creating a way buy STEEM directly from the internal Market would also do the reverse , creating a quick way to sell STEEM and causing that liquid issue you spoke of. 😵
For Steem to be sold from the internal market, is it compulsory that 'that' Steem comes from Steemians? People shouldn't be able to sell their Steem for fiat in the internal market in my suggestion. The Steem which would be made available for purchase should be allocated separately by Steemit Inc. Otherwise, selling will surely cause the issue you mentioned.
@blueorgy @charles1
Good point about causing too much liquidity...
What about an internal market where STEEMIT members can 'sell' up to $25 steem per week. But these sells can only be sold internally to other steemit members? I would do that. Well.....I would buy STEEM/STEEMPOWER. I would have bought already 2-3 times at $25 each/purchase. The question would be how to handle my fiat cash to get it into the Steemit market.
Anyway, I like discussing ideas that can lead to great innovations!!
Thanks for chiming in @bluorgy
Peace!! ✌
Great point..innovation is always welcome. Following you now in order to stay in touch and send in my support.
Very good point @ilyastarar hence why I indicated that its time to start the discussion. Successful organisations always have pragmatic discussion about their future and if its impobbile to implement, then they work on solutions. Thanks
Welcome. I mentioned your post in my latest post as well which is based on this comment of mine (which honestly beats the average length of Steemit post by some inches). Let the discussion begin and let's see where it leads to.
welcome
Let me through this is in here as well 😉 @steemprice
$1.283 USD/STEEMVolume: 11.4571 BTC, 22876 STEEM / Average Price: 0.00050082Last Updated Thu Jul 27 12:50:45 2017$1.191 USD/STEEMVolume: 39.0983 BTC, 93963 STEEM / Average Price: 0.00041610Last Updated Mon Jul 31 22:14:26 2017Learn More About Me Here...
What would be the difference to use a BitWala debit card? You can use Steem with it as well. Is that hurting the ecosystem as you mentioned?
Thanks for grouping me in with the "Great Steemians" very kind of you! Defiantly some interesting thoughts here here. 🤔
Thanks @blueorgy for your insight and upvoting my post..its always good to start a debate isnt it? thanks and keep steeming.
I had this dream four months back - https://steemit.com/dream/@papa-pepper/my-dream-for-steem - where thought about the future when we could have a debit card tied to a special part of our wallet and spend directly from our steemit account.
Check mine out!
(Don't worry, those aren't my real steemit debit card numbers... I used the ones from my MasterCard to throw people off! LOL)
Now that would be Awesomeness !!💳💳💳
hahah @karenmckersie I added your bird to my post..awesome lady ...
LOL! Cool !! Im glad you liked it haha !🐦🐦🐦👍
Yes, thanks for your comment.
wow, that look great and will certainly be a great idea. Many people are scared of change or innovation and thus against such product however some companies did not attain greatness with fear of innovation...thanks for your comment.
It is a long and sometimes arduous process to move SBD or Steem into fiat. Not that we all cash out earnings from our posts, but it is a necessary off ramp for the attraction of more people to this ecosystem. Solid article, as usual, @charles1.
Welcome @lydon.sipe very good comment indeed and I like it when all send in their own view point...great that we are talking about the concept
Great concept, i think there is also room for a direct steem exchange market. Why do we have to buy bitcoin and then convert through poloniex etc... and vice versa? I am a curator wanting to buy, i am sure many bloggers would sell with pleasure directly to me...
Good point, I wrote about it in my other blog post , thanks for your comment
Very correct and nice comment
Why not but only if the fee are low. Because on steem advantage is the no fee transaction.
Good point, I agree
Awesome post ! I totally agree as well ! The easier the better as far as im concerned !! Upped and resteemed my friend ! 👍👍👍
Haha ! Soooo easy a bird can do it !!!! 🐦🐦🐦🐦
Hahahahah I will love to add this funny bird in this post..will try it out..hahahahahahahahaha
awesome lady.
This is a great idea - even though I have only been here a month I am sticking around because I do believe big things are still to come. Great post - resteeming
Thank you so much for resteeming hopefully management will see it and join the discussion
Great to think of the big vision of this, but I wonder if the management is around listening to us.
That is the problem @achraf7b I am sure that they dont even see all the constructive suggestions in my blog posts..
However we should keep steeming..