I just read an interesting post by @charles1 explaining how a Steem debit card will make it easy to spend Steem. While I like the idea of having a Steem debit card, there's some perspective that I have and would like to add to the discussion.
Steem is the main currency of Steemit Inc. If Steemit provides a debit card, liquidity of Steem will increase and people would easily cash out. That's pretty straightforward.
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.
However, despite all the issues involved, 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.
What you do say?
- Do you like the idea of having a Steem Debit Card?
- Will spending Steem directly from the card make your life better?
- Would you like to be able to buy Steem directly from the internal market using your Debit/Credit card?
Your comments will make the whole discussion and I always reply to every comment on my posts so let's have a healthy discussion.