Steem needs to be on more Debit Cards/ATMs/Exchanges, why not pay a price to them for doing it??
A few days ago I was looking how things are going in regards to liquidity, as things have changed quite a lot and BTC is now really unusable with 50 USD transaction fees and slow execution.
Debit Cards
My surprise was that there still are no cards which allow choosing an AltCoin as primary account holding, with only conversion when spent.
Visa and Mastercards usually allow to choose between USD, EUR or GBP as base currency. Almost all converted instantly the cryptocurrency to those currencies when sent.
Only one allowed to have an account in BTC or LTC but this was one exception.
What is the problem with that? As Bitcoin fees can go as high as 300 USD per transaction, one would really have to send 10,000 USD in BTC in order to justify 50-300 USD in transaction fees for the BTC transfer, then you have to pay commissions and so on regarding the conversion to the base currency, for example USD on top.
Many users have less than 10,000 USD in cryptos, so they would have to exit the market completely and invest through their card in USD basically again in order to be able to spend some of the money.
One card allowed to hold LTC, which is better in terms of commissions, but still....
ATMs
If you do not want to pay fees at all the only liquid currency for ATM's seems to be dogecoin at the moment, so it does not surprise me that those have risen 70% in the last few days.
Why not incentivize those companies to introduce Steem as an option?
Ned could pay a price to ATM producers and Card companies like XAPO to introduce that option. I think that a 10-100,000 USD would be sufficient to make them do it. So Steem would be universally usable and withdrawable.
Shapeshift.io
Shapeshift could be at the forefront reintroducing Steem and Steem Dollars again, and acting for ATM's and cards as a conversion hub with low fees.
Steem would explode in price!!
This would go very far in media attention and everything... I think that Steem could hit 10 Billion if this was announced. We have 1.5s transfers for free and 400.000 accounts and handle the most transactions of all... So why not introduce this in ATM's and cards in order to make it really liquid. I think if Ned would invest 500,000 USD from the Steemit account on these prices to those exchange companies, the price would shoot up drastically and he would multiply his money...
Disclaimer: this is only my opinion, no investment advice...
I agree. I would love to have a debit card to access my funds directly. It would create extra demand for sbds/steem held as savings. I think the whole idea rests on the price the ATM/ card people charge for adoption. If it $500 000 then awesome, $1bill then not so viable. I really hope this happens ! I think everyone should resteemed this as a small move in that direction.
I think as well... everyone should resteem this... I have not seen many discussions around this... even though this is actually easy to implement and could change everything...
Steem will be available on most of the exchanges after HF20 and @jerrybanfield is working on project where we can buy directly steem from debit/credit card .
Excellent information! Thanks!
Do you have a link to what Jerry Banfield is doing? And why do you think HF20 will make it be listed on more exchanges? Please, do you have links to that as well?
actually i commented on @jerrybanfield's post about problem of exchange in steem in my country that lot of money wastes in exchange we need to buy bitcoin then convert it to steem so he replies that he is working on project where you can buy directly steem in india....i dont remember the post because it was 20- 30 days old....
Only India... seems not to be a good worldwide solution like XAPO would be...
you can follow or check @taskmaster4450's post for updates like this and links ...i did not remembered the link now ...i'm searching if i found that article i will comment a link
Yes, please paste an article or any link regarding this...
Good proposal, @mexbit! ☺ I think, this one is the link @kartiksingh was referring to :https://steemit.com/steemj/@jerrybanfield/hire-3-steem-developers-to-build-usd-steem-exchange
Excellent post and topic. As has been stated many times already, you are spot on.
STEEM on a pre-paid card would juggernaut through the social media sphere taking out Facebook, Twitter and the others in one fell swoop.
I wish I possesed the knowledge needed to work towards this endeavor for it's a topic that rest on my mind constantly.
After almost a year and a half on this platform I just wanna see Steemit slaughter the competition and takes its place at the top of the mantle where it belongs.
Thanks and praise for generating further insight and thought on this topic.
I have UpVoted and Resteemed this post, along with shares to the other social platform's.
Followed you as well. I look forward to you future posts.
Thanks for following and resteeming!
Absolutely... Steemit Inc. has around 50% of Steems MarketCap (800 Million USD), why not give 0.1% of this to each card company, ATM company and so on... up to 20 companies lets say... that would be 2%... And the value of Steem would rise 500%...
I think this is really obvious... and now it is the right time...
Recently visa the issuer of these cards revoke the access of using any crypto cards so that seems to be a major issue
Only from one issuer who did not follow the rules. At the moment...
oh yeah i check that out and think it has been solved
that day will come too for sure i have full hopes
resteemed
Thanks for resteeming!
steem would truly explode and the price we are seeing will be seem cheaper then ...resteemed
Thanks for resteeming!
Some of the information was unknown thanks
Upvote & resteem buddy.
Nice post .
its related to bitcoin.
its a really informational post.
thanks for share.
Thanks for resteeming!
You are welcome my friend, I have a new post, do not forget to visit ya, let me add the spirit in steemit.
the world will move out of btc transaction in next few years if it's transaction fee goes to moon. so what you today said is 100% correct & a nice suggestion also @mexbit
@resteemia
reteemed & upvoted & commented & followed
Thanks for resteeming!
I was thinking about something like this as well. It's crazy to see such high transaction fees for bitcoin. Regular people can't afford that much for a fee. And I agree, if steem was an option for ATM's, we would see some serious shit when it comes to the price!
Absolutely... I mean it is obvious and would not take any developer time in Steemit Inc... It would just be a one time expense if someone introduced this as an option...
So the developers from Steemit could concentrate on getting the SMTs out. This would be winning on 2 sides at once...
Indeed, and the prices would rise so high, they would probably instantly get all the money back, if not more! Would love to see this actually happening. I think it's only a matter of time until it becomes a reality!
We need to be able to Buy/sell Steemit with debit/credit card!
I hope Jerry accomplish it's goals! We create some kind of coinbase but for altcoins would be great!
Jerry's idea is a bit different... like a localbitcoins.... mine is to incentivize existing businesses to add the Steem option.