Steem2LN - Pay at hundreds of stores using Steem!

in #steem3 years ago

Steem despite being a very good currency is not accepted in many stores. This causes a problem, especially when a new person in the network wants to feel the possibilities ... which she does not manage to do. With help comes the Steem2LN project.

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Steem2LN is a bridge project that allows you to pay the Invoice Lightning Network with Steem. Once we get paid in Steem, the script pays Invoice as fast as possible so we can buy lots of stuff easily.

What is the Lightning Network?

Lightning Network is Bitcoin's second layer created for fast and cheap payments. With it, you can buy yourself food, topups, games, and tons of other stuff from thousands of stores in seconds.

How to use Steem2LN?

First, you need to order the service from a site that offers Lightning payments. You can find a list of such stores here, for example:

https://lightningnetworkstores.com

You select the game, add to the card, Checkout and Submit Order.

This website uses the BTCPayServer payment system. You choose Bitcoin (Lightning) and take Invoice (starts with lnbc).

At https://steem2ln.intinte.org paste this Invoice. The script will analyze it (if it is correct) and offer to pay using STEEM or SBD. After the transaction, within 3 minutes (approximately) the transaction will be executed or the money will be refunded.

obraz.png

Questions? Problems? Write to fervi#7629 on Discord!

STEEM ON!

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Dear @steem2ln

Steem despite being a very good currency is not accepted in many stores.

Please correct me if I'm wrong. However, as far as I understand economy: if people would start using STEEM to pay for their purchased items and services, then it would only bring price of STEEM down. By creating more selling pressure.

After all, seller which would accept steem will trade it to stable coin or fiat currency. That's what most likely would happen.
Sellers will not be HODLing those steem. They will dump it all.

So every time we would use STEEM to pay for some item - result would be the same as if we would dump that amount of STEEM on the market.

Am I wrong somewhere?
I do appreciate ideas which would bring more utility to STEEM blockchain, however this one seem to be tricky and I'm not sure what to think about it.

Yours, Piotr

Thank you for your questions. My theory is this.
Cryptocurrencies can be divided into "weak" and "strong". Unfortunately, I consider Steem to be a weak cryptocurrency (so you have to do everything to make it strong) and say Bitcoin to be strong.

A weak currency is actually much more likely to be sold by people on exchanges (e.g. stores), whereas with a strong one such changes are less noticeable.

But what I think this is due to - the fact that Steem has no stores, entertainment. Instead, it has basic financial systems. If Steem gets back on track, it is likely to get stronger and stores of all kinds will try to store more Steem than sell.

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