It’s Time to Define Steem!
Steem is NOT Bitcoin
The Steem blockchain is a pioneer in paid social media. Initially the focus was on cryptocurrency and economics, drawing blockchain enthusiasts away from the reddit platform, now it has grown to include everything from pointless memes to well thought articles about the passions of individual Steemians.
IMG from Pixabay.com
While Bitcoin is currently the leader in market capitalization for cryptocurrency, and the benchmark against which most cryptos are measured, recent volatility shows that it cannot be the end all in the market for this novel system of investment.
Bitcoin is accepted in many world markets, especially technology providers, and even has ATMs in some countries. Unfortunately, when a major market force like China tightens the screws on regulation, the acceptance, and subsequently the value, is decreased. Because bitcoin has no market of its own, the value of the currency relies on widespread acceptance.
Here is where we have the power to create something better!
We already know that Steem Power and SBD are earned for our efforts in creating original content on Steemit. Additionally, witnesses earn Steem Power by maintaining the blockchain.
The problem that needs a solution, however, is what good is Steem?
As it stands, to do anything with our Steem, short of services offered on Steemit.com, we must convert it to Bitcoin, then into fiat. This unequivocally ties Steem to Bitcoin, which is exactly the opposite of what we want to accomplish!
It’s my money and I need it now!
Three amazing suggestions have been made to make Steem and SBD more accessible to users, and I think that we as a community could easily implement them with a little work.
A Steem Debit Card
I originally read this idea from @stellabelle, and it looks like @ekitcho has run with it.
With a card that allows us to spend Steem or SBD instantly, anywhere VISA is accepted, we accomplish two immediate goals. First, we can spend without having to make two exchanges. Second, and perhaps much more important, we bring awareness of Steemit to many more people!
Think of how often you hand someone your credit card, wouldn’t you love for any of those people to become fellow Steemians?
A Steem Auction Site
@ixindamix posted a excellent suggestion that an e-Bay like platform be created where users could pay in Steem or SBD for items sellers list.
Understandably there is great potential for transaction abuse in such a system, so protections such as an escrow account that releases deposited funds on satisfactory delivery would need to be put in place.
I suggested taking this a step further to develop an Amazon like Products on Demand (PoDBay)
Getting popular merchants to accept Steem as payment
Generate a marketing campaign encouraging major retailers such as Amazon to accept Steem or SBD directly. In the case of Amazon, prices would be set on the date of shipment with an “Estimated Price” quoted on the pre-shipment invoice.
These are just a few ideas
We have the power to make Steem one of the most valuable currencies in the world. While one Steem doesn’t need to be worth $100 US for it to be considered valuable, the value of Steem will increase exponentially with versatility and market use.
Disclaimer: I am not a financial professional. None of the material in this post should be considered financial advice. Cryptocurrency is a volatile HIGH RISK investment. Never invest more than you are willing to lose
As always, I Steem for my kids...
you steem for your kids
the question is , if you steem for your kids,, what would your kids steem when they grow up ,,,, lolz
NICE ARTICLE :)
Well that's really up to them ...
What I mean by I Steem for my kids is that I do this so that I can earn money at home while I spend time with my kids, instead of leaving the house for a "job"
i get it ,,,,, sorry i interpreted in a wrong way
Steem has a lot of potential but it needs more people to start using it for it to become more successful.
Widespread adoption is certainly a contributing factor to value.
Right now, Steem lacks scarcity because there is more being issued than there is demand for. More users may help increase scarcity and thereby value.
I would particularly like to see opportunities to directly buy products with Steem or SBD.
Great post! Although I must inform you that a debit card for Steem already exists! its called "TENX" And features around 50 different cryptocurrencies.
Upvoted!
Not available in the US and not specifically Steem. A branded debit card would be much more beneficial because it would advertise Steemit every time it is used.
@timeshiftarts Yes really good post. Followed
I see you have a reputation of 6.
This is because you post generic comments and poor quality content. If you want to be successful at Steemit, you should consider writing original content and making thoughtful comments that relate to the post you read.