Challenge 1: My favorite Cryptocurrency, how can we get businesses to accept it as payment?
My favorite Cryptocurrency, how can we get businesses to accept it as payment?
Now I know that I started my crypto journey very late, in July 2020 with the Steem blockchain platform and earned SBD as the first coin, a stablecoin, and then STEEM. I haven't withdrawn yet because I completely understand the value of it. So as I earned SBD first and I really like Steem blockchain and able to understand the Steem ecosystem, my favorite cryptocurrency is SBD at this moment and I hope it will remain in the future.
Quick Background of SBD
Steem Blockchain Dollars (SBD) was introduced by the Steem blockchain platform to help bridge the gap between more traditional fiat money systems which we all use in our daily life e.g. USD, EUR, INR, etc.
My Story and Understanding of Cryptocurrency
Bitcoin was obviously the first cryptocurrency which I heard in 2016. I remember everyone(mostly newbies) wanted to mine or somehow wanted to invest in that and it was all about making a fast buck. Buy low, sell high. I think it was treated as a cash cow and didn't care for anything except for ROI.
As far as I know, most of the people didn't read anything about it or know much about some of the currencies in which they were investing.
I didn't focus or tried to invest at that moment. First, I wanted to learn more about the digital currency and wanted to understand the complete ecosystem. So I started learning about it. I was going slow, taking my time as it was completely new and most of the time I struggled to find a good reliable source to learn step by step. I think Bitcoin made its peak in late 2017 and crashed badly. I was safe as I didn't invest based on the speculation all over the internet. But, I had a strong belief in the future of cryptocurrency and I continued my learning. I read a few books on Markets and cryptocurrency.
What makes you like the cryptocurrency most and how do you use it?
The Steem blockchain primarily a digital token processing system, as well as a mainstream social media platform where authors (content creators) and curators both are rewarded. We earn SBD and STEEM for producing and curating original content on this blockchain. I think SBD is very much a stablecoin and I have mentioned above the background of the creation of the SBD currency. I observed that SBD follows USDT and trades near to USD 1. Below is the Steem Dollars chart of 180 days.
How do I use it?
As I haven't withdraw any SBD yet, my plan is to invest this for long term and withdraw a few to buy some gadgets online for professional uses which could help me in being productive. I will definitely make a post about my investment strategy or buy anything using SBD.
When did you learn about cryptocurrency and how long have you held it？
I am learning cryptocurrency slowly/part time since 2016 but started spending more time in 2020. I took a long time to start my cryptocurrency journey. I think I could say that I am holding SBD (growing slowly) now from past 2.5 months and going to hold for long term. I am very active on Steem blockchain and trying to contribute in all possible ways as per my capacity and skills. I am part of Steem Greeter team, Country Representative - India and also writing program and developing #SCM application to support project #affable and working on proof of concept to help in tracking the NewComer's from the day 1. So I definitely see Steem blockchain as an aweome platform where I am going to invest my time and energy as well for long term.
Which platform you like to trade cryptocurrency？
I just signed up a day before on Binance and I am still exploring it. I am a kind of person who tries to go small with anything new, explore, learn and then use for long term. If I identify another platform to trade cryptocurrency, I will surely make a post with Pros and Cons of the same. Even I will post a review for Binance as well after few days.
What changes does cryptocurrency bring to your life?
Its really very motivating for me when I earn SBD and STEEM on this blockchain. I am able to invest this and may buy something which will help making me more productive, more stable in my life. I am a programmer and I am learning a lot on this blockchain and getting a great support from the Steemit team and everyone.
Cryptocurrency is helping me in thinking ideas/products/solutions which can be introduced to daily life uses. I know it's not easy to build a product next day but at least with a right vision and support from everyone, I am sure something can be done.
How can we get businesses to accept cryptocurrency as payment? Share stories about how you have made payment via cryptocurrency.
I would like to share my thought on this.
- I observed that many businesses are already accepting payments but only using popular/stable/available cryptocurrency on all major changes. E.g. A very popular domain name services provider https://www.namecheap.com accepts payment using Bitcoin.
Currently STEEM & SBD need to be converted to other popular coins through exchanges to use for online transaction.
To make STEEM & SBD to be directly accepted by businesses, it needs to have good liquidity to control hitting the lower circuit on exchanges. I know it's a time taking process to achieve this.
One of the primary goals should be developing self-sustainable communities in terms of specific goal and large Steem Power, helping content creators to learn and grow, and then bringing more investors could help.
With my limited knowledge right now, I think STEEM & SBD both must be listed on all popular exchanges at least with STEEM/USDT and SBD/USDT pair so that anybody can easily use it for online transactions. But, this can be done only after fulfilling the minimum requirement of those exchanges.
We may need to develop SDK (Software development kit) to easily integrate it with the wallet to any mobile app or website for payment integration. I know https://steemitwallet.com has the capability to authenticate a transaction using active key but I need to try and learn if it fulfills the SDK's property to achieve the same.
I believe with the latest initiaves announced by @steemitblog in last few weeks, if we all adhere to the instructions, contribute based on our competency and try our level best, we could make everything possible.
Thank you.
Can't agree anymore.
An enterprise may not be interested in our blockchain as a social platform but they might get interested with SBD or STEEM as a currency with zero transaction fees. So we can develop tools, plugin to make it easy for the enterprises to integrate.
Building a strong community is also a passive approach to make a currency a utility coin.
Have a great day.
Steem on.
#onepercent #india #affable
I believe the most important thing on which we need to focus is, to gain the market share. Steemit is a great platform for blogging. We need more bloggers and I think @steemitblog is really trying hard to attract more users by giving opportunities to write blogs on wide range of topics. Now we need to spread the word and try to recruit users who has expertise in different topics/areas.
Also I think if Steem can add City/State/Country as a mandatory field in profile section then businesses also can use Steem blockchain to list their services based on the geography serviced by them.
#twopercent #india #affable
Hello @neerajkor03
I'm really impressed by your approach to crypto currency. A lot of people dabble into it with minimal or no information and wrong expectations. When they begin to struggle because of their ignorance, most of them begin to give negative feedbacks about the crypto they know little about. Like any other adventure, to be successful in crypto, one has to be willing and also make efforts to often learn.
By the way, you're right about SBD being a stable coin. It's fluctuating range around USD is 0.9 - 1.1. That's quite stable. I would like to see your post on investment strategies as you promised.
From your suggestion, you're of the opinion that
To the best of my knowledge, that's true. With Steem and SBD on major exchanges, they instantly become payment options. Nobody would want a cryptocurrency that they cannot easily exchange so here, you have a good point.
I hope to see steem on major exchanges too.
#twopercent #nigeria
True. It’s very important to learn about the product before investment.
Also, management plays a key role in making business successful. So it is also equally important to study about the management/leadership team of the organization.
I know Justin Sun is very ambitious for his projects and a great tech entrepreneur, I am sure he and his team will do whatever is possible to make this blockchain successful.
#twopercent #india #affable
Yes you doing correct,with out knowing anything dont go for trading. Its give always failures.
If you go for investment in first time must know which coin is potential and correct time to enter and exit also needs for getting good profit.
I am also now in learning stage,i am also not a trader ,so just holding my earnings. When i need i convert to fiat then transfer to bank now.
Not doing any investment now.
Hope soon we see STEEM in all major exchanges and more trading pairs too.
Nice post from you.
#twopercent #india #affable
Congratulations! Your post has been selected as a daily Steemit truffle! It is listed on rank 21 of all contributions awarded today. You can find the TOP DAILY TRUFFLE PICKS HERE.
I upvoted your contribution because to my mind your post is at least 2 SBD worth and should receive 68 votes. It's now up to the lovely Steemit community to make this come true.
I am
TrufflePig, an Artificial Intelligence Bot that helps minnows and content curators using Machine Learning. If you are curious how I select content, you can find an explanation here!Have a nice day and sincerely yours,
TrufflePigCongratulations you are one of the winners of the Steem Crypto Challenge Month...
Thank you for taking part
The Steemit Team
Necesitamos más blogueros y @steemitblog está tratando de atraer a más usuarios al brindar oportunidades para escribir sobre una amplia gama de temas.
Es motivador para mí cuando gano SBD y STEEM en esta cadena de bloques
#onpercent
#venezuela
#affable