The STEEM-powered debit card? Update: Wirex wants to create it...
I've just contacted some companies that offer Bitcoin-based debit cards for cryptocurrencies. Since Steem is now the third largest cryptocurrency in the world we need the financial infrastructure to help exchange STEEM for fiat.
I made my first withdrawal yesterday from Steemit and it was very hassley.
First I had to send my STEEM to Bittrex, decide on when to sell (for the best price). Then I had to send it to LocalBitcoins.com which ended up taking over 2 hours because the Bitcoin confirmation was very slow. Then I had to find a UK-based trader, then exchange with him before it all arrived in my bank account.
What if you had a VISA or Mastercard which let you instantly pull out your STEEM and Steem Dollars from ATM? Or if it let you buy your groceries, or flights and hotels?
Eventually @dan and @ned 's ideal is that we will use STEEM and Steem Dollars as a currency instead of fiat money. But until we have mass-adoption of Steemit, we still need to use fiat currency.
If you can help/have contacts/want to partner up (while I do the marketing)/ are interested. If you want to steal this idea and run with it - that's cool too. The community here needs a solution like this so may the best team win.
Please upvote and leave a comment below to share your thoughts!
Update: Dmitry the founder of Wirex got in touch with me in under an hour of posting this.
Hi Alex,
We are excited with the progress of your project. Very well done!
Wirex would be happy to work with Steem.
Shall we arrange a call next week to discuss it?
All the best,
Dmitry
plus four four 7528839 zero 58
Skype dmitrysolid
**Update 2: Dmitry replied again. **
Hi Alex,
We can talk next week. If you can approach someone from the Steem team, it would be great.
Best,
Dmitry
If you can upvote this, this will get the attention of @ned and @dantheman and the other developers so they can help the implementation
Good work, @Alexc. That kind of initiative is great for the community and valuable. Thanks!
So, this is on the way and in the works from a few different standpoints. You can actually already integrate with https://wirexapp.com/ or https://www.shiftpayments.com/.
I've done the latter and am setting up everything today so I can pull SBDs out in real-time, on-demand, anywhere in the world. Without having to deal with currency risk other than indirect.
Obviously, the volatile nature of STEEM and BTC is prohibitive for this being a way to store large funds until there is more clarity on Power Downs and inflation impacts annually at 100%.
duuuuuude... can you please make a post on how you've done this once you get it all up and running?
or if you'd like to do a collaboration, I'd be happy to help edit such an article if you got the core info done, to get it really polished up.
I just signed up for wirex/e-coin, so VERY interested in how you do the integration...
If you are in the UK, just send your BTC to Kraken. Then sell for euros, and then arrange an electronic transfer to your UK bank account (they call it a SEPA transfer). As long as you make your request before 11 a.m., the money will arrive in your account in pounds by the afternoon. The fees on Kraken are pretty low too - 0.3% for a trade and 9 cents for the withdrawal.
That's pretty good and needful idea, but the the important moment is fees, cuz right now it's very profitable to withdraw Steem Dollars.
Where can I get one?
Great idea. With a Steem-powered debit card it could be hassle-free to withdraw cash or shop online. Maybe we should have the virtual card first and sooner or later a card with physical form. =)
thanks , good initiative
hi @alexc can you contact me at [email protected]
or on steemit.chat about this debit card ? We are working on it for 2 weeks now and i would like to know who is currently handling this contact with Wirex
thanks for your help
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