How you can buy/sell steem/steem dollars for fiat currency direclty in steemit and escape exchange fees | A simple Idea
Hello dear steemians, I will tell you about my idea to help you get better rates both for buying/selling steem/steem dolloars for fiat currency (U.S.D/Euro/INR etc) and it will save you loads of money .
Why did i think of this Idea
Every idea is an outcome of some sort of a problem. I joined steemit last month and got absorbed in this platform and gradually understood the prospects. Now when I wanted to buy steem power I had to buy BTC which I tried using an exchange in India called Zebpay I put in INR 2500 + a transaction charge of around INR 45 approx bought some BTC and converted to steem and what I got was around 13 steem so each steem was coming around INR 200 approx but steem was approx 2 U.S.D (1 U.S.D. is aprox INR 64 ) at that time so I had to pay approx 50 % extra for buying and after selling I will have to give transaction charge and then tax.
So it's too much expenses. And next I will have to think twice before investing.
The fact that India is a huge market if steemit becomes popular in India and people here are new to this cryto currency and most people whom I personally approached to create an account, never created one since they had only one fear that they won't be able to cash out.
But my idea will help not only Indians but people from any part of the world to transact easily and at a higher profit both ways.
I hope if people start using this idea to mutually support each other then Both the buyer and the seller can save huge amount of money and easily transact.
The Idea
In one line let's finish. You can find people in steemit who want to buy steem/steem dollars and directly approach them to transfer the fiat currency amount to your bank or paypal or whatever account and then you can transfer the steem/SBD directly to his steemit account.
These days I come across a lot of trading ideas like the ones used by @randowhale and @neoxian. They trade up votes for SBD and delegation of steem power or loaning SBD etc. Thus I feel my idea is feasible as well and it's not going to cost anything to the one using my idea. I am more than happy to help.
The safety measures you can take
Every idea has it's pros and cons so Safety is in your hands you should deal carefully before trading huge amounts and should look to find some amount of trust factor.
Before any transaction you should always mention the other person involved in the trade and create a post to let the community know (like @neoaxian posts after transaction) and if any fraudulent transaction happens then the community will know and that person won't be dealt with in future.
You should use one common tag ( lemme name it #freexchange meaning free exchange since no transaction fee is involved) for people to easily find the trust worthy people with whom transaction is safe.
After the transaction is successfully done then you can write another post let others know about the successful transaction and people will know that these people are trustworthy similarly mention the people and use the tag #freexchange
I know there are better ways of implementing this idea for taking one more step towards decentralization so that people can have the power on their own hands and won't have to pay for this service to anybody since transfer of Steem/SBD is free in this platform and it happens at a lightning speed. I am sure some brilliant people will think about it and take it forward.
All the best and don't forget to let me know about your feedback how this is going on if you start using this idea.
If you like my post then feel free to up vote comment and even resteem and follow @tamsguitar.
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Great post @tamsguitar.
A lot of post of yours are really very helpful for us who newly joined this graet community.
Thanks for sharing.
thanks!!!
Interesting. Thanks for the post.
great post
There is a lot of trust involved with this. I don't want to put a downer on your idea, I really think its great, but I believe there may become a market for trusted accounts. People who build up trust and loose control of their account, or sell their account to an unscrupulous trader to take advantage of people. De-centralised is the dream, but a trusted open source mediator that can hold both currencies and then release them when both have been received as planned can remove this necessity for trust.
I am looking into bringing BTC/ALT coin ATM to cities around India. Maybe we can keep in touch in the future brother. I would like advice from locals. I have family in certain areas however my aim is to spread it out all over India. I am looking for any other ideas, what else do Indians need to make Crypt0 life easier?
That's gonna be great bro. I will write to you tomorrow in details regarding the current situation in India and would love to provide any information if you need do let me know I'll try n find out if possible. Right now it's 4am here n i need to grab some sleep. Good night.
No worries brother this sounds good, have good sleep. Goodnight.
Good morning, So I was talking about the current situation in India. Recently i came across a post by @kingscrown he watched some old YT vids in Hindi with misleading titles and came to the conclusion that BTC is legal in India. But the truth is it's not yet. Due to the Wannacry Ransomware cyber attack that affected a lot of systems in India the govt. is confused about BTC and keep thinking that it's evil since the ransom was demanded in BTC.
The govt wanted to term it illegal but due to some appeals may be by some investors n exchanges they decided to ask for public opinion and in a govt site verified comments were invited regarding the point of view of public till 31st May whether BTC to be legalized or banned . And After that poll still now there is no decision made. Thus it's still not confirmed whether the use of BTC in India is legal or illegal. I know no govt has the power to ban BTC but in case you want to set up a BTC/alt coin ATM then hold on. Don't put any money before the final verdict since if BTC is not allowed to be used in India then the ATM will be of no use. Recently the govt has demonitized Rs 500 n 1000 notes which created a lot of turbulence in the system and this govt is very strict so you don't wanna take any risk until they confirm the legalisation.
Where are you from?? since you said you have your family is in some part of India. If you are an Indian then you'll probably know all these.
India is a huge country so you need to plan where you want to set up the ATM and for that some deep scrutiny is required depending on the growth of the cities. I think 2 to 3 cities are eligible for setting up an ATM because different cities have a different culture and the school thought will also influence the amt of business. In my recommended list will be Bangalore and Mumbai.
Anyway this is just my point of view I am not an expert. Let me know if I cn help you in anyway in future. Thanks brother.
Thank you for the information. I am an American however my family is from Punjab originally. I plan on starting in that area and expanding from there. I will try and provide people with access to tools so they can exchange their BTC/STEEM and other coins for cash. - we may end up having to pay off local authorities to get things moving. I know how things work out there as I am sure you do as well as far as bribes go. The people of India have every right to use crypt0. They should not need the governments permission and control over their money is how I see it. This is all still an idea of mine. I am not sure how it will be executed exactly just yet. All I know for sure is I want to free as many people there as possible from the current system. Whatever I can do to spread STEEM/Crypt0 awareness there and facilitate this movement.
Yes I know about how the system works here with bribes. And I believe you are right the first step is to get people introduced to the crypto first then you can free them. Spreading the word and making people understand the prospects is a mammoth task since people are not that tech savvy here. But everything has a starting point so this idea can bear the fruits in the log run with much higher returns if executed properly.
I read this old article of yours, because the exchange costs make me fear. Thanks for the good idea.