Will we ever be able to withdraw our money directly through the Steemit platform?

tolkatore (55)in #steemit • 7 years ago

I don't know about you guys and gals, but I personally do not trust any of these shady foreign exchanges, and refuse to use them to convert any of my Steem or future Steem into other forms of currency.

Do you think at some point in the future, we'll be able to purchase Steem with our bank account, debit card, or credit card, and then when we need a few bucks to help us get through a rough weekend, we'll be able to simply convert and withdraw our funds organically through the Steemit platform?

I really hope so, because news about these exchanges stealing, locking up, or ~~running off with our money~~ being hacked is happening way too frequently for my taste.

Please let me know what you think, and if you hear anything going forward on the topic, please leave it in the comment section below, for all to see and learn from.

Converting Steem to Cash or other Crypto-Currency

#steem #poloniex #steempower #cryptocurrency

7 years ago in #steemit by tolkatore (55)

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kevinturnbull (31) 7 years ago

The main challenge there as I understand it is that the Steem ecosystem as a whole is intended to be decentralized. Being able to directly withdraw from steemit would require a central authority doing the trades from Steem -> Other Crypto -> Fiat.

Someone could start up a fiat exchange directly with steem - but that would require fairly significant risk, overhead and couldn't expand globally all that easily.

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2 votes

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tolkatore (55) 7 years ago

I see, is there anyway around this?

Although, if Steem ever makes it onto CoinBase I will be happy. I actually trust them, but do you think it will ever be traded on there?

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deemarshall (66) 7 years ago

I don't think that will happen for many years if ever. I hope I'm wrong. A few outlets accept cryptocurrency now so s'pose that's a step in the right direction.

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1 vote

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