Do You WANT to Spend Your Crypto?
Have you ever bought anything with crypto? Are you one of the few? I own a comic and toy store and advertise that we accept it not only on our website and social media, but in store as well. Know how many crypto payments we have accepted in the 5 months we’ve ad refused it? ZERO!!! ZILCH!!! NADA!!!
Why is that? I have a few customers who dabble or even mine. Why aren’t people paying with it?!? I always hear that in order for it to become mainstream certain things need to happen. One being people need to start “using” it yet I know not a single person in my life who has ever bought a single thing with any crypto. Besides folks on here and such.
What’s your opinion? Do you think we need to start utilizing crypto or some crypto as a currency? No need to as it will be fine without that? What’s your take and why? How many of you have purchased something with Bitcoin, Steem, or another coin?
I was thinking of trying to put some items up here on Steemit to be purchased with Steem. Curious to see if there would be any interest. I have 2 huge bins of random T-Shirts and Bags and other misc. stuff. All brand new. Just stuff I don’t have room for. Most of it is Marvel stuff but there are some other random weird things. Bookbags, shirts, wallets, belts, mugs...Years back I bought a ton of product off of a vendor. All cool and new Marvel stuff and it’s been sitting in bins for years. I’d price it at a great price point. Figured if I could sell some for Steem, I could move inventory and stock up and better my position here. Would this be something that people here would even be interested in? I’ll probavly be wasting my time but looking for feedback on this. Any of you ever sell something here on Steemit for Steem? If so how smooth was it? Was there interest or did you just waste your time? Lmk if this is something you would be interested in. If there seems to be some interest, I’ll pop up a post with some killer stuff this weekend.
I saw that @steemshop is trying to get things moving in that department. Anyone ever have success with this? Any feedback appreciated.
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We at @steemshop believe it is time to empty those "2 huge bins" and create product posts for all the items in there so that we can include you in the official marketplace with a resteem. The more specific you can be with each post, the more likely you will be to connect with a buyer here on Steemit.
Let us know if there is anything we can help you with.
Ok!! I just put a post up! Hopefully you can help me spread the word. If I move 3 of these I’ll do another one right after.
I've bought comics from @cryplectibles using Steem. Transaction was smooth, but it was very much the blockchain equivalent of a verbal agreement since there was no middle man like with PayPal or eBay to handle problems if they had cropped up. Fortunately, @cryplectibles is an honest seller (as are you), and I'd have no problem buying from either one of you in the future.
The biggest problem with spending crypto, as I see it, is the massive market swings in value. If you set a price at $10 and I give you $10 in cash, then I've spent $10 and you've earned $10. That's the same yesterday, today, or tomorrow.
On the other hand, if I pay you $10 in Steem, the value could jump sharply the next day, meaning I've actually given you the equivalent of $12, or the value could decline, meaning you received the equivalent of $8 for your item. This market volatility is likely the biggest obstacle facing consumers who want to spend crypto, and businesses who want to accept it as a payment type.
The adoption of a token that is worth a given amount of a certain crypto is probably the easiest work-around. Just like money printed before the creation of the Federal Reserve stated on face they were worth the equivalent of some value of precious metal like silver or gold, these tokens would work the same way: a $5 token would be worth the equivalent of $5 worth of Steem, whether Steem was trading at $1 or $7.
I've no idea if such a thing is workable with crypto, since the draw for many people is its non-reliance on any adopted standards, but I don't see widespread adoption of crypto payment services until this issue is tackled. :)
Well stated and makes a ton of sense. The insane swings definitely contribute to the problem of it not being used more.
It's a catch 22. Crypto is unlikely to see mainstream adoption while the volatility is there. The volatility is unlikely to be addressed until we start to see mainstream adoption.
This is pretty much how I feel. I wanted to add my own personal psychology though is I am more willing to spend "cheap" crypto (like STEEM) than BTC.
This is a weird way of looking at it and I know it isn't logical but in my mind I think FOMO is less with the cheaper cryptos because even at $4 it is still obtainable for 1 STEEM, as opposed to thousands for 1 BTC. There's some word for it that escapes me -- something about "digit preference" or something like that, where a person wants a whole amount of something. It's such a noob and illogical way of looking at BTC but I do think it matters to people.
I just bought my first Litecoin back last week when it went down and I don't want to spend it lol and I'm not even a LTC fan.
So what this says to me is a spendable crypto ideally should be affordable for people and make whole number amounts easily. That's what I suspect will be good for adoption. I do think STEEM is good for this. Just my opinion!
That's exactly what bitshares is. Sounds like something you might like. I need to look into it more myself. Perhaps with my next mining payout :)
I've bought all sorts of things with BTC. Mostly when it was at $350, so I kind of wish I could take it back. But I was pretty low on other cash then.
Yeah. Nutty to think back on in hindsight I bet. I think I’m going to try to do my part in that this week. Make a purchase or two using crypto.
Hell yeah we need to start using it! I bought some silver on here a couple months back. Traded some SBI shares for it, and I'm about to do it again.
That's the whole reason I've started mining. So I can have income and budget it out. Some will be for hodl, but some will absolutely be for spending.
People are buying this shit to speculate like stocks. I think that is dumb. It's made to be money. Fucking use it that way.
That’s badass! Buying silver...my cousin does it as well. I need to look into it. I’m guilty of mot using it as a currency as well. Gonna change that in the next couple week.
I'm working that way. As of now, most of my resources are in SP which isn't liquid.
The mining is gonna help that a lot. As it ramps up, I expect it'll fund most of the projects I talk about on here.
What are you using to mine? Was thinking of getting involved with that but don’t know much about it.
Right now I'm using a single RX580. I plan on adding another card this week or next though. Whatever I can find for $190, so probably a RX480 or RX570
I know nothing about this. Let’s say I wanted to start getting involved...whatbroute would you recommend thatnwont break the bank yet will still be efficient?
What I'm currently considering is renting server space (usually just a few bucks a month, maybe ten) and using that to mine Monero. If you have a pretty capable PC already, you can do it on there, but I've found my machines aren't capable.
Gotcha. I’ll look into that. My computer is new but bare and basic.
I haven’t done anything direct, but pretty close by using a Shift visa debit card linked to a Coinbase BTC account.
What bits of crypto I do cash out or spend, I feel bad about because I want to accumulate more! Getting Fiat into the crypto system can be the hardest part, so you hate to cash it out in a sense.
However, I do like the bit of trailblazing... when I hit up Conquest for the first time I’d love to buy at least 1 item with Steem. At the least, it makes for a fun blog post!
You still posting brother or just curating for the time bring??
I’m still alive! Just been busy & tired... I’m usually pretty shocked when I realize how long it’s been since my last actual post...
I hear that. I just made a stupid goal for myself and I’m trying not to slack as once I do...it takes a lot to get me back into the swing of things. Looking forward to seeing ya back on here regularly once you do you.
Lol. Sounds awesome!!! Yeah I need to try and start using it myself from time to time. I’m guilty as well.
I guess the question to ask is what would you lose by trying? You're only risking "dead" stock, so it could be argued that only real cost is your time. If you get takers, great, if not, you're out a bit of time but will likely earn some rewards from the listing posts anyway.
Good point. I think I’ll put up a post and try it out within the next few days. See the response. Thx!!!
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