Without an easy way to buy STEEM with fiat currency, how can it rise above the pack?
It is fairly common knowledge, that the compared value of STEEM against fiat currency, parallels with the value of Bitcoin, Ethereum along with most other cryptocurrencies. They rise and fall, together.
Being that STEEM is an alt-coin, this is, of course, to be expected. In order to actually buy STEEM, one must first purchase one of the larger, main-coins, (I.E. Bitcoin, Ethereum, Litecoin, ect.) If I am incorrect about this, please let me know.
I am writing this post, because I want STEEM to succeed and I have not seen much posted on the topic of making it possible to purchase STEEM via fiat, with ease.
Paired with mass adoption, proper strategy in STEEM burning, and inflation, wouldn't giving STEEM stand-alone capabilities by developing an easy way to buy the coins for fiat, be something to shoot for? Although, I am fairly new to these concepts, I think I have, at least, a slight idea of the mechanics of these strategies. If I am out of my mind, please let me know. I have seen the proposal for developing a well interfaced STEEM marketplace, and of course SMT's will add tons of valid liquidity to STEEM, but is it possible for an alt-coin to graduate to the status of a main-coin, through fiat sales? I think I may be missing some information, so any help in understanding this, is very welcome in the comments.
Just some thoughts, but if this is actually a good idea, it would be cool to see a team form to develop a fiat exchange. I wish that I had the technical knowledge to do that kind of work, but I do not yet possess it. I do, however, plan to eventually learn. I am planning to learn to code, after further research into some online tech schools.
P.S. Would be cool if it was a part of the STEEM interface, or even to set up an OTC link or section to be added to STEEM or some of it's front ends.
Feedback WELCOME!
-Jonathan Caleb Williams @badseedalchemist
I have been using Coinbase to sell my steem for LTC and then sell to EURO and vice versa for a long time. Until maybe 6 months ago I read about Bitvavo, it's very easy to buy from many cryptocoins (steem and sbd included) with several payment options. On top of that, it's super fast!
Have used it both ways, buy and sell for fiat, and it's processed the same (working) day.
Try Paycent app, it has conversion from fiat to Steem.
Thank you for the suggestion. :) I figured I might be missing something.
Great post! I know less about this than you, so I'm afraid I can't help with knowledge.
I am also struggling with the concept of how to turn up votes into cash. I so far have not used my steem for anything. I actually don't have steem, as have only been powering up so ad to be able to post more.. Bilut I would veryuch like eventually to use some of my 'profits' to help the family..
I think for now, as I have enough SP to do what I want, I'll go back to splitting up my earnings 50/50,and see how long it takes me to have some steem to convert..
But then, it would be nice to be able to convert to fiat, and not go through btc, as I have no experience with btc...
Anyway, very long comment on a much more concise post.. Enjoyed reading, and good luck with your endeavor. I hope some more knowledgeable steemians run into this..
I think that the first step may be to create an OTC type trading using escrow, similar to LocalBitcoins. Thank you for the comment. I wasn't so much trying to emphasize the sale of Steem tokens. It was more, the option to buy and sell tokens, directly to and from fiat. If we can only buy and sell steem buy using other crypto, then the other markets will always rise and fall ahead of our altcoin market. This would happen because, in order to buy into the altcoin, you must first buy the other, larger crypto-market, causing an increase in the price of that crypto. If people were able to sell or buy steem directly for fiat, then not only would steem be able to have it's value increased by the buys from within the crypto markets, but it would also be able to receive buys from major fiat currencies, simultaneously. Steem would have two seperate inlets, which would free it from the confines of the other crypto markets, in which it currently is sustained. I would presume, that the growth would be enormous if the platform had enough exposure.
I must say this, this is a good post but buying with fiat would be a great deal for Steem.
Thank you. It would be nice, I think, if it was a part of the actual STEEM interface.
I use Coinspot here in Aus. Transfer fiat from my bank to coinspot, buy steem, or whatever else I want. Easy cobber. I'm sure there's something in the States that works the same, don't what it is, but pretty sure it's as simple as that.
Thanks brother. That is good to know. It can be a mess trying to buy crypto in the US. I realize, it may be quite a bit easier in other countries.
Sounds weird to think a process that should be straight forward is easier here than in the States. I'm sure you'll find somewhere though.
Good
Thanks. :)
You are welcome
I agree with this 100% The market as a whole would gain from the ease of purchase that a direct fiat to crypto would bring. I think this is necessary if Steem is ever going to reach mass adoption.
Cool. I received a couple good comments offering some ways to do this, which were helpful. However, I think it would still be beneficial if some of the front ends built this type of exchange as an option within the actually front end, right on the page. :)