Forget about Paypal. Steemdollars: The perfect 6-in-1 online currency.
Still using Paypal? Well, I'll convince you, once and for all, to stop using Paypal, and switch to Steemdollars.
Steemdollars: The perfect 6-in-1 online currency.
It's on decentralized, online cryptocurrency.
This means that you no longer need to worry about counterparty risks. No longer do you need to fear someone that has power to close your account, or freeze it at any time. Sleep soundly at night knowing that your money is safe, in Steem technology's hands.
It's a price stable currency.
**No more exchange rate risks. No more checking rates of BTC in the morning frantically. **Remember: even if the open market collapses, you can always settle your Steemdollars for Steem at the rate of around 1 SBD for $1 worth of Steem. Sleep soundly at night knowing that Steemdollars will not collapse due to one person dumping it in large volumes.
It's a banking system in itself.
As Steemdollars offer a very competitive 10% per annum return on your existing SBD, this gives you the opportunity to save up, and practically invest your USD at the same time, for a stable return. Remember that all this is done trustlessly: You don't need to trust anyone to do it. That's the beauty of decentralized cryptocurrencies. Now you can sleep soundly at night knowing that your Steemdollars are mingling with each other, and generating more Steemdollar babies.
It's a non-fractional reserve banking system in itself.
In fact, every SBD has the collateral of around 200x of the value of the SBD. What does that mean? Well, BitUSD only has a maintenance collateral percentage of 175%. Steemdollars have more than 100x than that. It means that to make this banking system insolvent, it is literally impossible. Because for this to happen, Steem has to crash to less than 0.000015~ each, in an instant. No longer do you need to worry about fractional reserve scams. In fact, this is not even a full reserve banking system. It is a 200x reserve banking system. Sleep soundly at night knowing your money is backed by real value, real people and real content.
It's a reward.
What do you get when you write a post and it pays out? Well, half Steemdollars and half Steempower. This is an excellent way to generate free Steemdollars. It is truly amazing, actually, for a system that is SO GOOD to let you make Steemdollars for free. Of course, in the process of writing your post, you're also generating value for the platform, as your content is original. It's just a fair trade/swap, really. Sleep soundly at night knowing that you can write a post, and expect free Steemdollars in return.
It's a sleeping pill.
Well, not really... But it does help you sleep soundly at night(you falling asleep reading my post yet? :P).
Conclusion:
This post is intended to educate newcomers, Paypal users as well as other users about the goodness of Steemdollars compared to other online currencies. In my honest opinion, Steem is the most promising cryptocurrency project I've been involved in yet.
Steemdollars is the future of online banking. Steemdollars will replace Paypal, Perfectmoney(dodgy stuff) and online banking. No more chargebacks, no more credit card fraud, no more frozen accounts. More interest on your money, more security, more collateral.
Have the peace of mind at night, knowing that your assets are in Steemdollars, and they cannot possibly disappear.
I put the tag #cn because I wanted Chinese people to read this post as well. However, I wasn't bothered to translate it. I hope you guys don't mind, but if it is against the rules I'll remove that tag immediately.
I agree with you @jholdsworthy but steemians like me who is living in philippines have problem with this because the peso wallet that I am using is deducting 20% of every transaction. Maybe there's a need to charge since they will be converting bitcoin to philippine peso but 20% is a pain in the ass. Im looking for other wallet that can be use in my county and has lesser charge. I would appreciate if you can give me advice.
What if you guys get a local economy going with bitcoin?
Do you know about Bitsquare ?
It may just be what you are looking for!
tl;dr: convert steemusd to bitcoin (poloniex, blocktrades, etc), then bitcoin to pesos with bitsquare (no fees).
I will check it @karnal and if bitsquare can be use easily in the philippines, it would be great.
For sure it can!
In the unlikely event you run into trouble, reach out to @manfredkarrer or visit the bitsquare forum, people are really friendly and helpful over there!
But essentially, as long as there are enough people participating (using Bitsquare over there), it will work!
Spread the word, it will solve the absurd 20% premium problem that you guys have.
Good luck, and prosper!
Thanks @karnal
Will the SBD earn interest even outside steemit? For example I store it in the bittrex exchange...
bittrex will earn your interest
Storing crypto on a centralized exchange is about as bad an idea as you can have.
One of the great advantages of blockchain technology is that you get to control your money.
Send it to an exchange, particularly for longer periods of time, and you abdicate that.
At Bitfinex, you receive negative interest in the form of hacks.
So true.
Ask bittrex
It certainly will. The only question is for whom.
Now I got the idea that I should be investing on SBD. Thank you for sharing this...
@youngkim, this post definitely simplifies the understanding of the subject, Another article that I found to be helpful is the one written by @acassity entitled "What if SBD is designed to be accepted virtually everywhere something BTC has failed to do so far?".
Lol. This is why it is so difficult explaining steem to some people. You have to explain economics, the origin of money, and cryptocurrency. Quite the heavy conversation for some folks!
Yeah... I find it really hard to explain, but this is like a simplified version.
touche... time=data lol
Steem Rules
PayPal Sucks
PayPal - old/obsolete/centralized/censoring/blocking/limited/expensive/slow method of money transfer
STEEM EVERYWHERE
Power of Steem :)
Word.
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