Will the promotion of Steem’s Zero Transaction Fees create the first use case leading to more widespread adoption, usage and increased value?
I often write about Decentralized Finance because I think the Steemit Community is well positioned to take advantage of that movement and this would be fertile ground for such a wealth building tool, considering the level of effort people here put into learning this complex platform. However today I read a post by @pawanregmi28 called “Forget Cash I have Steem”. After reading this post an idea kept from my mind onto this page. An intense exciting idea, which I will share with you now.
The idea is to get back to basics. Our passion should be figuring out how to develop or find solid use cases for Steem. The most important thing to me to drive adoption of a cryptocurrency is ease of use and utility. Right now cryptocurrency is to complicated and once you do all the work of figuring it out and accumulating a fair bit of it, you may find you can’t buy anything with it. That’s why most crypto millionaire stories end in “ I cashed out my tokens to USD and lived happily ever after”. Because most people are not able to buy the stuff they need with their crypto. Now while there are examples of projects where you can use Bitcoin to buy everything like the South Brisbane Airport, these are limited in scope as we can’t all go shopping in Brisbane.
However it’s these non-sexy programs like gift card purchases with crypto or crypto debit cards which feature a feature where you deposit or load the card with crypto and spend cash or euros on debit card purchases. Those programs have high utility and high ease of use. They allow people to use something just like a credit card or bank debit card, so the majority of people know how to use it. They can trade it for stuff they need like food, water, electricity, pay bills or buy gadgets. This checks what to me are the most important barriers to entry; ease of use and utility. We could pay people for doing what they are doing anyway on Facebook or Instagram. And then show them how to buy stuff they need. Right now there are new companies out there building on this business model using Bitcoin, Litecoin and Dash. But to me we have an advantage over all these coins; zero transaction fees. If we exploit this one point we could become a Household Name! And then next stop MOON !
All the coins used a lot for commercial transactions and transferring wealth right now, like Bitcoin, Ethereum, Litecoin and Dash have one important thing in common: Transaction Fees. These fees are a very important issue because they represent transaction costs which reduce profits. The funny thing about being in the Steem blockchain is that because our transactions are free, we don’t think about transaction costs and we don’t see what a big plus this is for Steem. Currently just about all other altcoins have transaction fees, even Doge Coin! Which ironically has as one its high value points its low transaction fees. So low that there were Doge Bitcoin pairs earlier then many other more expensive coins because Doge is used to move Bitcoin from point A to Point B cheaply, and you buy Bitcoin yo purchase another Altcoin. Ironically there are Zi believe tons of Doge transactions everyday for this reason. Many Altcoins weren’t on big exchanges and transferring your Bitcoin to those small exchanges cost a lot in mining fees, so instead people conveyed to Doge, transferred them Foge and then converted back to Bitcoin. It was surprisingly cheaper then just moving the Bitcoin.
Do you hear me Marketing Experts of Steem? This can be accomplished by writing the administration of a company called Cryptofills. Cryptofills allows people to use their Bitcoin and cryptocurrencies to buy real-world goods and services. Just follow these simple steps. Cryptorefills supports 100's of Gift Cardss, Vouchers and top ups in 180 Countries with over 600 Mobile Operators. Cryptorefills claims to offer competitive prices for products including Steam Vouchers, Amazon Gift Cards and top ups for networks including Vodafone, Lyca Mobile, Airtel and many more. learn more
Note: this is not a paid referral and this is just one of several companies pursuing this business model.
Written by Shortsegments
@shortsegments