I just read an interesting post by @charles1 explaining how a Steem debit card will make it easy to spend Steem. While I like the idea of having a Steem debit card, there's some perspective that I have and would like to add to the discussion.
Steem is the main currency of Steemit Inc. If Steemit provides a debit card, liquidity of Steem will increase and people would easily cash out. That's pretty straightforward.
However, what the easy liquidity will do is to reduce the number of Steem on the blockchain in an uncontrolled fashion. Eventually, it would be theoratically possible to convert every Steem to fiat money through the debit card.
There would be another issue too; massive powering down by Steem Power holders to have liquid Steem available for use via Steem debit card.
I do not think that this scenario will be suitable for the Steem ecosystem. I wonder how Steemit Inc. (@ned, @dan, @dantheman) and Steem witnesses like @ausbitbank, @timcliff, @good-karma, @blueorgy, @aggroed and many more think about the issue. It would be interesting to know about their opinion on the matter.
What I do want (and it won't leak Steem out) is the ability to purchase Steem directly from the internal market using Debit/Credit cards. It would make it easier to invest in Steem and Steem Power. Buying Bitcoin, then trading Bitcoin for Steem, then sending Steem to Steemit wallet and then powering up is such a long and complicated process.
However, despite all the issues involved, having a Steem debit card with some limitation (daily, weekly, monthly limits on withdrawals) is a viable idea and I would love to have that two-way convenience of spending and buying Steem via a Steem debit card.
What you do say?
- Do you like the idea of having a Steem Debit Card?
- Will spending Steem directly from the card make your life better?
- Would you like to be able to buy Steem directly from the internal market using your Debit/Credit card?
Your comments will make the whole discussion and I always reply to every comment on my posts so let's have a healthy discussion.
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I am not here to having money to spend on a debit card. I have Paypal for that.
I became a steemian to write my blog, share ideas with like-minded people and to give a platform for my writing and homesteading/gardening.
For some the advantage of a debit card is because they would like to have cash/credit for purchases but that means they are expecting to get rich quick. I, on the other hand, want to see an investment (perhaps like bitcoin) in cryptocurrency that is successful without any initial investment; aside from my time to write, comment and post.
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We haven't met for the first time so, nice to meet you again. I like the way you think about Steemit and Steem. Being a blogger, I can say that my motivation is writing and blogging as well.
It would be nice to be able to spend Steemit money in real life but that's not the primary focus. And yes, I do see my time and effort on Steemit as an investment just like you do because having Steem is just like buying Bitcoin and holding it for future.
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Thanks for the post. I think having the ability to buy Steem directly from the internal market using debit/credit card is key to long-term development/growth of Steemit. I wrote a short post on the difficulty buying Steem for noobs, peace !
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While I have covered how to buy Steem in extraordinary detail (and I'm sure the post will help you or anyone seeking to buy Steem), I do agree that buying Steem is complicated as hell (having explained the whole process, I can say that at least). It would be a relief if we can buy Steem on market rates directly from the Steemit market.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by ilyastarar from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
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Always good to have a great debate, upped. Thanks for sharing this here and keep steeming to more success.
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Thanks a lot @charles1 for starting the discussion and I surely will continue to discuss ideas on my blog and others' comment boxes.
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welcome, always..
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That would be nice!
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Thanks for adding your voice.
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