A few days ago I was looking how things are going in regards to liquidity, as things have changed quite a lot and BTC is now really unusable with 50 USD transaction fees and slow execution.
Debit Cards
My surprise was that there still are no cards which allow choosing an AltCoin as primary account holding, with only conversion when spent.
Visa and Mastercards usually allow to choose between USD, EUR or GBP as base currency. Almost all converted instantly the cryptocurrency to those currencies when sent.
Only one allowed to have an account in BTC or LTC but this was one exception.
What is the problem with that? As Bitcoin fees can go as high as 300 USD per transaction, one would really have to send 10,000 USD in BTC in order to justify 50-300 USD in transaction fees for the BTC transfer, then you have to pay commissions and so on regarding the conversion to the base currency, for example USD on top.
Many users have less than 10,000 USD in cryptos, so they would have to exit the market completely and invest through their card in USD basically again in order to be able to spend some of the money.
One card allowed to hold LTC, which is better in terms of commissions, but still....
ATMs
If you do not want to pay fees at all the only liquid currency for ATM's seems to be dogecoin at the moment, so it does not surprise me that those have risen 70% in the last few days.
Why not incentivize those companies to introduce Steem as an option?
Ned could pay a price to ATM producers and Card companies like XAPO to introduce that option. I think that a 10-100,000 USD would be sufficient to make them do it. So Steem would be universally usable and withdrawable.
Shapeshift.io
Shapeshift could be at the forefront reintroducing Steem and Steem Dollars again, and acting for ATM's and cards as a conversion hub with low fees.
Steem would explode in price!!
This would go very far in media attention and everything... I think that Steem could hit 10 Billion if this was announced. We have 1.5s transfers for free and 400.000 accounts and handle the most transactions of all... So why not introduce this in ATM's and cards in order to make it really liquid. I think if Ned would invest 500,000 USD from the Steemit account on these prices to those exchange companies, the price would shoot up drastically and he would multiply his money...
Disclaimer: this is only my opinion, no investment advice...
I agree. I would love to have a debit card to access my funds directly. It would create extra demand for sbds/steem held as savings. I think the whole idea rests on the price the ATM/ card people charge for adoption. If it $500 000 then awesome, $1bill then not so viable. I really hope this happens ! I think everyone should resteemed this as a small move in that direction.
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I think as well... everyone should resteem this... I have not seen many discussions around this... even though this is actually easy to implement and could change everything...
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Steem will be available on most of the exchanges after HF20 and @jerrybanfield is working on project where we can buy directly steem from debit/credit card .
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Excellent information! Thanks!
Do you have a link to what Jerry Banfield is doing? And why do you think HF20 will make it be listed on more exchanges? Please, do you have links to that as well?
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actually i commented on @jerrybanfield's post about problem of exchange in steem in my country that lot of money wastes in exchange we need to buy bitcoin then convert it to steem so he replies that he is working on project where you can buy directly steem in india....i dont remember the post because it was 20- 30 days old....
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Only India... seems not to be a good worldwide solution like XAPO would be...
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you can follow or check @taskmaster4450's post for updates like this and links ...i did not remembered the link now ...i'm searching if i found that article i will comment a link
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Yes, please paste an article or any link regarding this...
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Good proposal, @mexbit! ☺ I think, this one is the link @kartiksingh was referring to :https://steemit.com/steemj/@jerrybanfield/hire-3-steem-developers-to-build-usd-steem-exchange
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Excellent post and topic. As has been stated many times already, you are spot on.
STEEM on a pre-paid card would juggernaut through the social media sphere taking out Facebook, Twitter and the others in one fell swoop.
I wish I possesed the knowledge needed to work towards this endeavor for it's a topic that rest on my mind constantly.
After almost a year and a half on this platform I just wanna see Steemit slaughter the competition and takes its place at the top of the mantle where it belongs.
Thanks and praise for generating further insight and thought on this topic.
I have UpVoted and Resteemed this post, along with shares to the other social platform's.
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Followed you as well. I look forward to you future posts.
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Thanks for following and resteeming!
Absolutely... Steemit Inc. has around 50% of Steems MarketCap (800 Million USD), why not give 0.1% of this to each card company, ATM company and so on... up to 20 companies lets say... that would be 2%... And the value of Steem would rise 500%...
I think this is really obvious... and now it is the right time...
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Recently visa the issuer of these cards revoke the access of using any crypto cards so that seems to be a major issue
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Only from one issuer who did not follow the rules. At the moment...
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oh yeah i check that out and think it has been solved
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that day will come too for sure i have full hopes
resteemed
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Thanks for resteeming!
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steem would truly explode and the price we are seeing will be seem cheaper then ...resteemed
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Thanks for resteeming!
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Some of the information was unknown thanks
Upvote & resteem buddy.
Nice post .
its related to bitcoin.
its a really informational post.
thanks for share.
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Thanks for resteeming!
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You are welcome my friend, I have a new post, do not forget to visit ya, let me add the spirit in steemit.
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the world will move out of btc transaction in next few years if it's transaction fee goes to moon. so what you today said is 100% correct & a nice suggestion also @mexbit
@resteemia
reteemed & upvoted & commented & followed
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Thanks for resteeming!
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I was thinking about something like this as well. It's crazy to see such high transaction fees for bitcoin. Regular people can't afford that much for a fee. And I agree, if steem was an option for ATM's, we would see some serious shit when it comes to the price!
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Absolutely... I mean it is obvious and would not take any developer time in Steemit Inc... It would just be a one time expense if someone introduced this as an option...
So the developers from Steemit could concentrate on getting the SMTs out. This would be winning on 2 sides at once...
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Indeed, and the prices would rise so high, they would probably instantly get all the money back, if not more! Would love to see this actually happening. I think it's only a matter of time until it becomes a reality!
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We need to be able to Buy/sell Steemit with debit/credit card!
I hope Jerry accomplish it's goals! We create some kind of coinbase but for altcoins would be great!
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Jerry's idea is a bit different... like a localbitcoins.... mine is to incentivize existing businesses to add the Steem option.
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You should posted great suggestion @mexbit. I agree with you crypto exchange take high transaction fees. We paid because need to release our cryptocurrency to USD. I'll hope ATM card will introduce very soon. If not we need to pay huge fees in future. Thanks for update.
upvote and resteem.
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Thanks for resteeming!
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@mexbit - Sir you are absolutely correct... I heard @timcliff witness called for votes to add STEEM to cex.io exchanges too... If we have a Visa Card it'll be easy & as you said Sir, it will rise the STEEM price also... I wish @ned will read your blog Sir...
+W+ Resteemed
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Thanks for resteeming! Yes, that would be amazing... I wonder why there is not more pressure to get this done once and for all... BlockTrades is fine, but it has too few options to convert to...
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I agree with you. if steem was an option for ATM.
This is very impotent information and useful.
Cryptocurrncy steem is the good valuable post and Great writing experience .
Thanks @mexbit
Have a great day
Resteem
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Thanks for resteeming!
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This is an amazing suggestion. Steemit is becoming more and more its own independent community, and if the debit card is created (the photo looks really cool) , the sky would be the limit. I am new here so I can't give a comprehensive reason on how it can be done or by whom, but I fully support the project and really think it would be an incredible feature and a massive step forward in the right direction for this unique community. I will be happy to offer any help (like researching etc) if needed.
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Welcome to the community... Word of mouth helps also very much to increase the community organically. In this case I think though we should activate the existing crypto community to use Steem as their verhicle... Dogecoin has now risen above Steem because of this... this cannot be.
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Great idea and if on the Steemit there would be a binding of debit cards we with you from it only won. But while it's clear to the developers, it's not necessary, for some reason I can not know, probably because of the insufficient spin-up of the Steem and its small capitalization at the moment, perhaps for other reasons. In general, I fully support the idea and at such a speed of transaction and a zero commission of the Steem we would just win! Thank you @mexbit
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The marketcap would adjust to the new reality after this would have been implemented... trust me..
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i was considering some thing like this as well. it's loopy to peer such excessive transaction prices for bitcoin. regular human beings can't afford that a whole lot for a rate. and i agree, if steem changed into an option for ATM's, we'd see a few extreme shit in terms of the fee!
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I think it would be an amazing investment with almost immediate results in terms of price... A blind person would see the value in this...
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This is great article and great topic. I agree sir. your opinion is good.
Resteem
@mexbit
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Thanks for resteeming!
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I think there are other problems to face than the steem price.
so I guess they try to fix all these small problems before they officially get out of beta status and promote it. And I think thats the best solution for a long success story for Steem.
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You loose the first mover advantage... if you have 10 other coins with low commissions first than nobody will notice Steem anymore... The time to do it is now!
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With how fast this platform is moving compared to the older social platforms I know we will beat them at the very minimum
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Learn some new from your post. Love to read it ...wish you best of luck keep posting becuse we waiting for your post @Resteemed ...... :)
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Thanks for resteeming!
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@mexbit, I totally agree with you. I believe @ned look in this matter and take action to fix this problem. Actually steem or BTC cannot take via ATM machine. Basically steem convert to the BTC and the BTC need to convert USD/ EURO or GBP. All users know we have to pay huge transaction fees for Bittrex/ Poloniex etc....exchanges. They recovery from us as their commission. In fact if we have ATM/Debit card crypto allowed, better opportunity to cut down exchange transaction fees.
Thank you for the explanation. We'll see @ned what to do for this.
Upvote and Resteem.
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Yeah... right now we are not making it easy for people to enter and exit Steem... this will have to change...
Thanks for resteeming!
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This is big problem
Hope it will fix soon
upvoted and resteemed
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Oh... even Mark Zuckerberg read this! I feel honored! ;)
Thanks for resteeming!
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My pleasure @mexbit
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Thanks for resteeming!
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i guess everyone should read this fine post so cool for everyone !!!
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Yes a very good idea to avoid uncle sam .
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great post thinking was amaizing wish you best of luck keep posting becuse we waiting for your post
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It's insane to see such high exchange charges for bitcoin. Normal individuals can't manage the cost of that much for an expense. Also, I concur, if steem was a possibility for ATM's, we would see some genuine poop with regards to the cost!
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Steem will explode and this things will also be available in future
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how could you get those new info? can you please tell me bro? @mexbit
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many exchanges are coming soon i think they have already applied for it
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Hard fork 20 will bring many new positive aspect along with it i am just waiting for that do you know the time when it is coming dear
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just think about that day using steem everywhere wow this will be the best thing
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shapeshift is not no longer supporting steem don't know why many months have gone
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Thanks for sharing this high quality content with us !
Appriciate that
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Some very nice ideas you are giving i hope someone from steemit team look into this resteemed
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a little bit of price who would not love to pay that if we get all these things nice idea dear :)
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wow , amazing post. :) great .
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I think they do not give much importance
@mexbit
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You are right, I hope this situation will be more useful.
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this is so helpful but i need more information, by the way thanks for this information....
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steem could really boost up things they have the best block chain in the world time to utilize that force
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