A way to turn steem and steem dollars into bitcoin instantly has been on my mind for a while.
So here's my idea. An steem account like SteemShift could be created to receive the steem and steem dollars.
A person wishing to convert some steem dollars to bitcoin would send the steem dollars to steemshift and put the bitcoin address in the memo field like so:
Behind the scenes a process is monitoring the account looking for new transactions. Based on the timestamp of the transaction the process would sell the steem dollars for bitcoin and then send those bitcoins, minus a transaction fee, to the bitcoin address in the memo field.
The steem dollar transaction is a public record on the steem blockchain and the bitcoin transaction is a public record on the bitcoin blockchain.
The SteemShift website for instance would show recent transactions with links to the user wallet and the bitcoin transaction on a blockchain explorer. The website would allow searching by steem user name or bitcoin address.
I know you're thinking the SteemShift operator is just going to run off with the money.
Like any kind of trust - it has to be earned. Similar to ShapeShift, users would learn to trust SteemShift with small amounts, say $100 maximum to start.
The new @steemloto and @steembingo (https://steemit.com/steemloto/@heimindanger/introducing-the-first-steem-dollars-lottery-only-usd0-01-sbd-per-ticket) is already doing something similar as far as monitoring transactions.
Maybe this will inspire someone like @heimindanger or @blueorgy to bring this idea to fruition. Feel free to run with it before Erik Voorhees beats you to it.
here is another way to convert STEEM to bitcoin https://steemit.com/steem/@riensen/how-to-convert-steem-to-usd-eur
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Agreed. There are quite a few ways to this. I wrote about using Poloniex to do something similar here.
My very first steemit post Cashing Out was about this topic as well.
This article focusing on making the transition from steem or steem dollars to bitcoin as frictionless as possible.
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Looks like ShapeShift.io has implemented Steem (NOT Steem Dollars) on their platform. They made the announcement about an hour before I posted this. I had NOT seen it before I posted it. This is great news! Way to go Erik Voorhees.
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