Introducing STEEM/PKR Exchange to Solve Withdrawal Issues Faced by Pakistani Steemians

in steempkrexchange •  7 years ago  (edited)

Thousands of Paksitanis have joined Steemit. I know that for a fact because many joined when I shared a complete Steemit tutorial on my personal blog. That tutorial has since been shared on Facebook more than 350 times, bringing more and more people to Steemit.

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However, liquidity still remains a problem for the Pakistani community on Steemit. I have been thinking about a solution for some time now and I finally have created one, a promising one which would solve withdrawal issues.

The Problem

Before explaining the solution, it is appropriate to define the problem facing the community. Consider the following points.

  • Coinbase does not allow buying and selling of Bitcoin or any of its listed cryptocurrencies in Pakistan.

  • There's only one local exchange available in Pakistan to buy or sell Bitcoin (only). It's called UrduBit. It has a fixed charges of PKR 500/- (~$5) on withdrawal. Transaction fees are separately charged.

  • Universally available LocalBitcoins is also available in Pakistan and the process is smooth. However, rates are never favorable as the exchangers charge their commission as well as the exchange fees. You have to buy higher and sell lower than the market price.

  • Local exchangers (people buying and selling Bitcoin directly for PKR) are available but they quote ridiculous PKR/USD rates. When 1 USD = 105 PKR, they charge 115-120 PKR per USD value of Bitcoin. If you send money actually worth $100, you get Bitcoins worth $85-$90 at max. When you sell, they pay you 95-99 per USD. Again, expensive deal.

I have experienced all of this first hand. All the three withdrawal methods have been tried and tested by me personally. Even though I have created one of the most comprehensive Steemit withdrawal guides, I know that all these methods are expensive. They don't pay you what you deserve to get.

The Solution - Steemit & Discord Powered STEEM/PKR Exchange

We simply remove the exchanges and deal with Steemians. Our own people. Decentralized. It will be as simple as sending Steem or SBD to a Steemian's Steemit or Bittrex account and get paid in PKR via the most feasible PKR transfer options.

Note:- STEEM/PKR also means SBD/PKR. The name I have chosen for the exchange, Steem/Pkr Exchange, is due to Steem's inherent recognition as Steemit's primary currency.

Here is how it will be done.

  • Discord server named Steem/Pkr Exhange will be created. (Already done)

  • Pakistani people will be invited to join the server. (Through this post, posts by other Pakistanis and future posts on subject).

  • Initially, only one trusted exchanger will handle buying and selling demands. He will buy Steem or SBD and send PKR amount via local transfers. (@rizcryptotrader is the trustworthy exchanger who will handle Steem/Pkr exchanges)

  • Anyone who wishes to buy Steem or SBD can send PKR to our exchanger(s) and get Steem/SBD in his Steemit wallet.

  • To ensure the integrity of our exchange and fraud prevention, the identity information of every exchanger and member will be available to at least 5 different people, one of them myself. This is called KYC (Know Your Customer) policy in international financial standards.

  • All transfers will, of course, have Steem blockchain transaction ID and can be verified. Each such transaction should have an equivalent PKR transaction confirmed by the receiver.

  • Steem/Pkr Exchange discord server will has three channels. 1) General:- for general chat, discussions, brainstorming and guidance. 2) Deals:- here, deals will be finalized, denominating the amounts of Steem currencies and Pkr involved in one deal and confirmation of receipt from boths sides. 3) Disputes:- we will make sure to have trustworthy exchangers and customers but financial dealings may be prone to delay and disputes can arise. Such disputes wil be addressed in this channel.

  • Coin Market Cap rates are authentic but exchanges have their own rates according to specific demand and supply dynamics. Trading volumes, as well as exchange rates, vary exchange to exchange. Bittrex is the most reliable Steem/SBD hosting exchange till now. It has most volume. Poloniex is not reliable at all. Other exchanges (Livecoin, HitBTC) do not have enough volume.

  • With above in mind, the Steem/Pkr Exchange rates will take rates of Steem or SBD will most probably referenced from Bittrex. Best case scenario is Coin Market Cap and Bittrex having same rates though.

  • [IMPORTANT] Rates and fees in Steem/Pkr trades will be determined from three primary factors. One is highlighted above; the exchange rate in crypto markets. The second is the fees involved when the exchanger himself has to convert that Steem/SBD to Botcoin and then tranfer fee when he sends that BTC to an exchange(r) for cashing out. Third is the USD/PKR forex rates. As already mentioned while defining the problem, local exchangers charge way too much in USD/PKR conversions.

  • Based upon the above three factors, our exchange rates will not only be better than all other withdrawal methods, but also fairly just and transparent. The end result will Pakistani Steemians getting more money and faster.

Benefits of Steem/Pkr Exchange

There are many benefits of Steem/Pkr Exchange due to its problem solving, and not unfair profit making, design. Here are some benefits that are guaranteed.

  1. Steemians will be able to sell/buy Steem/SBD from another Steemian on the Steem blockchain.

  2. Cashing out will become ridiculously easy and super fast.

  3. The customers will avoid sending Steem currencies to exchanges.

  4. And then selling them for Bitcoin and paying a fee for that trade.

  5. Then sending that BTC to an exchange(r) address where they can sell it.

  6. Getting ridiculous USD/Pkr rates from exchnagers or high withdrawal fees from exchanges.

  7. Saving time by send Steem and getting Pkr via bank transfer, easypaisa, jazzpaisa, UBL omni or any other preferred method. All credible and cheap methods of transfer will be made available to ensure maximum inclusion.

These are some of the benefits. Their are so many more and you people are requested to share your experiences.

Conclusion

I know people who complained of scamming as well as extortion in the name of withdrawal. I referred one such person to @rizcryptotrader and he sold his SBD at PKR 1225 per SBD. Happier than ever before and thanked me. He will narrate his story in the comments perhaps.

Steem/Pkr Exchange is an idea by me and will be implemented by me. However, this post, and further posts on the topic, are available for suggestions and improvements. Idea needs to evolve to a point where everyone feels satisfied. If you agree with my idea completely, please mention it in comments.

Join Steem/Pkr Exchange

Click the link below to join the Steem/Pkr Echange. We will soon start our operations. Also, resteem and let your Steemians friend know by giving them link to this post.

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CLICK HERE TO JOIN THE STEEM/PKR EXCHANGE ON DISCORD

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Well explained Bro I am willing to do this!
I hope I will make this happen!

I know you will make in happen in all honesty. That's why I can invite people to use the services of Steem/Pkr Exchange. Otherwise, I won't trust anyone with such a big responsibility and a chance to get blamed if anything scammy was done.

I am the guy @ilyastarar referred to in the post. Long story short, I was getting a lot less money than expected due to the exchanger keeping a lot and also some scam. Then, I found Ilyas bhai and he sent me to @rizcryptotrader . I dealt with him and believe me, I was so happy with the deal. A week ago I knew none of these guys but now I trust them a lot due to their honesty.

Thank you much @ghazi4 for your comment. I am very sure that your problem is solved now. I wanted to take your example and make this a complete exchange for Pakistanis so that they can sell their earnings at good price.

Hi @ilyastarar great idea 2 days ago I withdraw my first earning from steemit
bittrex to localbitcoin then my Jazzcash account total tex of withdraw was 28$. So bro I'm with you :)

$28 is a big amount! 3000 Pkr!

I know that and I mentioned it in my post. We will save those fees!

Hmmm,Good luck I'm with you Bhai soon I'll use this exchange :)

Thank you. I hope you have a wonderful experience.

Woww.. this is amazing. You actually thought this through.. the idea is amazing and is right in place..

You asked for opinions and improvements in the end.. here is my opinion:-
No business or company is perfect in the start.. but you have to launch it despite restrictions, opposition, abuses and what not.. once the project is launched, then it becomes a success automatically..

Evolution in steem/pkr exchange will eventually come on its own as you will grow it.. don't worry about making it perfect before you launch it..

On a side note, you know about Steemfer that i launched a few days ago.. right?
Let me know if you want to merge both services as one . we can both handle our own departments like you can manage all the steem/pkr exchange and i can manage the money transfer through cryptocurrency...

I am giving this idea because pakistani community on steemit is extremely less in number and i am yet to find a person who wants to transfer money from a foreign country to pakistan by paying steem / sbd.. so if we can combine our branches, it will become a one stop shop for all pakistani community here on steemit. Its just a suggestion, choice rests with you if you would like to collaborate.. even if you dont, no hard feelings at all...

Wonderful job done mate.. god bless your mind because it works like a machine when it comes to revolutionary ideas specially related to steemit :)

Thank you so much for your comment! I love to solve problems and I wanted to use that passion for our Pakistani community. I have worked out even more and you will see some really goodt progress soon. We already have our first 10 SBD to Pkr trade underway.

Steemfer deserves a dedicated channel in the Discord and I will make that and make you Mod of it. Steemfer and Steem/Pkr Exchange will go hand in hand to facilitate Pakistanis in getting money comfortably. We'll discuss all the aspects of it of course when we meet.

Thanks again for the appreciation!

Ahaa brilliant.. you already got a customer.. thats awesome.. of course we will discuss about it.. i will see you on tuesday regarding this since i won't be available on monday (but i guess you already know that) :D

It's been great new for all the Pakistanis.
A much appreciated post ....Good innovation ...
Hope this service is that much good as you said......
Less the transaction greater the income;)

It will be as promised. However, it is up to people to utilize this service to their benefit.

This is a good initiative. But This is not a proper solution as a full exchange site do.
There will be lots of issues and you know Pakistanis better. they are professionals in this regard. You Understand....:)

I appreciate your feedback bro. Proper exchanges are professional at it too, if you know what I mean. I want to minus exchanges from cryptotrading of Steem currencies and thus save time and money for our Pakistani community.

I will not own/empower/enable anyone other than trusted and honest people when making people officially recognized exchnagers. I know what I am doing and how to do it. The assigned exchanger will be the best solution to our problem and there will be no fraud.

Problem may arise from the customer side so the first transaction will always be from customer's side whether selling or buying Steem.

Steem transfers are instant. They can be confirmed withing 3 seconds and are inrreversable.

Deals and rate will be finalized before the final transaction and we all will know how much Steem or Pakistani Rupees are involved on which side and who is yet to complete his part of the transaction.

Best Of Luck Sir!!! Let's See!!!

Thanks

Great initiative bro @ilyastarar..your these trading will helps the one who have not much idea about the crypto exchanges, and they really want to be here. Also I have one more things to bring forward that is there any legal and tax issues with this in future..?

Exactly bro. Those who do not have any idea about crypto but are good at content delivery will surely benefit a lot.

There are no legal or tax issues because Steem/Pkr Exchange is a community based market place on Steemit and not a company in Pakistan. Also, paying and filing income tax is responsibility of individual.

The exchange does not violate any rule because it is money tranfer between two individuals who are themselves responsible for their legal and tax dealings.

Really we as pakistanis are facing a lot of problems in currency exchanging but Steem/Pkr Exchange is the best idea for the solution of those problems.
Thanks for giving your best services through this project.
My support is always with you..

Thank you so much! I will keep improving this thing till it becomes the default withdrawal mechanism for Pakistanis.

thanks for your amazing work. what is the minimum withdraw rate. i want to withdraw 10 SDB can i withdraw them. and the money i get is simply transfered to my bank account

Yes, money can be transferred to your bank account by @rizcryptotrader. Download/Open the Discord app and join the server through link at the end of this post. Discuss in #general channels and share final deal in the #deals channel.

Happy first SBD/PKR exchange brothers.

PS: @Rizcryptotrader is the only trustworthy exchnager in our pool right now. We will add more if found. But as long as he handles it well, he is my preferred choice due to personal experience of 6 months with him.

Note:- I am founder and creator of the exchange and will monitor it as admin. I won't be handling trades but will surely advise when needed.

thanks for your amazing work man. this is really needed i always think how can i withdraw money. tell me one thing i have to sell them on there people to get money or any time i want to withdraw it i can without selling just simply sending them to @rizcryptotrader

Sure bro you can

where i can join discord send me post

Join discord!

@ilyastarar,

You are definitely serving a great need there. Would love to hear the backend details of how you did it.

Namaste,

@JaiChai

Thank you, @JaiChai. I will be posting updates on @steempkrex about developments and the deals done.

I like your thinking Ilyas Bhai.....Keep it up....i will try your exchange too
()

Thank you Raja ji. Exchange only through @steempkrex otherwise you will get less money.

Congratulations brother @ilyastarar I think this was the big problem for all Pakistani Steemians.
Now hum du Lillah you have solved this issue. I hope your crypto exchange will be performed their services effectively and efficiently.

Thank you. I alone cannot do anything. I need support and partcipation from all of our Pakistani community members. We cannot do anything alone.

I am new to steemit and dont know much about steem/pkr exchanges, was having much confusions regarding it still, I think this iniative will make the exchhanges much better.It seems a very good solution.I am resteeming it so that other fellow pakistanis might benifit from it and spread the word too!

The whole process of withdrawing from Steemit was complicated, long and expensive. Steem/Pkr Exchange will make the process easy, fast and economical.

O thanks man.. you saved my time.. Thanks a lot brother....

You're welcome. Let's make it a success.

@ilyastarar Have you ever Tried Virwox.com ?

Not yet. I haven't. This is what I read in their help page.

Withdrawals

A handling fee of 0.0005 BTC per bitcoin withdrawal will be charged.

A handling fee of 1 EUR (1 USD, 1 CHF, 1 GBP) + 2% PayPal Fee per PayPal withdrawal will be charged.

A handling fee of 1 EUR (1 USD, 1 CHF, 1 GBP) per withdrawal will be charged for all other types of withdrawals (Skrill, Bank Transfers).

I will not be using the service. Steem/Pkr is 10x better.

i joined am new on it but learning to about it how to deal with it anyway post is useful for us and informative too i have some experience of transaction but share with u about it.

Thank you for your feedback.

Nice Post...It will Be Very Helpful
Best Of Luck Sir..

Thank you very much for your feedback.

thanks for your post

Do not comment without reading the post. Next time, I will flag your comment if done without reading the post.

ok sry

thanks boss

Welcome

Absolutely excellent Boss

Thank you. I would advise you to avoid short comments. It will get you flagged.

Thanks man this helps a lot!

A great initiative for pakistanis...

This post has received a 0.31 % upvote from @drotto thanks to: @banjo.

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, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. 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 would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP. Be sure to leave at least 50SP undelegated on your account.

your post is very great.i got a lot of inspiration from this post .