I've noticed that the major posts regarding how to cash out your SBD rely on multiple hoops to jump through. These extra steps cost us time and a LOT of money from their absurd spreads. People have posted about their experience of pulling SBD out as proof that it works, but what they fail to mention is that from the current numbers they must have shaved off over 10% of their funds just to buy in or cash out. Coinbase is a major offender in this way. I see people using Steemit and I see people feeling the win of $1 SBD as equivalent to the value of $1 USD even if it's not quite the case.
The demand for better flow between Steemit and our bank accounts is there, but the current established methods inhibit this flow. So I want to try an experiment. I want to offer my own money for exchange at a 3% fee rate between SBD on Steemit and USD in my bank account. IOW, you can sell SBD at a rate of $0.97 USD for $1.00 SBD and you can buy SBD at a rate of $0.97 SBD from me for $1.00 USD. I'll start with $50 USD for the experiment.
If you are looking to cash out SBD for USD or to cash in on steemit with SBD and get a clear and small fee spread, follow the following steps:
Take a look at at the current status of my available exchange funds here.
Make a Venmo account if you don't already have one and connect your bank account to it.
If the currency you are looking for is available, make your transfer request as a comment on this post like this:
"I have $50 SBD I would like to trade for USD."
^^ clear and to the point. Minimum transfer amount is $10 until I learn how to automate this process.I will check replies regularly and will reply to your comment "Deal!" if I accept the trade and will include the following further instructions.
Send the agreed on amount that you want to transfer.
- If you are transferring SBD to USD, send your SBD to @philosophist on the steemit platform with the memo stating "Transfer to: @" followed by your Venmo username.
- If you are transferring USD to SBD, send your USD to
@Philosophiston Venmo.
Give me time to make the transfer on the other end and that's it, transfer complete! Venmo currently charges $0 to transfer to a verified bank account, so the money is all yours!
I've never done something like this before, so it's really nothing more than a classified trade ad when it comes down to it. If it works and the fund grows because I'm right about the demand for easier flow between bank accounts and steem wallets, then I'll try to build an automated system that's user friendly and I'll also attempt to build a community for posting SBD/USD trade requests if anyone in the community has more equivalent exchanges they want to make or if my funds get stuck on one side for a while.
I take no responsibility for user error, your Steemit or Venmo account being hacked, or any failing of the Venmo or Steemit platforms. If there are any complications, I will attempt to refund what was sent as long as it leaves no expense to me beyond a loss in fees that would have been otherwise paid to me. If you send me $50 USD on Venmo and Steemit crashes, I'll send you $50 back on Venmo. If however Venmo crashes instead of Steemit in that case, then I can't give you back anything I didn't receive, so your issues will be with Venmo at that point. Trade at your own risk. Hopefully, I will be able to build a good reputation from this project and rightfully make some gains for pushing this next step forward.
Come join us on Discord! https://discord.gg/7qyarFD
Credit: image obtained on Pixabay
Disclaimer to UpVote and Follow Swappers: I will not upvote or follow just because you did the same for me. What I will do is take a look at your work if you are respectful in your request for me to do so. If I like it, I'll up vote it. If I like you, I'll follow you. I only ask for the same in return. If I could, I would reject the upvotes and follows from swappers because those are insincere. Please read my work and get to know something about me that you like before you upvote or follow. The reason for this is that trading upvotes and follows without any respect for content is hacky. If you don't appreciate content, this is not a good space for you to be working in. You shouldn't be working in ANY entertainment space if you don't respect the content. Go back to scalping tickets on ebay or something. Just spare me your penny for a lie.