Hey Jessentrepreneurs
If you've been here for some time then you've probably bought or sold steem and realise what an absolute pain in the arse it is.
Example 1
You have to send it to blocktrades and convert it to Bitcoin in most cases, then send that to another exchange in your country to exchange for fiat so you can spend it right?
That involves 2 transactions where you lose out on money, one from steem to BTC and another from BTC to fiat, as well as the transaction costs incurred.
Example 2
Alternatively, you could also send it to an exchange like Bitrexx , HitBTC or Binance and exchange it for Bitcoin and then sell it at a fiat exchange.
This involves 3 transactions where you lose out on money, one from steem to BTC, then sending BTC to local fiat exchange and finally from BTC to fiat, as well as the transaction costs incurred.
The same can be said for those looking to buy STEEM for whatever reason, our transactions are long-winded and they only serve to give other businesses a piece of the pie, which isn't what crypto is about.
If we look at Coin Market Cap trade volumes for STEEM in a 24 hour period over $900 000 worth of steem is traded on exchanges, that's a large number of transaction fees being picked up and wasted value in my opinion.
But Che, what are our options really? That's the only way we can give or take real-world value in and out of the ecosystem.
Not exactly
Think about this, every day there are people buying and selling steem and guess what? Some of them, if not the majority are steemians! When you dump your bags on an exchange, a fellow steemian picks it up for his account, so why not cut out the long-winded process and just sell your STEEM to another Steemian directly?
I've personally done it with a fellow Steemian @mcoinz79
SwapSteem P2P trading
SwapSteem is a new user interface for trading STEEM for various currencies but what makes it unique is that it allows for peer to peer trades. Steemians can set buy and sell orders for STEEM using a PayPal account.
So you can sell your STEEM for a fellow steemian looking to buy some or you can buy Steem from a fellow Steemian looking to sell some of their stake. It really makes a lot of sense in cutting out the middle man and getting more for your steem.
It's still not an ideal system since we have to pay for the PayPal transaction so you'll get a bit less but it cuts down A LOT of the hassle and steps when compared to other methods.
You can visit @swapsteem here
What I would like to see in future
More trading options
Eventually, I would like to see fiat orders of all kinds, perhaps I could find a local user willing to trade cash in my country via an EFT or physical exchange. This is the sort of peer to peer trading we will see in the future I am sure of it. People will need to learn to get used to actually trading with one another and trusting one another.
I would like to see options such as Scot tokens to fiat too, so I could buy PAL for cash and bypass all the usual steps and even steem engine.
Combination trading
I would like to see users being able to trade multiple items in one trade, for example, I could give you 30 PAL and 10 STEEM for a certain dollar value or I would like some SPT in return, anything 2 users can agree on should be an option.
If a user listed his Smartphone for sale, why can't I offer him STEEM and a few other tokens to buy it from him, it should be an option.
Review and history of system
Since this is a trustless transaction I think we will need a review system on sellers to make sure that we are selling and buying from honest steemains. Each seller and buyers profile will need to show who they have traded with, how much was traded, the type of trade that was done with a star review on each trade along with a text review all open for the public, kind of like Uber does with their drivers or AirBnB.
Front end integrations
I would love to see this type of trade options be integrated into front ends like @steempeak, @esteem, @partiko or @busy.org which would allow users to place a trade on SwapSteem and have it displayed on their Steemit profile for all to see they have a trade open and ready if anyone would be interested in buying or selling steem with them.
More options equal more possibilities
I think if we have P2P trading like this integrated with front ends it would make for a crazy amount of opportunities, people could conduct eCommerce, trade their skills for a time like steem gigs and much more in exchange for different forms of value as well as STEEM.
Have your say
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Let's connect
If you liked this post sprinkle it with an upvote or resteem and if you don't already, consider following me @chekohler
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As a whole the process of buying any crypto is honestly a pain in the butt for most people. It has a ton to do with know your customer laws in the US and similar laws elsewhere. These laws are ones you don't want to mess with and I'm curious if @swapsteem is worried about this?
I'm not totally clued up on the laws in the US, but if its P2P can they really trying to enforce KYC? It's basically just a platform for a user to meet another user, feels like it falls in a bit of a grey area. I'd also be keen to hear what the law says and if there are somehow @swapsteem plans to deal with it
It would be awesome to have a way to buy/trade steem for fiat from other steemians. I am very interested to hear your opinion on how well @swapsteem works once you look it over fully. I think a set up as you decribed is the right direction for all the platforms to adopt, and I hope it happens!
I've been following the project from day 1 and have delegated to it too. I really think its a project we need and once its refined a bit more I can only see it going from strength to strength. As soon as their latest deploy with steemconnect V3 is live i'll run a few orders and give it a full break down for sure!
Cool glad I saw this post (because it was nominated in c-squared readers' choice comment no less :) I had not heard of this service, that is awesome! Going to check it out for sure. Well done post as well
Glad my post got the project a little bit of recognition I think services like these are going to be big in the future and so vital if we are to reduce loss of steem sitting on exchanges and the cost involved in doing so!
It also opens up so many more possibilities
Posted using Partiko iOS
Would be interesting to see an expansion of this type of stuff. It’s unfortunate it seems to rely on trust but perhaps it could be incorporated into cheetahs blacklisting with certain criteria as well as opportunity to redeem based on a strikes rule or something. Still, doing it once instead of multiple times is good. I guess not allowing direct exchange is how Steem is flying under the regulatory radar for now.
Posted using Partiko iOS
Yeah that would be cool with cheetah flagging them I'd also like it directly on your profile with certain front ends like I've made 6 trades average rating 4 stars or I'm a known scammer or case pending resolving so you have oversite on who you dealing with.
I think P2P trades would be very tricky to govern by law, basically bartering again! I guess that's why they call crypto the wild west
Is it a good secure way? Not like "I have to trust that you send me your money". That is the biggest problem that exchanges has solved.
Anyway - this is a good step !
Well, I can't seem to login to steem connect so I can create a trade and see what its all about, I assume it is a trust thing for now. But it shouldn't be that hard to create a smart contract that issues once both funds are allocated to the user, can it?
I think it is easy - if you can. But I can nothing about programming. That would be awesome if someone can solve that problem.
When its working how about we test out an order together, I trust you :)
Shure . Lets test it. Just tell me when
Buying and selling STEEM can be indeed frustrating, so there have to be easier ways to do so. I wasn't aware of this service, so thanks for promoting it!
By the way, I mentioned your post in @c-cubed's 'C-Squared Weekly Readers' Choice Contest'.
Good luck!
STEEM and everything in it is still a pretty well-kept secret, hopefully, with time and more promotion, we'll get the entire ecosystem in front of more eyeballs.
Once swapsteem gets steemconnect v3 going I'll set some buy and sell orders and take the product for a spin and report back.
Thank you so much for the vouching for my post, I'm glad you found it helpful
Steem is quite unpopular, unfortunately. But people got tired of Facebook and are migrating to Instagram. Who knows, maybe Steemit will be next. The platform still does need some visual adjustments.. is kinda 'flat' in my opinion.
I can't actually seem to login to make a buy/sell order. It remains on the "redirecting!" screen forever on the @swapsteem's website
Yeah, there's a bit of an issue with steemconnnectv2, hopefully, once they migrate to V3 it should be sorted
Thanks for the update.
I have the same
I'll keep you updated once its fixed and set up a few orders for fun :)
OK! I want to try it! become more interesting and more interesting)
Posted using Partiko iOS
Definitely need more and better ways to trade steem to fiat etc.
Posted using Partiko Android
I agree the current options are just too long-winded, cost us too much in transactions and take steem out of the ecosystem, all not great for what we're trying to build here.
This is so convenient. Makes loads os sense and definitely the lesser of tge evils
Posted using Partiko Android
Agreed! I'm pretty keen to see how it works out once I can actually create an order lol! Devs really need to start collaborating more on the chain, or could I be the one that brings them together :P Steve Jobs of the blockchain
Hahahha! Break out the new balance, straight leg jeans and black polar necks!! You got your work cut oout for you!
Posted using Partiko Android
🤔 Hmmm! I like the potential of using PayPal. I’ve seen several different banking and investment apps explode on the scene recently, so it makes me feel that several different options for trading crypto will be coming in the near future.
Posted using Partiko iOS
I think it's only the beginning for sure, once one successful integration is done and proves value, the rest will follow. I'm just happy to see more developers looking at steem to create innovative ideas and solutions makes the ecosystem a more vibrant place
Upvoted!
Do you think we are likely to have a Steemit debit card?
A steemit only one? Hmmm I doubt it but I do think that their are projects like Pundix, crypterium and Tenx trying to do it and could support steem!
I’d love to be able to load steem or SBD on a card and spend it would be great for travelling! Lol we could buy each other a beer or cup of coffee
Posted using Partiko iOS
A beer sounds good :P
Thank you @chekohler for the shoutout! Any feedback about swapsteem is welcome!
Also, we are working on adding steem engine tokens to swapsteem via a smart contract. Stay tuned for updates.
Anytime, whenever I see a cool project with potential i'm happy to give my opinion on it and share it on my blog.
That sounds exciting, I look forward to the release. I've been having trouble logging in via steem connect, any tips? Will you also have compliance with steem key chain soon?
Thank you for letting me know. Since steemconnect v3 beta is here, we are working on updating the application to v3. Steemconnect v3 comes with a keychain extension for browsers and a desktop application for signing transactions securely on the client side.
That's great news, let us know when the deploy goes live so I can test it out and do a follow-up post and set a few orders, there's clearly a need for this product and some interest judging by the reaction of this post.
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