It's true that the idea of "crypto-currency" would of course be something akin to "a free banking system." But it really isn't what I've been talking to people about or thinking about, just point of fact. The connotation of "banking" is extraction of value to many people. And that's sort of what the commentator was saying, that he saw it as an extraction of value from the STEEM ecosystem. My point is that it's not an extraction of value like banking, but rather a conveyor of an incredibly unique value.
At least I don't know any other way I can send micropayments globally where the fees aren't more than the amount I'm trying to send. For me personally, I chose to use STEEM because I'm already on the platform, have spare STEEM, and also could find people on the platform in need who I might send it to. (That's even without finding them through formal Fundition campaigns, which present still more options).
To me it's about a better way of engaging in charity work, and those are the people I talk to, people already doing that and intrigued by new possibilities about how they might make their contributions go further in actually reaching the people they're trying to help. The volatility of the crypto markets is something one has to face if they are going to invest in any coin, so that's a separate conversation.
Yea, that's fine, I see where you're coming from. There's a distinction between blockchain and the apps build on top of it. All I'm saying it: Steemit is a blogging platform which is one of many apps built on top of Steem blockchain. Even if it dies, Steem blockchain itself might still live on as long as there are witnesses.
Actually, if it dies, it would be the first flagship app that dies before its flagship blockchain. You probably could build a charity app (plus blogging) on top of it to replace Steemit. Steem ecosystem should stop evolving just around Steemit if it wants to survive against newer/better blockchain.
Yes, and actually I think Fundition is that app right now when it comes to charity on the blockchain ... though I'm not predicting Steemit going anywhere. We'll see.
There is still Busy, Steempeak, esteem, etc. providing blogging dapps. But I think steemit is the only one that consolidates content from all of the steem dapps, except steem monsters. (Do Steemhunt posts show up on Busy?) So would be good to see that function continue to exist.
I agree that Steem is a great way to send value without the gouging by the traditional banking systems. I've been having my eyes opened up real wide lately as I attempt to find a business banking account that allows me to pay employee withholding taxes to the government without having to pay additional fees just for the privilege of paying the government!
Try and get money sent (or send out) money to/from another country using e-transfer. It can't be done. They call it a wire transfer and charge a huge fee for it. What exactly is the difference between a wire transfer and an e-transfer? Probably just the name. I mean, come on; the credit cards can all send money internationally for a small conversion fee, yet if we try and send money we get dinged big-time.
I would love to be able to receive payments to my business bank account in Steem and to pay the government in Steem, however, at this point, nobody accepts Steem as payment. Steem has to be converted to Bitcoin or Etherium, then converted to local currency and guess what? The leeches are standing in line to grab a big chunk of any money that needs to be converted here too.
You say that you send a dollar to someone and they receive a dollar. That is just partly true. They can't spend that dollar until they convert it, and now it is no longer a dollar, is it? We have a long way to go yet before that dollar remains a dollar that can actually be spent outside of the Steem eco-system.
I'm in Canada and it cost me a hefty premium just to purchase some Steem. Never mind the gamble one takes at each conversion when prices are fluctuating all the time.
The idea is great, but we are not there yet.
True that the day when we can buy things directly with crypto (including paying taxes) will be the real turning point for crypto as currency. Until then all coins do incur significant fees when converting to fiat. But you know, while I can’t speak for others, my experience has been that that opportunity cost is the same or less than other ways I’m charged for moving money. I pay just 3% to go from BTC to cash, which is the same as to send money with PayPal. Though I’m sure this varies a lot, I’m imagining people are still ahead at the micropayment level. Really how could you even send $2 to someone in another country who is without a bank account without using crypto?
If a person has no bank account, then for sure conditions there are such that crypto is likely being USED as currency there. In that case, absolutely, crypto is the best way to send money, regardless of it being a micro-payment or large sums. I recall watching an episode of the Dollar Vigilante where he visits a country where local currency is practically worthless because of run-away inflation. He said that many people there were using Bitcoin as their preferred currency. So it is being used on a small scale. If only we can get it to the point where it (or preferably some other coin with less gas fee and faster transaction times) becomes a real-world currency adopted by the majority, I believe a lot of people are going to be very pleased.