“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”
– Lord Acton –
Proof of Concept - Mission Accomplished!
Today I exchanged a little Steem for a little fiat... It went well!
Who Needs Banks?
Image courtesy of Jimi Filipovski and http://unsplash.com
If you follow my blog,
you know that I've recently published a series of articles about actually using Steem for everyday purposes:
- "Be The (Ex)Change You Want To See In The World"
- Up To 1,000 STEEM Available... ~Will Exchange for Fiat~
- Putting My ~STEEM~ Where My Mouth Is - Up To 1,000 Steem To Exchange
As Steemit users, we have an amazing opportunity. We can start helping each other convert between STEEM and fiat. We can bypass banks and exchanges, we can "stick it to the man"—simply by trading STEEM among ourselves.
We don't need no stinkin' exchanges...
Exchanges charge exorbitant fees and want to know every detail of your life.
Why are they so intrusive? In a word, government, an entity that makes immoral and unjustifiable claims upon all of our lives and all of our private transactions. To hell with them. There is a better way. We can exchange Steem and fiat privately. I've done it, and it's no big deal.
The story of today's success.
A fellow Steemian responded to one of my earlier articles on the topic. I suspect his interest was sharpened by the recent drop in the general crypto market. Earlier discussions, plus a study of his Steemit blog and interactions, had already persuaded me that he would be trustworthy in an exchange.
We settled on some basics while chatting on Discord—the total amount of Steem, the transfer channel for the fiat (PayPal), the net amount of fiat, and so forth—and then we proceeded with the exchange.
All went smoothly. After agreeing on the details—Steem, fiat, initiator, timing, etc.—the actual exchange itself took place in a matter of only a minute or two.
My counterpart in the exchange and I are both satisfied, even though we are on different continents.
In a sense, this is a big deal...
The transfer of Steem is instantaneous, frictionless, incurs no fees, and requires no permission or direct interaction by any third party. Transferring Steem is strictly a peer-to-peer event, no different than meeting someone in the marketplace and exchanging goods and currency.
The very cool thing is that a transfer of Steem can occur in the same room, or anywhere on the same planet, either way in pretty much a comparable amount of time. That time is a matter of seconds, and the Steem network is able to scale up and maintain that speed as more users join.
Why Not Exchange Some Fiat for STEEM?
Image courtesy of Vitaly and http://unsplash.com
Speed is no idle boast for Steem,
as can readily be seen if you visit http://blocktivity.info. Presently, Steem is outstripping the activity of all other blockchains.
The transfer of fiat in the other direction was also quite expeditious, although it inevitably racked up transfer fees - foreign exchange fees, PayPal transfer fees, etc. We discussed the possibility of looking into other methods of doing the fiat transfer, but at least PayPal did work - at a cost.
A more ideal solution would be to "go local."
Humanity now has the power to bypass banks and governments by beginning to use cryptocurrency on a purely peer to peer basis. In order to expedite that, we need to begin on-boarding all of our friends, family, and local merchants to Steemit. Then we can simply do all our transacting in Steem and SBD.
Some practical tips for getting started.
- Start small - don't exchange more than you can afford to lose
- Clear communication matters - agree in advance on all details
- Communicate privately via Chat or email
- Agree on the total amount of Steem or SBD
- Agree on the total, final amount of fiat - after all fees and etc.
- Agree on the fiat channel - in person, PayPal, "speed" of exchange
- Agree on who will make the first move
- Evaluate your exchanger using available sources - friends, Steemit blog, reputation
Are you ready to do your part?
We don't need Coinbase, Bittrex, and etc. We don't need their fees. We don't need their government regulation and reporting. We can do this.
Your Cash for My STEEM...
Image courtesy of Pepi Stojanovski and http://unsplash.com
I have some more STEEM available.
Who's interested? Let me know in the comments...
~FIN~
For more Steemit articles, please visit our Library Steemit Shelf - Just CLICK the shelf below.
Introducing: The SILVERengines proton - Image by @creatr
You are why I'm here on Steemit!
I have very eclectic interests and hope, over time, to write about them all.
⬇️To Check Out @creatr's World⬇️CLICK Each Image Below⬇️
|
|
|
☝️👍💯
Thanks for the encouragement, my friend! :D
You're so nice for commenting on this post. For that, I gave you a vote! I just ask for a Follow in return!
P.S. Thank you also for the re-steem! :D
BTW, I have some more ideas in this space that I hope to be sharing before long.
It really depends on the trust between both ends. If not, it is hard to realize such transaction. I respect the spirit of trust between both of you :)
You are correct. Trust from end to end is necessary.
Actually, Steemit as a social media platform gives us quite a bit of insight into the character and behavior of others on the platform. This makes it easier to form a "network of trust" that makes transactions like this possible and successful.
True, it really depends on how the trust works. Understanding the overall behavior and others character on Steem can actually be a reference to an individual credential. Agree on that :)
Congratulations!
As I was reading this, it occurred to me that perhaps we need to start a dedicated tag (something like #steemlocal perhaps?) precisely for these kinds of transactions.
I would also say this is where we all need to work together to build a Steem economy that's not just about exchanging Steem for fiat, but about Steem for goods and services. Like right now, I have both a steemgigs request out for some code work in exchange for Steem, as well as an item for sale via @steembay. Multiply that by some 10,000 or more, and we're suddenly starting to get somewhere!
Thanks for doing your part!
I'll have to check out your steemgig, my friend. Of course, it depends on the kind of code... ;)
But I couldn't agree more that we need to be using Steem for day to day transactions. The more it gets used, the more valuable it will be.
I'm working on more articles in this space... Thanks for your encouragement! :D
BTW, I'm happy to sell our product (the SILVERengines proton colloidal silver maker) for Steem... ;)
P.S. Speaking of #steemlocal, please be sure to check out what @pennsif is doing...
He has done a lot of local community organizing in the past, and is writing about and working towards these ideals here on Steemit. Have a look at his blog!
That's one step ahead. How did you decide to trust the individual ? Do you mind sharing your terms of agreement. Very helpful.
Just a thought how about Steemit facilitates the transactions with an algorithm ?
Here is my thought on how it should work
Now I am confused if this is still centralized or decentralized. Experts please comment.
If you read this article carefully, and the other articles in this series linked near the beginning, you can learn a lot of the details and the thinking that went into these transactions. Thus far, all have been quite successful, but it does take a level of trust at this point.
However, the sequence you describe fairly closely pictures a transaction that could be facilitated with an automated escrow service. I believe such a service could be encoded fairly readily. I am beginning to learn more about working with and coding for Steemit, and if no one else creates such an automated service, perhaps I will eventually get around to it.
I think trust is why we want a decentralized platform. I don't trust the banks even a penny. Also I think fees would be required to facilitate these transactions. Will have to think of an innovative way to keep it free.
Contributing towards coding for Steemit, that's an interesting point you brought in. I'm a software developer myself and pretty passionate towards contributing towards the blockchain world. Can you help me understand the technology stack required.
I can't help you much yet....
Other than to point you to my recent article on creating the latest version of my Steemit Library. In that article, you'll find references and information about SteemSQL, which along with Python will give you quite a lot of access to the Steemit blockchain.
Steem web resources blog. I'll go through it over the weekend.
That's not the one I meant, but that probably has a lot of good info also.
This is the article I was talking about:
wow, it's very helpful and interesting post...
your idea is great...
thank you for sharing
Thanks.
welcome
Always happy to trade.
Since I published my first post about buying steem directly I have built up a small network of people around the world that I buy from regularly.
I am expanding the range of payment options to cover almost every situation and every country - cash, bank transfer, Amazon Gift Cards, TransferWise, Western Union.
The ultimate goal will be our 'own' internal system that removes the need for the 'middlemen' like PayPal.
It is coming soon... I can feel it in my bones.
A very intersting post indeed. I have done a similar trade from the old world to the new and it went very smoothly. It would be great in the future not to need fiat at all!
Why not... (With respect! & Just one guy's opinion...) (Reply to both @kus-knee and @creatr!)
Banks are often owned by The People, like the Bank of Canada, or open to public investment like the Royal Bank, and have a charters/laws they must follow. (Whether they do or not is a worthwhile discussion.) Steemit "prints money" too, but it has no charter and yet is subject to the same corruptions as the people at banks / gov't's. Not necessarily at Steemit Inc., but this will become a major problem...
For example, and this is just one potential problem; we ain't seen nothing on inflation yet. Just wait till Faceface's crypto comes out... I'm not saying crypto is bad. On the contrary, fiat (money by decree, then general agreement,) which all cryptos are, except that they have basically no controls, has enabled the industrial and information revolutions, as well as increased human population and longevity. (The graphs are amazingly correlated.) Without it, I can only imagine how so many could afford a home or car, health care, or more than 1 square a day even. Or could you picture everyone trying to get a business loan in gold?! Lol! Only 100% fool proof ideas / cronies would ever get money. Try to fund a hospital, or any charity on gold... Not to mention that all the gold is already being hoarded and owned by so few.
So I agree that there are downsides, but I thank G-d for fiat, and those who invented and create it, like when done by creative people at steemit for ex, or under mostly fair / trying to do what's right governments, (which I hope should occur more and more...)
Like with any and all technologies or ideas, it's really that the people are either the solution or the problem...
Hello, my friend. Thanks for visiting.
I couldn't agree more! Cut the banksters and guv'mnts out of the loop entirely... :D
That's amazing! Exchanges and their fees are a little painful especially when it comes to bitcoin which really sucks as we need to go through it before we can convert to fiat. Hopefully, your method goes mainstream and we can bypass high fees. I'd love me so steem but I'm short on cash from health bills. But I'm crossing my fingers that it won't be the case in the future!
As more and more people begin to actually use Steem, I think that informal exchanges like this will become more common. I'm also working on a follow-up article with even more ideas - stay tuned! :D
Very interesting and seems to be the way things are moving towards! Holding on for the ride!!!!
Thanks. ;)
Hi, you should have (the correct amount of) $$$ in your PayPal account, many thanks!
Yes, confirmed, and thank you very much.
I appreciate concluding an agreeable exchange. :)
😄😇😄
anybody good enough to setup a "buylocalsteem.com" site?
sign me up!
How about you? :D
Thanks for your visit and comment. Some form of http://localsteem.com would be great...
We need to connect. I am thinking about having a steemit meet up at the Torrey Pines Gliderport very soon. I would love to pick up a little steem from you. I will keep you posted.
Hello, my friend! So nice to hear from you, and I would love to have a meetup there. One of my favorite places... ;)
And do I correctly assume that I'd get to see you fly? :D
And happy to do a little exchange... How much Steem did you have in mind?
Yes, the hope is that we can get a good day to fly and have the meet up. What that means is I will only be able to give about a 1 week notice. As far as the steem purchase I would be interested in getting something between 10-50 steem.
Sounds good.
And I can accommodate that amount of Steem... ;)
I'm looking forward to this! :D
Yea!!
That's really an great idea but genuinely want to share my opinion that, I think people are not ready for these type of transactions because they lack confidence on the individuals, but they are not wrong because we heard lot of stories about the frauds. But I think with future aspect it will be thinkable and workable. Thanks for sharing this post.
Have a great day and stay blessed.
Yes, I agree we need to be cautious about frauds.
However, if we start using Steem with our close family and friends, we can build up confidence in the system. We can also develop better software tools to track sales and keep people honest.
Thanks for your comments! :)
Welcome. ☺️
Thanks for posting this! I am a long-term-hold person, but it's nice to know that I could do an exchange pretty easily if I wanted to!
Great post! I think this is a wonderful idea. As Steem, and Steemit become more successful, I think opening a channel between Steem and fiat will only get more useful!
Hey, @nickh725,
Thanks for your encouraging comments. Steem on!
I traded silver bars for my Steem. I would like to meet in person and pay cash!
Just need to find a Steemian with surplus Steem, somewhere near enough to you to meet... :D
Of course, vet them as well as possible in advance, and proceed with caution...
if by going local, you mean face to face in a Dunkin' Donuts, doesn't that kind of defeat the purpose of a digital currency? Just sayin'...
John my friend, your comment is somewhat amusing, but perhaps you've missed at least part of the point?
Ah, if I were only a great communicator...
We're still very much "in the early days" of this brave, new, digital currency world. We're still somewhat beholden to "the man," still needing to use old-world instruments like fiat...
But the day is coming when we'll be able to flash our smart phone at the Dunkin' Donuts counter and pay for our hot chocolate and crullers with Steem... Over that repast, we'll knock phones with the publisher we're treating, and her Steem will be exchanged for our digital invoice. All the while, we'll be discussing plans for the release of our newest novel.
Some of that Steem will be forked off and funneled to the on-demand print house to cover the first ten physical copies that have been ordered since we began our conversation, while a bit will go to the Amazon cloud where the master copy resides on their blockchain...
Unfortunately, for the moment, in the present, we digital currency pioneers will need to take a few arrows in our back to prove our identity and bleeding edge leaders... ;) We'll have to do unfortunate but necessary things like "exchange" Steem for fiat to meet pressing needs...
Although I do agree a cash for Steem local meetup may be better this is an impressive milestone!! I have a feeling this is going to be more common in the future!
Hi, @sevinwilson,
Thanks for stopping by and for your encouraging comment.
I think there are some very exciting times ahead for early adopters of Steem and other cryptocurrencies that have good technical foundations...
I am happy for your success. Indeed more folks need to do this.
Thanks, Troy.
Friends, Romans, and Countrymen; lend me your blockchains...
I might be interested, on behalf of my sister who is thinking of joining Steemit, and also thinking of investing in cryptos. I'm going to suggest to her that she considers putting some of it into Steem. She won't have any rep of course, but can she piggyback on my reputation?
Yes, of course I would be open to someone you vouch for, @kiwideb. You've hung around this Steemit joint as long as I have! We joined the same month. ;)
Let me know when you might like to discuss details in a Discord or Steemit chat?
Some family chat time is required, but hopefully I'll know if she's keen within a few days. I'll Steemit Chat you.
Sounds good! :D
Hopefully you're aware of anonsteem? See my first article in this series if not... ;)
Messaging you in Chat now
Sorry to have missed you, but please see my lengthy response in chat... ;)
Thanks for a good exchange. :D
I am going to be doing this here in Victoria BC Canada. There are overr 400 people who have signed up for our meetup group and most of them have interest in cryptocurrency but don't know how to aquire some crypto. So we are hosting meetups for people to meet each other and for giving lessons on how to create wallets and aquire some crypto.
Hi there, @somena, that's really great!
Wow, 400 signed up for a meetup sounds amazing! I would think that you should be able to get a lot of "local commerce" going using Steem starting out with a substantial group of that size.
Steemit is a fantastic way to begin in the crypto world. If you add http://bitshares.org to that, then you can expand from Steem and SBD out to a much wider range of crypto as well.
If you read some of the earlier articles in this series, you might want to share some of the quicker ways for new members to "onboard" to Steemit at a nominal cost, but faster than a "standard" sign-up.
Thanks for stopping by and commenting, and best wishes on your meetups.
This is a post you cannot read just once. There is so much here + the reply section, it is a resource for ages.
But.....
+1 just for that there hahaha!!!
@creatr so who in your opinion who should do the first move? the buyer or the seller?
Hi, @eljuans, Thanks for your excellent question.
I'd suggest you read my complete set of articles to get a general sense of how to cautiously transact, but I'll try to give you a short answer.
In all of my transactions so far, I've made the first move by sending Steem to the person I was exchanging with. In all cases so far, they have responded with an equal exchange of fiat very shortly thereafter. But I was sure of several things first:
I either already knew my counter part, OR I had examined their blog and their conversations with other Steemians to get a good idea of whether or not they were trustworthy.
In some cases, we had common friends that I felt I could "complain" to if the counterpart did not keep their side of the bargain. In all cases, the counterpart had been on Steemit for a "reasonable" amount of time.
Also, in all cases, I considered the total value of the exchange to be an amount that I could in the worst case afford to lose.
Thanks for asking, and I hope that helps? ;)
Actually, It was very usefull I know its risky but someone has to make the first move, And thanks alot for the upvote people like you motivate new users like me to keep growing here on steem. :)
You're welcome.
Just keep on going with Steemit, and keep interacting with other users, and I think you'll do well. And I think Steem will do well, especially if some useful tools (like shopping carts and escrow services) are developed.
Good luck, and welcome to Steemit! Stay in touch. ;)
I feel happy to read your informative post. Yes, you are right. We may exchange steem. Thanks @creatr for sharing the valuable blog
Thank you, @akilasultana373.