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
Holla at me in the comments! All my commenters I will now refer to as Jessie. Jessie is a good friend of mine, but Jessies got a girl, and I want to make her mine.
So have at it my Jessies! If you don't have something to comment, simply comment "I am a Jessie."
Let's connect
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