So everytime I ask how can a user easily exchange USD to STEEM and STEEM to USD, I get this answer.
"You have to buy BTC and then send it to an exchange to exchange that into STEEM and backwards to exchange STEEM to USD."
Well for the everyday cryptocurrency user that will be easy, but as I said before I plan on bringing millions of new users to STEEM and that is just way too difficult for a beginner to do.
I am developing a platform with an app store for a linux distro that we developed and we want to use STEEM as the native currency for buying apps, games and ebooks. Buying subscriptions to our music streaming service and video streaming service. But I find it too difficult for the everyday user to use and developers are going to want access to their funds to pay bills and what not.
We also will be implementing a crowdfunding feature for users to help fund the developers of apps, games, books, music and movies/series, but if the developers, musicians, authors and filmmakers can't easily access their funds then how will this work?
We have been brainstorming our lives away here to try and solve this problem.
We believe steemit can surpass the userbase of facebook and it has enormous potential, we plan on creating a SMT as well but we need to get pass this hurdle of exchanging.
So what to do?
We have a large list of ideas but I will only be sharing the to 4 solutions we have come up with.
#1. Create our own exchange - Of course this is a logical step, but the legalities of such venture can be cumbersome and we will have to exchange almost every fiat currency in the world to STEEM which means more resources, which we currently don't have enough members of our staff to handle this and obtaining the appropriate licenses but we are a tech company not a bank or hedge fund, so this is totally out of the question.
#2. Find an exchange that already offers this, we are looking and so far only one does USD to STEEM but not STEEM to USD. So that is not an option, plus the rates they charge are quite high.
#3. Create a wallet system. Where uses can purchase credits with any currency using, paypal, stripe, and crypto currency as well. This solution might just work but now we have whole other set of issues:
A) Our initial plans of using STEEM natively on our platform has now been scratched for a custom credits solution.
B) But doing this gets us pass the legal hurtles and allows us to take paypal for a virtual currency. Not crypto currency.
C) Exchanging a virtual currency to fiat and crypto has now become a mission, that our staff can not handle. Stripe does have a mass payout solution and so does PayPal but they charge for it and take a percentage.
As you can see damned if you do and damned if you don't.
#4. Take payments from anything all fiat currencies, and most crytocurrencies. Which may be a great solution, but now we have that pesky mass payout issue when it comes to crypto currency.
So we are at a crossroads here, we don't know what solution to go with, maybe a little insight from the community can help us step into the right direction.
Please comment and let me know which direction we should go in.
Please upvote, resteem and follow us.
Thanks for reading 🙏