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RE: You can use Steem to pay for pretty much anything worldwide - but nobody does!
STEEM is dump only coin for a dozen of whales. Only Steem Dollars make sense for payments.
STEEM is dump only coin for a dozen of whales. Only Steem Dollars make sense for payments.
SBD is pretty easy to change into Steem, is this actually what's holding you back?
I see no reason to buy STEEM. I am not a writer and can't afford much money to invest into volatile tokens in early stage when price is not determined yet. I have no experience with bitwala yet, but if it can act as a wallet, I suggest to allow Steem Dollars and proportionally distribute interest rate to holders.
We're not acting as a wallet, but sort of as a gateway to offer an easy solution to cash out on your Steem.
The spread on SBD and Steem on exchanges, especially the internal exchange, is typically very high. I've seen it as high as 17% !! If you want to do it quickly, having to change to Steem adds a huge cost to the process. Using the 'convert to steem' option takes a week.
Edit: For example now on the internal exchange the spread is 1.35%. The order books at those prices are also incredibly thin, so slippage is involved for even small amounts.
That's actually quite some spread, or quite a long wait. Thanks for explaining, wasn't aware.
The large spread is the only way that market makers can make money providing liquidity, given that Steem is a highly inflationary coin and they're taking on the dilution risk, and it is not intended as a coin for commerce, so regular market participants don't contribute to the liquidity as they would in Bitcoin or similar.