You have clicked the post because this idea made you excited just like it made me too.
Earning Steem Power (SP) and Steem Based Dollars (SBD) with your posts is good. Buying Steem and powering it up is better to increase the reputation and monetary value of Steem. But being able to use Steem on daily expenses without the need to withdraw to a fiat currency is even better in the long run. A new question mark may show up in your mind now: How?
A healthy cryptocurrency has a well-planned faucet (how newly created coins are distributed) and unclogged sinks (possibilities you can use your coin).
For example, earning SP and SBD rewards from your post on Steem is an example of a faucet. If a service accepts STEEM or SBD as payment, this represents an example of a sink. I remember that a cloud infrastructure service was accepting STEEM as a payment method for witnesses. This is also a good example of a currency sink.
Tesla & Bitcoin Case
Do you remember that Elon Musk said that Tesla will accept Bitcoin as a payment method? This news sky-rocketed the price of bitcoin. And it encouraged many investors to invest in Bitcoin.
You may be thinking that creating more facilities to spend a coin will decrease the price. You may also think that this will discourage people from staking (power-up) their coins.
Actually, the reality is the exact opposite of this thought!
We’re sure on this subject. Bitcoin is not the perfect coin. But it has numerous (sinks) possibilities to use as a payment method. This situation increases its reputation along with its price.
When you buy something with your STEEM Coins, this amount will be transferred to the seller’s wallet without leaving the Steem ecosystem. The idea behind Steem Power is also holding money inside the ecosystem. Did you get the point?
Think that you can buy a car, a sandwich, or some clothes with your STEEM without decreasing its price.
Another behavior of Steem payment solutions will be its worldwide acceptance. You won’t be needed to convert your currency several times to spend on a service or good from another country. Therefore exchange fees will stay in your pocket.
We should discuss and create requirements for Steem Payment Solutions Project.
It’s written on Steem.com FAQ that there is not an interface for selling items on steemit.com. Creating an e-commerce interface from scratch may not be the best solution. Giving an opportunity to the current popular e-commerce solutions to use STEEM as a viable payment method may be better.
E-commerce has never seen these volumes of trading before. Many payment solutions have a payment infrastructure and widgets for commerce scripts to communicate with it.
Creating an e-commerce website is not the thing we need in my opinion. But creating payment widgets for current popular shopping scripts (like WooCommerce, Shopify, Magento, etc.) will provide new opportunities for entrepreneurs who would like to accept Steem as a payment method. This means many potential clients for these merchants. Many places that accept Steem means we can use Steem in our daily lives without withdrawing and decreasing the value (price and reputation).
Tell us what you think about this subject.
What other payment solutions can be implemented to promote using Steem?
Steem Debit Cards?
Steem commerce sandboxes to help developers create Steem based trade solutions?
General-purpose “Pay with Steem Page” to help non-dev merchants get payment for virtual and physical goods.
POS machine function to approve payment made by Steem Payment Solution.
Else?
What pros and cons of creating payment infrastructure and widgets for Steem can be?
Hearing the thoughts of our witnesses (@steemchiller, @justyy, and others) would be really helpful for us to improve this idea based on real technical requirements.
Thoughts of the entrepreneurs & leaders on the Steem platform will lead us to create strategic products to create value for Steem. I want to mention them to thank for their opinions. @steemcurator01 @dobartim @xpilar @xeldal @enki @stephenkendal and all the other leaders who would like to guide the project with their ideas.
I used designs by “stories” on freepik.com when I creating the header image
