And it has nothing to do with steemit.com or steem specifically!
To fully understand why I think that, let me tell you a little about my experience last week trying to set up a crypto account for a friend of mine...
A friend of mine contacted me last week and said he wanted to get into cryptocurrencies. Not necessarily just into steem, but instead buy a well diversified basket of different ones.
The first thing I instructed him to do was set up an account on Coinbase.
Should be simple enough.
Create an account, transfer some dollars in, buy some cryptocurrency.
This is where things got a little tricky...
He was having trouble setting up an account on Coinbase so I told him to try a few other exchanges where he could transfer some money in and buy some coins to get started.
The first one he tried after Coinbase was Gemini, the exchange set up by the Winklevoss twins.
I had read a little about it and it offered a lot of the same things Coinbase offered.
It lets you link a bank account directly and they insure your holdings, two big pluses in the crypto world. Also, it's one of the few exchanges that keeps holdings in cold storage which makes them much less vulnerable to a hack.
The only drawback is that they only operate in 42 states.
Lucky us, we just so happened to live in one of those 8 states where Gemini is not currently licensed.
So, our option to use Gemini? Move to another state...
Considering that was not going to happen, on to the next one we went...
Next we tried CEX.IO.
On the surface it looked like it would be our next best bet, however, upon visiting their page we were met with this:
CEX.IO is currently not accepting new customers, lovely.
Back to the drawing board...
Next up, we would try Kraken.
Again, the exchange looked good on the surface but when we actually tried to sign up it was very difficult.
For one, getting a name and password created and actually creating an account was like pulling teeth. Everything we tried wouldn't be accepted, whether it be our username or our password.
Then finally when it was, we were told we would be receiving an email to confirm our account. Except the email never came!
A few hours went by and we tried again, still no email.
Finally an email showed up, which we tried to use to confirm our account, but when we tried to confirm our account with that temporary password, we were promptly told that the password given to us in the email had expired.
Are you kidding me? The email takes hours to get there and when it finally does the temporary password is already expired?
Aint that a kick in the shorts!
Needless to say, we gave up on that one.
The search continued...
Next up, we took a look at Poloniex and Bittrex.
Which we found out right away that neither offered fiat support. Meaning we couldn't get dollars in or out without also setting up another account on another exchange with fiat capabilities.
All of this was becoming majorly frustrating to say the least.
Next up we tried Bitstamp.
We were able to create an account but soon realized it was based in Europe and was pretty difficult to get dollars into, at least according to our initial impression.
Luckily, right about this time we finally got confirmed by Coinbase for an account.
But our troubles did not end there...
Now that we had an account on Coinbase, it appeared that trying to get money into the Coinbase account was not going to be an easy task either.
For one, they only offered small deposit maximums unless we verified the account. So, we did that.
After verifying some basic information the deposit and withdrawal limits increased slightly, which was helpful.
Next we tried to link our bank account.
The struggle continues...
My friend uses a local bank offered by his work, which of course was not on Coinbase's accepted list of banks to link to your account.
Which means he had no way of transferring dollars into his account from his bank account.
So, here we are again, with an account finally created but no way to get dollars into it, apart from using a credit card and only purchasing a very small amount each week.
Which, using a credit card was not even really a long term viable option anyways because then we would not be able to get his funds out after he got them in as there was no way to link his bank account...
So, we figured the best option for him was to go out and open a new bank acccount with a well known Coinbase accepted bank, and then transfer funds in and out through that.
Yes, you read that right, our best option is for him to go out to a well known bank, open a new checking account and then link that to his Coinbase account in order to get funds in or out. The entire process will take days/weeks depending on which route he decides to go.
What I learned through all of this and how it might affect steem...
People can't get dollars in or out of the crypto markets!
Which is why they aren't going to crash any time soon. The money that is in here currently is just sloshing around from bitcoin to altcoins with no ability or intention to leave the markets.
Also, many in the markets (rightly or wrongly) believe that they don't have to pay taxes on their crypto gains as long as they don't turn it into fiat.
Which means they just trade it back and forth in the crypto markets depending on what the hot coin for the moment is.
Which means that with the crypto market cap currently being around $816 billion and steem only being around $1.6 billion of that, with the right news/momentum, some of those billions could easily swing towards steem and propel it many multiples of where it is currently trading.
Basically is what I am saying is that given the current crypto dynamics, steem (and many other coins) could easily trade many multiples of what most might consider their actual worth. Though that in itself is a hugely debatable topic.
As long as money keeps sloshing back and forth like this, we could see steem hit some ridiculously high levels.
Just need some momentum. ;)
Also what happens when these things become easier for people to get money into them? Just something to think about...
Stay informed my friends.
Image Sources:
https://www.investopedia.com/tech/bitcoin-price-steadies-crypto-market-cap-hits-alltime-high/
Follow me: @jrcornel
Wow, that is such a headache just to get some crypto exposure. It is hard to get money out, so it makes sense that a mass run out of cryptos would take some time and slow down the supply side, causing less of a slide.
see me at yankee-statman...MUST own silver/gold NOW!!
Thanks for your writing, I was always afraid the price of steem will drop very soon. As they are pumped by KR exchange but now KR government is banning btc.
But how about SBD?
Very nice, thanks for sharing.
I believe steem price should be 100 USD in 1 y from now. Why because of the limited supply and the low Market capitalization at the present time, Steemit is the only crypto that solves all the problems in one platform. Smart contracts via bots, media, social, video, audio, decentralized voting, Leaders with influence like ned . All of this suggests that Steem is the best and is not under the radar of any crypto trader. as the price fluctuation is very low. That is the only reason steem is so low. To stable to be profitable for short-term position.
I agree with all of the above, and I also agree that it could hit $100 within the next year, but it could be for none of those reasons mentioned. :) As I mentioned, it could be just because it's the hot trade at the moment and people pile in.
The high demand to power up should be a driving factor in the price increase.
some people will power down if the price is to big they will like cars and houses instead of power. Every person that knows my steam power is tealing me to power down because i made x8 times the money i invested and i refuse and explain that if i lose all i'm cool with the decizion .
STEEM will never hit zero, so you don't have to worry about that.
STEEMIT will reach 40$ then 400$ in 2018.
I think you mean STEEM
I think that's the best thing to do, since in all probability Steem is an even better investment in the longer term extending beyond 2018.
Best decision!
In fact I have touched upon it in my recent post, Ten Ways You Can Use Steem When It Hits $10 , after I observed that the Steem price could be here to stay.
yes I agree with that. People are so concerned about making money rather making good contents.
Which is why fiat could be the one to implode.
you heard it here...silver..(divirsify) see Yankee-statman.
Considering the fact that there are projects out there with market caps in the billions that have just a whitepaper and no working network, I'd say you're right about Steem being undervalued.
that is what i wanted to say, but steem i very bad just because of the stable price, and is not profitable for day trading. Steem is a long-term investment. IS like buying a house not choing a holiday destination. Is more like a wife not a one night girl.
Yes - Steem is ripe for an increase if the overall market continues to grow.
i have only bch (bitcoin cash) to spare for buying more steem, i love bch as the low transactions fee :)
valid points on multiple fronts, but i agree with @jrcornel, could be other reasons for driving such a surge in price. and even if it were, there has to be a wide adoption of STEEM for it to hit 100. Ripple for example has a value proposition beyond its XRP status. it can potentially replace SWIFT, which is a banking system. STEEM would surge if it was viewed as a viable substitute to Facebook.
steem will become a bank with a plastic card that is accepted everywhere very soon, that will drive the price x5 times.
Bank card?
Is this statement based on some hard facts? Or on you last night dreams?
until present time , i predicted iota will go up, omg , ripple, civic, and others , the point is like this nxt will get big emc2 and others
The point is that predictions are made as the market changes at this point i can just tell you that there is a team that will build this technology and it will be legal .
lol
It's accepted via the payment gateway that I use, Living Room of Satoshi. Honestly wouldn't be surprised if someone does a plastic card for it, depending on the popularity of the site.
That while is possible, needs a bunch of extra features, like better content discovery and chat messages.
video message chats and file share is what is needed, for this we need server network around the world first will be steemit bank and projects will rise
But if something needs dedicated servers, then I'd argue if it's really decentralized?
dPoS while a decent solution is already setting up some centralization. We shouldn't add more centralization to the Steem ecosystem.
Absolutely agree. We shouldn't add more centralisation.
However, now that WebRTC is widely supported by browsers I believe videochat can be done without the need for centralised high-bandwidth servers.
For decentralised file-storage there are also some interesting projects live already. IPFS (which i think is used by d.tube) or blockchain based like Sia or Burst.
If you ask me, chat messages shouldn't necessarily be stored. It can be session-only or DOM-only. It has its drawbacks UX-wise but I'd consider it safer than permanent chat recording like in Facebook.
I hope you are right! I follow your logic though.
I totally agree with you, Steem price can easily reach $15 very soon.
Yes totally agree. I live in one of those US states, Hawaii ... which the dumb state of Hawaii doesn't support cryptocurrency. Loss for them, as they lose out on tax dollars anyways.
Agree too that the market won't crash so soon because it's hard for people to move from the cryptocurrencies to/from fiat anyways. Besides, we should make it so that cryptocurrencies stay within the same sphere.
Great read! Follow me at @corpdetoxbliss
and I believe the momentum is in 2018 !
I've participated in the Bitcoin space since it was $100. No I am not rich because I wanted to learn the technology not just invest in it (big mistakes all around). However I agree that steem gives people to invest in the space ... this time with brain equity not just with dollars. While I think some people have posted NSFW videos, I believe that posts talking about personal experiences (@sweetsssj) have been most beneficial.
Personally while I might repost a video from youtube (not my own content), I try to related it to my own personal experience or to draw people's' attention to it if I feel it needs to be repeated. My recent post on How the USA is killing the people of the Marshall Island is an example of that.
@jrcornel Yes, I too think so this coin has got all potential to go that predicted score or even lot higher. But, I want to know in case STEEM reaches that $100 mark say in one year down the line, would SBD price be still at $5 to $8 mark??
that is so obvious brother, it's so difficult to move, and a great deal of the organizations like Ripple, Chris Larsen has all his cash stopped there, he can't move any of that at any point in the near future.
also the general population vested from the earliest starting point, most are devotees, and the majority are attempting like hellfire to pour more cash in,
in spite of the difficulties.i think every one of the positives of the blockchain are there in addition to now it's really getting pool and trendy to be in crypto,
and the business analysts can't value that either.the future is splendid ...
Carry on dear...
Sounds like a damn headache, Coinbase and all these other exchanges are a hassle. This is why Steemit’s ease of use will propel it to new highs.
I think you are right. The fiat world is a huge bottle neck right now. Steem will only benefit from this issue.
Thanks @jrcornel for your post. Thoroughly enjoyable and I can corroborate your story. I tried to register with may exchanges and I quickly discovered that it was not as easy as I thought. The processes are getting longer and more difficult to get through. And when you try to use other third party sites that allow you to convert from crypto to PayPal and vice versa, you will find out that you have actually lost money due to fees both ways (buying and selling) as well as Paypal fees. Sometime ago, I was trying out an exchange, by the time I was done, I had lost about 25% of my investment. For one to make headway and make profits with these other third party sites that charge fees both ways, then the value of your investment must be substantial.
For Steem, I am sold for life. This platform introduced me to what I know today about crytpocurrency. With my first set of earnings over a year and a half ago, I had to research how to convert my SBD & STEEM to dollars and boy, the research has proved invaluable. Even at $8 for 1SBD and $6 for STEEM, I believe it is still grossly undervalued and the correction is coming soon, so get ready everyone to ride on the crest of the Steemit wave.
Thanks once again @jrcornel for your post, truly insightful.
Nice post, beautifully presented and explained. Detail oriented with nice pics. thank you for sharing this with us. This is very helpful Update. Keep it up... Upvoted
if you mind checking out my blog for latest posts and updats @kingjan
very nice
yes, STEEM soon......like
i think steen will reach to 1004
I agree 100%.
I agree that there is a lot of money circulation between the different altcoins.
But also the number of altcoins is increasing and therefore it is in an ongoing process to attract potential investors/followers for YOUR coin (in our case steem)
I think the main reason that steem is going to rise is not the circulation of money or the fact that paying out the money is related to huge effort.
I trust in the rise of steem due to the unique business model. Social media platform have found many different ways to create and retain a well working business model. Steem has understood the power of social media and combined it with reimburse the contributors.
At the moment we approximately 500k accounts - nothing related to big players like Facebook, Pinterest and Co..
Let's open our hands for a bright future
The whales will always find a way to get their money in and out of crypto markets.
I don't understand. Everyone wants to invest but can't because they can't set up crypto accounts. Wouldn't that keep prices artificially low since this is an inhibitor of demand?
It works both ways. It keeps money in and prevents some new money from coming in as well. However, I would imagine going forward it's only going to get easier to get money into these markets...
Another good use of SBD could be for interexchange transfer. For example, in one of my articles I showed that just moving BTC from Bittrex to Bitfinex could cost you around $37. Now the withdrawal fee of SBD is only 0.01 SBD on Bitrex, which is the cheapest I've seen of any currency. Now lets say, I want to buy some TRX from my BTCs in bittrex. Since Bittrex doesn't support TRX while HitBTC does, I would simply purchase SBDs from my BTCs and send them to HitBTC to buy TRX. Since HitBTC has no deposit fee, it would cost me just 0.01 SBD (around 8 cents) to do the interexchange transfer. Amazing, isn't it?
Lets get rich together :)
This new things can make a better world for everyone... Regards❤💡
Steem will continue to grow guys. A great platform for creatives and crypto-investers. A group of people that I believe cross over so very well. I for one am here for the long run. I love this place.
steem top rise up
great analysis on steemit,i like your post
thanks for informational post sharing
agree with you bro
no one can ban cryptocurrency, the blockchain technology is making waves. many people are adopting it. Cryptocurrency have come to stay.
Selling crypto for fiat is not a good idea!
excellent vlog, friend
Steem has the potential of going above the predicted price. I think we should hold on for the ride
I don't use a traditional bank account for my buisness. I strictly use paypal and it seems to be quite the challenge to purchase any cryptos with only that form of payment. People say it's the wave of the future, but it's gonna have to be more user friendly, if that is gonna happen. We need the crypto a.t.m. machines everywhere....
I think governments and the banking industry will continue to make it hard to get fiat in and out of crypto. This will be to their own detriment because an economy will grow inside the crypto world where fiat is never required. Products and services will become available in this eco system and the only thing you will ever need fiat for is to pay taxes.
You are exactly on point. I wanted to post a similar comment, thank God I read other comments before. Well done. Banks will annihilate themselves.
Thanks... there's always room for more comments even if they are of the same opinion and its good for the Steemit!
Yeah, but I like to be original. If i posted the thing that was on my mind someone would probably say I copied it of you. But I got your point. Steemit has to grow!
Many of my non-crypto friends are interested in getting involved in the coin markets, but don't have the experience or patience to try. We are missing a huge market. They need an easy and safe way to simply transfer fiat into a platform. Whoever does this first will certainly win the race. For me, Coinbase was the simplest. Thanks for bringing this issue to light!
I agree, told most people that Coinbase is a fraud too. You are charged fees on a non acurate market price. Well i got in and I'm going back. Crypto all the way!
Yes!
InshaAllah the steem price will go more high and thanks for sharing
Cobinhood exchange is taking new customers and allows for fiat purchases of crypto.
For people who understand the power of Steemit based on a new era of blockchain, this is just the beginning. Investing in it, in my opinion is a sure way to grow your investment and be a part of something that will represent a strong segment of our future.
that is so true bro, it's so hard to move, and a lot of the companies like Ripple, Chris Larsen has all his money parked there, he can't move any of that anytime soon. not to mention the people vested from the beginning, most are believers, and the masses are trying like hell to pour more money in, despite the difficulties... i think all the positives of the blockchain are there PLUS now it's actually GETTING COOL & TRENDY to be in crypto, and the economists can't price that either ... the future is bright !!
Thanks for the information great post. Have a Blessed Sunday.
True story! It´s still way too complicated to get fiat into and out of the market. Although it gets easier once you set up everything. Also due to the strict AML and KYC rules, people have to make huge effort before they are able to invest and then will most likely stay with their chosen platform for some time. Interesting to see, how sluggish this market is in the end, when every coin is promising "instant" money transfers.
Your right it is frustrating at times when you see the price dropping and you try to take some profits out or see a dip and try to buy in, when there’s a mad rush in or out it overwhelms the system. Normally everything works smoothly , but when bitcoin, or litecoin starts shooting up to new highs,might not be the best time to get in.
But I feel your frustrations, took me a while to get coinbase after chasing the rest asking for all kinds of verification such a s Gemini , but again coinbase worked out.
I am happy that I have registration with some exchange earlier. But is it good sign that people are not welcome to crypto world easily ? can be short term growth. Well, I am happy with the recent price though. And hope it will raise more one day too :) Thanks for sharing the experience.
I completely agree the price of steem is set to really move higher. Thank You for the fantastic post.
Exchanges that you can sell your crypto to and get fiat currency deposed in your bank account is the best bet. I use https://luno.com in my country.
Why the shortage of exchanges? Are companies scared to start trading it? I've been wondering about this the past week or so. Vertbase is supposedly launching and that will give another place to turn fiat into crypto.
Steem will soon hit momentum with the current work been done by @starkerz and @stephenkendal as they are creating a promo-steem/steem-ambassador website .
This will help promote Steemit massively,hope you guys support it.
Exchanges that you can sell your crypto to and get fiat currency deposed in your bank account is the best bet. I use https://luno.com in my country.