BlockTrades adds new OPEN.USD <-> Steem/Steem Dollars purchase paths
A number of Steem users have suggested it would be nice to have a direct path from Steem and Steem Dollars to US dollars, so we've added the following trading pairs to https://blocktrades.us:
- OPEN.USD -> Steem
- OPEN.USD -> Steem Power (SP)
- OPEN.USD -> Steem Dollars (SBD)
- Steem Dollars -> OPEN.USD
If there's sufficient interest, we can also look into adding support for OPEN.EUR (Euro-backed asset).
What is OPEN.USD?
OPEN.USD is a USD-backed token on the BitShares trading network that is supported by OpenLedger, a decentralized exchange that operates on top of BitShares. Note: anyone on the BitShares network can trade OPEN.USD tokens, but you must register with OpenLedger as a fiat user in order to deposit or withdraw OPEN.USD tokens. To register as a fiat user, you have to submit identity information to OpenLedger, so that they can comply with "Know Your Customer" and anti-money laundering requirements. Registerd fiat users can deposit USD to OpenLedger's bank account in exchange for OPEN.USD and withdraw USD from OpenLedger's bank account with OPEN.USD tokens. Last time I checked, there were no deposit fees, but there was a withdrawal fee of 3%. Another thing to note is I believe that it's currently a manual process for deposit/withdrawal, so it's not immediate.
Nice to see a reasonably direct fiat gateway for the Steem ecosystem.
I agree. This is awesome.
what @smooth said. :)
I can't wait to try it out.
Excellent step forward!
Thanks @blocktrades!
Who Is James?
The only thing I don't like is that one has to create another drat account and the "withdrawal fee of 3%" is significant.
I would love to see the euro version and I can say my whole family @manipulable @demotruk @bluesnut & @letsgetlost would too!! Lots of demand here 😊
One giant step forward yes, but does anyone know the legality and essentially "what's the hold-up?" to simply opening an account somewhere (anywhere?) where I can enter my bank account routing/account number (like Coinbase), and use my USD to purchase Steem? And then cash it back to the same bank account on demand? A small fee would be understandable of course.
I'm sure it's just a matter of time (I hope), just wondering tho. Is the best solution to this problem as simple as "bug Coinbase?" or are Steemit users and Inc "all over this and working as fast as they can...?" Because I'd rather pay a Steemian developer the fee(s). Heck or even $6.95 - $24.95 USD to open an account, then "trade" without fees? I'm rambling sorry!
In an ideal world, it would be pretty simple. Unfortunately, regulations on this vary from country to country, and the regulations in the US are both ambiguous and simultaneously draconian.
Thanks @blocktrades... I just can't figure out why coinbase can do it for a bitcoin, but isn't doing it for Steem yet. Maybe as a dedicated Steemian, I'm just over estimating the demand, or they already would have by now?
Coinbase is pretty conservative: they only opened up to trading Ether and Litecoin recently.
Thanks again for the info and sharing your expertise. And I sincerely apologize as well, as it had to seem that I was diminishing your work by bitching about what can't be done yet, anywhere. So sorry man. I signed/up opened an account on blocktrades.us but I don't know what to d with it from there. I'm just that crypto illiterate to date.
@blocktrades that's amazing keep up the good work much needed for steem
one day ill go back and re read this stuff if I ever cash anything out. will prolly never do that though. lol
Is 3% fee is commonly accepted rate?
I would love for this to succeed!
That's quick :)
Best if have a link to an OPEN.USD FAQ page (about registration/withdraw/deposit etc) if there is one.
Registration info is under: https://bitshares.openledger.info/#/deposit-withdraw/ (you have to have an account on bitshares and click the fiat button to see it though). I don't know of any direct page to it, but I'll ask Ronny at OpenLedger about it.
These tutorials may be useful: https://www.youtube.com/channel/UCZHkjzM5Vp5RH0H_XGBtS0g
Thanks.
I found this is a related link: https://openledger.info/v/
Awesome stuff.