Another Breakthrough: STEEM About To Be Accepted Everywhere: STEEM Payment System (On The Bitshares Blockchain)
FUD be damned!!!!
Price action may indicate the crypto world is in the fast lane to total devastation (Utopia to Jamie Dimon) yet the development says the exact opposite.
How would you like to be able to spend your STEEM at any retailer? Would this be a revolutionary breakthrough?
It might be happening very soon.
A new application is set to be put on Google Play this week which will allow retailers to accept cryptocurrency.
PalmPay is a system is designed to interact with existing point-of-sale systems that retailers are already using.
According to their website, the advantage to the retailers is "Zero cost. Zero setup fee. Zero transaction fee. Zero monthly fee. Your Customers pay the tiny 0.5% transaction fee to pay with their favorite digital currency."
Built upon the Bitshares blockchain, this system provides the security that comes from decentralization in that it cannot be hacked. Also, ID -theft and card fraud are gone along with credit card feed.
In addition to the security and speed provided by the Bitshares blockchain, there is also the Smartcoins that were created on the Bitshares network. One of the major obstacles for retailers taking cryptocurrencies is the volatility. How can one price an item when the price is apt to move in 10% in either direction in a matter of minutes? Smartcoins are pegged to their underlying asset meaning they can instantly convert from a cryptocurrency to the Smartcoin eliminating the volatility.
This appears to be another project that shows the capabilities of those on STEEM. According the to the information on Telegram, this project was put together by @agorise. The talent on this blockchain is simply astounding.
To me, this could become a major game changer in the crypto world. This realistically could bring cryptocurrency into the mainstream. Many often ask, where can I spend it? The answer could well be anywhere.
The fact that this is including STEEM while also being on the Bitshares blockchain is very exciting. I know a number of us own both those currencies.
Welcome to Cryptocurrency 2018, where things are happening at a rapid rate.
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ok....low steem energy today, thank you for the uplift @taskmaster4450, i need the encouragement, the top 3 biggest reluctance I get when introducing crypto and Steem to friends and strangers that don't mind getting hassled by @dj123:
If You Don't Agree With Me, Please Throw In An Upvote Anyways And Put a Smile In My Day Ok :P
source: memecdn
People say to the moon a lot around here. Me? I just want a Tesla
Steem is an amazing payment system, you can leave a memo, less than a second transaction and free of charge! Imagine a restaurant with payments via steem, where customers can leave reviews and tips etc, sounds like the future to me!
Also, here's the first of my suggestion post we talked about yesterday. I think it's a bit messy to be honest because there's so many ideas in it but here.
It's a bit long haha
Sometimes it takes a lot of words to get the ideas out @cryptoeater LOL
Yes STEEM is an amazing payment system. Bitshares is also equally as fast and powerful. This application could really end the question "what do I do with it once I get it" that people have about crypto. Now the answer might be, spend it wherever you want.
Mainstream adoption is just around the corner hopefully. This will really produce great results and increase the interest in the top tokens. STEEM is sitting on one of the best blockchains. This is huge.
i agree!
did you wanna take a look at the suggestion post?
i wrote it due to the attention it got on your post!!
Bitcoin doing same according to this analysis towards 20k.
https://steemit.com/bitcoin/@salahuddin2004/bitcoin-13-02-2018
Super cool! Gotta try it out. OMG, I need more hours in the day and not sleep to keep track of all the exciting updates coming out in the crypto world. Thanks for sharing Taskmaster, please let us know when it's available on Google Play. regards!
I will keep an eye on it....
If you need more hours in the day, just send the twins to college already....tell the admission people they are child prodigies.
Start them young, give them more time to pay off their student loans.
If they are so smart they will invest in crypto, write on Steemit and won't be paying any loans ;)
I think the ZERO transaction fees ZERO setup fees is what is gonna sell this to mass adoption. As a small business owner I hate that I pay credit card processing fees. It cuts into my bottom line.
Yeah and the fees that MC and Visa charge arent small....
Depending upon the business and how tight the margins are, 2% or so can be rough.
Imagine grocery stores that operate on roughly a 6% margin...that fee is high...and most groceries are bought with MC/Visa is would guess.
The .5% onus is on the consumer but, when you think about it, that is a lot less than the amount one pays to convert crypto into fiat on the exchanges.
This is a great news. Crypto community waiting for this for a long time, but I think the problem will be how to convince retailers to trust and accept this form of payment. As I understand from this @agorise rebrand Blockpay to Palmpay. I have a question for them: What will happen with blockpay tokens people invested in?
Good question....
Maybe that is part of the fees they charge.
Thanks for this great news @taskmaster4450
This is a good news. Steem is making wave already and many merchants will be interested in using steem for transactions. We are in the crypto world
taskmaster4450
Just as you said at the "Orlando Steemup."
This is the year. 2018
And you were so convincing. That I moved much more than I would have.
I like Steem very much and I like Litecoin too.
Thank you for your determination to know and to learn.
You have helped a lot of us.
Francis
I am glad I could help @francisk.
And so far, I am only about $96 off from my $100 prediction. We are almost there....
Good thing there is still 10.5 months left.
Although I need things to kick into gear if my $10 STEEM by St Paddys Day will come true.
Day by day crypto world is growing up to highest level. This is the really a great news for all crypto currency users. When latest payout system will be started and any apps is given in playstore. please inform us through your post. Thank you very much for sharing. Really this is the great breakthrough for us. I will wait for your next post.
Yes we are seeing cryptocurrency move more towards the mainstream.
Applications like this really will help the transition.
Hopefully this takes off in a big way.
Can't wait to see this go international!! Although one part I don't understand :
I don't get how this gets rid of the volatility. I thought the price of smart tokens are equally volatile.....or is it not? Need to learn more about this. If you happen to know any great articles explaining this topic that would be great.
Also, how does this link the seller to fiat exchange? Because that's what the seller are eventually gonna be looking for. Can they convert the smart tokens to fiat instantaneously and what kind of fees should they be expecting to pay for that?
The volatility is removed because the token on Bitshares is pegged (closely) to $1.
For example, if someone used BTC to make a payment, that BTC is instantly converted to bitUSD. Now the shop is holding bitUSD. Throughout the day this could occur until day's end when all the bitUSD are accumulated. At that point, the shop could convert to USD through openledger.
Ah okay.....so for example, someone pays in Steem for example. At the time of payment steem was priced at $5 and a payment of 1 steem was made. So regardless of where the price of steem is at the end of the day, the shop will still be getting around $5....did I get it correct?
Yes although it is not at the end of the day, it is instantly.
The STEEM would be converted to bitSTEEM which is pegged at $1. So one STEEM would be converted to 5 bitSTEEM....which is worth $5 at the moment of the change and at the end of the day and three days later.
Awesome....thanks so much for the clarification. My concept of the bitBTC and those things was bit hazy, now I get it perfectly.
Cheers!!
I own a boatload of bitshares that I've been accumulating the past several months. Didn't expect to see it dip back down into the 0.20's again after December but it's a good chance for those who missed out (and for me to get more). Steem is my #1 holding.
This is excellent news and thank you for sharing it! Great read to start my day with.
I am with you @cryptokeepr. STEEM is my number 1 holding with BTS number two.
I did take the opportunity to add more on the pullback. I added at $.40, $.30, $.25 and .$20.
I guess you could say I was buying on the way down....I am very happy with the purchases.