Introducing Swapsteem

Repository

https://github.com/nirvanaitsolutions/swapsteem

Introduction

A lot has happened technologically in the last 2 decades. We have witnessed a robust improvement in the technological related sector. One of the technology-related sector that has witnessed enormous growth is the blockchain. The blockchain technology came with its own currency. These currencies are often called cryptocurrencies. Years after the first cryptocurrency was introduced, the world has witnessed the inventions of other numerous cryptocurrencies.

The good news is that what started as a child’s play so many years ago is gradually gaining acceptance. A lot of people and organizations are already embracing this new technology. With the continuous increase in the acceptance witnessed by cryptocurrencies, there is truly hope for a full adoption someday in the near future.

Statement of the problem

One major issue that cryptocurrency holders faced back then was the exchange process. People needed simple ways to convert their cryptocurrency into fiat. Fiat in this context means the conventional local currency. There was also a need for a medium which enables holders of a particular currency to swap with another one. That means, if a user has steem and is ready to change some steem into Monero, there should be a simple platform that helps this user to execute this transaction without having to convert the steem to fiat before buying Monero.

With the permission and my subsequent appointment by Swapsteem as one of their content creators, this is, therefore, my first post in the Swapsteem series. This series will focus on Swapsteem and how it solves the above problem. I will also give full tutorials on how to fully utilize the Swapsteem platform.

What is swapsteem

I may define swapsteem as a peer to peer exchange that allows users to trade steem and steem backed dollars (SBD) with different cryptocurrencies. It also allows its users to convert these currencies into their desired fiat.
However, swapsteem differs from other traditional exchanges. Unlike the other available ones, the users do not need to deposit funds into their account before trading.

Features and components

Swapsteem is an interesting peer to peer exchange with some features that make it stand out from the rest.
This article will look a few features of this platform. However, my next post will critically look at all the features and tutorials of this platform.

Instant currency swap

This is a major feature of this platform. This feature makes it possible for users to swap or convert from one currency to another. It eliminates the stress and losses incurred by trying to convert first into fiat before buying your desired currency. Before the introduction of this type of features, users had to go through a long process of numerous conversions before arriving at the desired coin.

Peer to peer market

This feature enables users to trade within themselves in a secured manner. Swapsteem has made it possible for holders of steem or any currency in the available category listed on the platform to trade in their respective market place. In this type of trade, swapsteem acts as the escrow and ensures the trade goes has agreed. In cases of incidents, the escrow has the right to interfere and look into the evidence provided. The presence of the escrow makes the traders feel more secured.

This section has several markets. The numerous markets make it simple for the user to identify the section that best fits His/her trade.
The different markets available include:

• Crypto market
• Steem-Engine tokens market
• Fiat market
• ERC20 tokens market
• EOS tokens market
• TRC20 tokens market
• BTS UIA markets.
  

Create New Listing

The platform also makes it possible for users to create their orders with their personal terms and conditions. It is one of the safest means of buying or selling of steem and steem backed dollars on the blockchain.

Comparison

Blocktrade.us is one of the available platforms that enable users to convert currencies. The advantage of Swapsteem over blocktrades is their lower transaction fees and their numerous coins.
Swapsteem supports far more coin conversion types than blocktrade.us.

Conclusion

Like I said in my introduction, this is just an introduction to the Swapsteem series. The next post will take you into the platform, I will also make sure that I give you all the necessary information that is needed to get you started. Swapsteem is a platform that is worth checking out and I will be glad if you check them out through the link section.

Disclaimer: The views expressed in this article are entirely my view and do not reflect the mind or view of anyone else. It is therefore not a piece of financial advice.

Resources

I wrote this post and all its contents based on my experience, research, knowledge, and personal use of the Swapsteem platform.
Most images are from my usage screenshots, and I provided links to all external images where applicable.

Link
Website: https://swapsteem.com