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What if you guys were to start offering tickets for FIAT payments where the transaction happens via wire solely between the buyer and the seller. Users would still pay you guys to open and oversee the transaction but the funds would simply be wired directly to the buyers from the seller instead of going through an intermediary.
This would obviously carry immensely more risk but I’m certain that there are users on here that would rather take on that risk and employ whatever mitigating measures they can to minimize it (dealing only with VIP/DC users, reviewing feedback, etc.) than risk getting stuck with a six figure tax bill after an audit reveals that all the crypto payments made to SWAPD aren’t eligible for a write off. I’d rather agree to having less SWAPD protection and continue doing business with SWAPD members I’ve already built relationships and trust with than risk the former happening to me.
The issue isn’t really with acquiring or paying with crypto, it’s about how your relevant government authorities will ultimately view those transactions. If you’re someone operating on like a 30% margin and you’re getting taxed at a 40% rate, if your payments are deemed to not be subject to a write off, you could potentially end up in a massive hole, especially if you’re doing massive volume sales. I’d much rather risk falling to a few scams here and there that I’d write off as a cost of doing business than get taxed on 100% of my revenue.
Five years ago, if someone had suggested this to me, I would have laughed it off. But now? I’m 99% convinced it’s true. Observing the backend trends, there’s been a noticeable shift. What used to be a preference for PayPal or bank wire over crypto has now evolved, with crypto increasingly becoming the dominant choice in checkout tickets (over 75% of transactions on SWAPD are crypto now)
I am so proud of you guys and the transition to go crypto! This is an amazing and smart move into the future. It’s only one way from here, and that’s up!
Mid-month update. We thought disabling FIAT would be a disaster, but it seems it hasn’t affected the amount of our monthly transactions in any way. If anything, I feel we’re getting slightly more business. Why is this important? Because despite our 2024 attempt to bring more payment options back to our users, we’re highly skeptical that they will last. So, this December no FIAT test is an excellent prediction that even if we’re forced to do crypto-only, WE WILL NOT BE KILLED.
