Maybe they can withdraw it to their bank accounts and pay taxes as IT enterpreneurs. Exchanges don’t have access to tax records and have no ways of finding out if they are linked to certain companies. Those people can probably declare it fully open in the taxes that they work on Steam’s behalf for example, how exchange gonna find that out?
There are countless payment processors and digital wallets, and new ones open regularly. You just don’t hear about them (esspecially in North America) because unregulated capitalism has allowed Visa, Mastercard and PayPal to monopolize the market.
So the only problem is that we don’t hear about them? But we can use them? If that is the case, why don’t Steam and Itch abandon Visa and Mastercard and switch to something else entirely? In crypto, switching to another exchange is as easy as sending your crypto to an address. There are fixed withdraw fees. So you can send for example $100 billion worth of crypto for a fixed small fee (numbers for popular exchanges: $0.17-10 for BTC, $0.4-6 for ETH), no questions asked where you send and why.
What stops that from happening again?
The endgame of all this is that you don’t need to convert crypto to fiat at all. But it’s nowhere close so far.
Maybe they can withdraw it to their bank accounts and pay taxes as IT enterpreneurs. Exchanges don’t have access to tax records and have no ways of finding out if they are linked to certain companies. Those people can probably declare it fully open in the taxes that they work on Steam’s behalf for example, how exchange gonna find that out?
So the only problem is that we don’t hear about them? But we can use them? If that is the case, why don’t Steam and Itch abandon Visa and Mastercard and switch to something else entirely? In crypto, switching to another exchange is as easy as sending your crypto to an address. There are fixed withdraw fees. So you can send for example $100 billion worth of crypto for a fixed small fee (numbers for popular exchanges: $0.17-10 for BTC, $0.4-6 for ETH), no questions asked where you send and why.
The endgame of all this is that you don’t need to convert crypto to fiat at all. But it’s nowhere close so far.