You are viewing a single comment's thread from:
RE: SoS Daily News : news about the State of Steem @ 31 January 2019
I see, @shredz7. It would be like me buying something at a garage sale, or making a purchase from a friend. No one is a business, per se, so not necessarily regulated or taxed.
Done right, I can see such a peer to peer exchange being game changing. At this point, any fiat to STEEM mechanism is going to be game changing, as long as it's secure, cheap, and available to the masses.
I looked into it more and it isn’t really that either... SwapSteem doesn’t actually exchange the USD for STEEM/SBD, nor does the p2p network. It just acts as a facilitator for OTC (over the counter) exchanging. It just links two people together who then facilitate the transaction. It then uses escrow to make sure the transaction works out, but doesn’t actually handle transferring the money.