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If any of those people or businesses are located in the US or similar countries, they're either selling some of that crypto for taxes or just not reporting it.

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Once people start receiving the scary and confusing 1099s next year from using Venmo et al. from Bidens new policy, crypto may seem preferable to some people. Pro taxists often underestimate the fear common people have of tax authorities.

There's no difference in taxation between the two and not much difference in how easily the government can see how you used them.

Most of these 1099s are going out to people who owe little or no tax on the transactions, such as people who split restaurant bills worth more than $600 over the course of a year.

No, it doesn't apply to family and friends payments.

https://help.venmo.com/hc/en-us/articles/4407389460499-2023-...

In crypto of course you have to do all that bookkeeping yourself.

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