5 Reasons to Use Cryptocurrency in the Adult Industry
Are you a sex worker who is concerned about payment methods? Or a client who is worried about privacy? Here is a list of reasons why using cryptocurrency in the adult industry is becoming a popular solution to many of the problems we face whilst selling and buying porn online.
Fast, Cheap International Payments
Cryptocurrency is easy to use internationally, with no additional fees for sending to other countries. Whereas international transfers usually end up incurring high fees, or taking a long time due to mailing cheques, Bitcoin (BTC) is faster and has lower fees.
It is, in my opinion, the best payout method for international models on Chaturbate. Having been an international model on Chaturbate before BTC payout was an available option, I used to wait about 25 days in total for my cheque to arrive in England from the US and be cashed by the bank, which is a hell of a long time! With BTC payout, I can now have BTC in my wallet within 2 days, and cash in my bank within 3 days. Yes, it is THAT fast!
Transferring BTC into cash also costs less in fees than the bank charged me to cash a cheque. Even with the $3 charge from Chaturbate, it ends up still being cheaper.
Adult Work Friendly
Most payment processors such as PayPal specifically prohibit using their services to pay for adult content. Models are getting banned from these websites left, right and centre. BTC and cryptocurrency are decentralised (meaning no one is in charge of it) so nobody is banning you from using it.
With Circlepay closing down next month, and PayPal getting stricter and more ruthless with banning adult workers, cryptocurrency is establishing itself to be one of the best payment options out there for sex workers.
No Charge Backs
Another huge problem for adult workers with sites like PayPal, and even using certain clip sites, is the issue of chargebacks. A chargeback is when a customer pays for a service, and then claims a refund, either by claiming the transaction was made fraudulently, or that the service was not delivered. This is simply not possible with cryptocurrency. Once you have received the payment, the sender can’t undo it, or raise a dispute.
Whilst we’re on the topic of no chargebacks, though, be aware that this is still the case if you send money to the wrong cryptocurrency address, you can’t take that mistake back. So make sure you are cautious to make sure that you copy your address exactly, or, if your cryptocurrency processor supports it, use the provided QR code instead of the long provided address.
Private, Safe, Secure
Privacy and security are very important topics for both providers and consumers. Both sex workers and customers do not want their personal information revealed publicly, and the arbitrary cryptocurrency addresses mean that both parties do not see anything about the other person. This provides much needed safety for sex workers, and peace of mind for their clients.
Cryptocurrency is discreet and fairly anonymous. Some providers and consumers may not want certain websites to show up on their bank statements. Even in your online wallet, there is no record of who you have been sending money to, or why.
One wonderful benefit to cryptocurrency is that it is becoming steadily more useful, particularly in the adult industry. More websites are now accepting cryptocurrency payments, including ManyVids and Chaturbate.
You Can Spend BTC!
Coinbase (a cryptocurrency wallet/processor) has recently rolled out a Coinbase card. At this time, these are only available in the UK, but they are planning on rolling it out to Europe next, and it’s reasonable to guess that the US will follow soon after.
It is a card, just like your debit/bank card, but you can spend your cryptocurrency anywhere that accepts Visa cards. It has contactless payment capability. This is a huge step forward for the adoption of cryptocurrency.
Whilst there are many benefits to cryptocurrency, there are also several drawbacks that you need to be aware of. Firstly, as I mentioned above, you have to be very careful to ensure you send cryptocurrency to the correct address, because there is no way to reverse payments.
Secondly, because it’s a new currency, the value of cryptocurrency in relation to Dollars, Pounds and Euros is quite volatile, meaning that tomorrow, your cryptocurrency may be worth way more, or way less, than it is worth today. The value often drops and rises quite quickly, so if you are keen not to lose out on money, make sure to exchange your cryptocurrency for your local currency (£/$/€) as soon as possible.