Guide to paying with cryptocurrency

First thing’s first – you probably shouldn’t be learning how to use crypto from a porn site… but hey, since you’re here already so let’s do the best we can.

Adult sites were the first to pioneer online card payments so it’s somewhat fitting that it’s the same with crypto.

 

 

Why Crypto?

Simple: Censorship resistant value transfer.

As you may or may not have been aware, not that long ago a bunch of adult performers had their bank accounts shut down by chase bank in the usa, just because they were adult performers. This is a creeping tide of censorship and a method of control & subjugation. This makes it quite difficult for sex-workers and content producers to transact (by design).

Well what if there was a payment settlement layer like visa or ACH or BACS or IBAN/SWIFT but which didn’t make jusdgements on whether you could transact or not? That would be pretty neat, right? especially if there was actually *nobody* in charge of it and it was by now pretty much too big for anyone to actually have enough computing power to mess with it? That could be cool and then sexworkers and whoever could transact  without restriction. Also if it’s stored securely it;’s very very difficult to confiscate. Well that’s basically what Bitcoin is, which is why we like it 🙂

We’ve been forced to use it because of that creeping censorship, and whilst we love the folks at CCBill and they do a fantastic job (they really do!), this gives us, and you, some additional options.

 

Terms/glossary:

 

Fiat currency: Made up currency, i.e. currency not backed by anything except debt – e.g. US dollar, British Pound etc. These used to be backed by precious metals (“gold standard”, “sterling silver” etc) but not any more, which means governments can just issue more money, reducing the buying power of the individual. It’s basically theft on a massive scale. The government makes your money worth less and prints more for themselves and their cronies. Bitcoin fixes this.

Bitcoin: the only *truly* decentralised cryptocurrency/digital currency. It’s a public ledger and peer-to-peer settlement network comprised of a network of nodes which process transactions and compare notes to make sure all transactions are correct. Fresh Bitcoin are “mined” as a predictable rate by the nodes on the network doing lots of maths as a “proof of work”. This helps secure the ledger since it’s very difficult to change the transactions and then also replicate the work to back that up, because of the sheer computing power needed. Other “cryptocurrencies” aspire to that level of decentralisation and some even get close, but even ones like Monero/XMR which are perhaps somewhat better on privacy, still have a central “foundation” which basically controls development and functions as a point of failure.

Bitcoin doesn’t work like that. There is nobody “in charge” of Bitcoin, it works on a consensus basis with both developers reaching a consensus on the code, and nodes reaching a consensus on the status of transactions. Bitcoin is the only truly neutral payment network and if stored correctly is effectively an unconfiscatable asset.

One of the things which makes BTC so unique are the conditions under which it came about. We don’t actually know who created it, only that they went by “Satoshi Nakamoto” and then disappeared. This is sorta what gave BTC it’s push as a decentralised thing. There’s no central governing body, nobody to decide how it should go, nobody whose head you can put a gun to and force to change the protocol (unlike literally every shitcoin).

From a sexwork perspective that means unlike with bank and cc systems, nobody gets to decide whether you can transact or not, whether you can or can’t get paid. The bitcoin network gives exactly 0.0000000 fucks who you are. If your transaction is valid with an appropriate fee it’ll get processed and that’s that. There are no chargebacks on Bitcoin either. If you want to learn more check out this guy

 

 

crypto: by that we mean cryptocurrency of any type. Cryptographers don’t like the term since their’s is the “real crypto” (and they’re right) but hey the term stuck and it’s easier to type.

Monero/XMR: used to be called bitcoin-private or darkcoin or something then a few years back it changed and has stayed as monero. It does have a central “foundation” type thing which is somewhat of a central point of failure so it’s not really even close to Bitcoin in that respect (or in scale of developers), but they do have some pretty cool privacy tech and is probably somewhat more private than bitcoin at this point (though there’s some updates happening with bitcoin which might change that). You can’t get monero from coinbase and tbh if you’re using monero go read the docs, they have lots of helpful guides and stuff.

Bitcoin/crypto onramp: somewhere where you buy crypto – might be an exchange like Coinbase, Gemini, Kraken, Bitstamp, Bittrex, Bitbargain.

KYC: “know your customer” – basically where an onramp will verify your identiy with driving license, credit card or other documentation to make sure you are who you say you are and to allow them to track you better online. Examples of *non*-KYD’d sources of Bitcoin/crypto would be Bitcoin ATMs, or sites like Localbitcoins.com where people meet and exchange cash for BTC face-to-face.

AML: “Anti Money Laundering”- another set of rules exchanges and onramps have to comply with to prevent un-sanctioned money laundering (as opposed to the “sanctioned” money laundering performed by governments thru quantitive easing and inflation).

Shitcoin: Basically, with the exception of Monero, it’s pretty safe to assume that any crypto currency which isn’t Bitcoin (with the ticker BTC) is a scam. The degree of scamminess varies but they literally all are. Monero has some privacy advantage over BTC currently, but as BTC develops layer-2 scaling solutions (e.g. lightning network) that edge will likely disappear. There are also many direct clones and variations of Bitcoin – Bitcoin gold, Bitcoin diamond, Bitcoin Cash, Bitcoin “Satoshi’s Vision”. Literally all centralised, worthless garbage, missing the sine-qua non of bitcoin, and what gives it it’s value.

Exchange/”Shitcoin Casino”: Somewhere you can exchange fiat currency or bitcoin for shitcoins.

 

How it works:

You got to coinbase.com, register an account and enter your card details. There’s usually a verification stage but that can go quite quickly or slowly..seems to be luck of the draw. Quickly would be an hour or less, slowly might be 24-48hrs.

The initial setup and verification of an account on an exchange like coinbase can be annoying but once it’s set up it’s very easy to repeat the process, and can then you can send to whoever you like. For bonus points you can buy your BTC from coinbase (or whoever) and then keep it off exchange in a self-custody wallet like Electrum or Wasabi.

 

Where to buy crypto:

  • Cash app (usa only) – IOS | Android  <- This should be easiest for US customers
  • Coinbase.com– exchange/onramp/shitcoin-casino. Assume Coinbase are the Feds (because they are). That’s how much you should trust them. <- UK customers this is probably your best bet.
  • Kraken.com – exchange/onramp/shitcoin-casino
  • Bitstamp.net – one of the longest running exchanges.
  • Binance.com – exchange/onramp/shitcoin-casino

 

Cryptocurrencies we accept:

– Bitcoin/BTC: The original which always has the ticker “BTC”. Not “Bitcoin Cash”, “Bitcoin ABC”, “Bitcoin SV” or any of the other garbage variants.

– Monero/XMR: The most privacy focussed. Ring signatures, all encrypted, as far as we can tell.

Common myths about crypto

– it’s untraceable? False- details: public ledger, KYC’d exchanges

– Isn’t it only used for illegal stuff? False – details – 0.7% used for illicit activities (source: chainalysis)