A Sex Worker’s Guide to Accepting Cryptocurrencies

Seller Tips For Sellers
A Sex Worker’s Guide to Accepting Cryptocurrencies

Crypto is the Perfect Medium of Exchange for Sex Work/Panty Selling

Cryptocurrencies can solve a lot of problems with payments for adult/sex workers. You may or may not be aware that many countries and companies do not allow certain industries to use their service & in Canada, we can’t use Cashapp.

Rather than having restrictions with payment providers like PayPal and CashApp, trading cryptocurrencies can be private. The buyer will only know your public key, which is basically your username with a random array of letters and numbers. The great thing about Cryptocurrency is that you will never need to worry about an app shutting down your account due to the nature of your work.

Isn’t it Complicated?

Yes and no. It takes some steps to get started, but I’ll explain everything.

You don’t have to understand blockchain technology to use cryptocurrencies. Let’s just erase blockchain from our heads.

Cryptocurrencies are bought and exchanged with fiat currencies, such as dollars, euros, and pesos which are regulated by governments. To contextualize, when you exchange Dollars for Euros, you are buying Euros, a currency that has value because we assign it value. So cryptocurrencies aren’t that different from traditional currencies.

Isn't Bitcoin Expensive?

As of May 9, 2021, a single Bitcoin is worth $57,439.44. However, one Dogecoin only costs $.4969. So, does that mean you can’t afford to buy Bitcoin and have to stick with meme cryptos? Absolutely not, you can buy a small fragment of any coin, so you can certainly own $20 worth of Bitcoin!

It is important to know that the price of cryptocurrencies fluctuates a lot more than fiat currencies (USD, GBP, EUR), but if you’re cashing out immediately to a fiat currency, this won’t affect you. At least not much. But we’ll come back to this later.

Are There Other Cryptocurrencies Out There?

Yes, thousands, but here are the most popular coins to date in 2021.

  1. Bitcoin (BTC)
  2. Ethereum (Ether)
  3. Ripple (XRP)
  4. Bitcoin Cash (BCH)
  5. EOS
  6. Cardano (ADA)
  7. Litecoin (LTC)
  8. Stellar (XLM)
  9. IOTA
  10. NEO

How Can I Receive Cryptocurrency From a Buyer?

Firstly, you’ll need to set up an account at a Cryptocurrency exchange. I advise googling “Best Crypto exchange for Canada” or wherever you are. There are many out there, you may have heard of Coinbase, Binance, Kraken and Bittrex but there are some restrictions. For example, Binance does not operate in all US states and Coinbase may make you keep crypto in your account for a certain number of days before releasing it. When comparing exchanges, you want to check what fees they charge for trading. I currently use Bittrex but please see a comparison of exchanges here.

To sign up, you’ll have to provide some personal information. It might seem like a lot but ultimately, it’s the type of information your bank has on you.

Next you need to find the location of your account balances or wallet on the exchange. Once there, you will find a list of all the cryptocurrencies offered. You should then see a list of cryptocurrencies with an option to deposit & withdraw.

To receive Cryptocurrency you will need to select the deposit option & it’ll show you your address/public key. Copy/paste this key to provide to the buyer. As mentioned earlier it is a set of letters and numbers, and please ensure it's correct, otherwise, you may never receive your funds.

The buyer will then send the Crypto to this address/public key for the product you’re selling. If it doesn't come instantly do not worry, some currencies come quicker than others. Bitcoin is notoriously slow, and ADA (Cardano) is fast!

How Do I Exchange It For My Fiat Currency?

Once funds are received on the exchange, you can withdraw your local currency instantly and to your bank account. But Bittrex can take up to ten days.

What if I Want to Keep My Cryptocurrency & Not Exchange It?

Firstly, you need to be aware that although you could make money, you could also lose money. Never keep more money in cryptocurrency than you are willing to lose because the price can fluctuate. However, there are more stable cryptocurrencies. Bitcoin is king, but it may not always be. Personally, I’m banking on ADA (Cardano).

To keep the Cryptocurrency you have 2 options you can either leave it on the exchange which comes with its own risks or you can set up your own private wallet.

Just to clarify, every Cryptocurrency wallet has a public key and a private key. When you keep your crypto on an exchange, the exchange holds your private key for you, which means you don’t have full control over your cryptos.

This is important to be aware of because if the exchange gets hacked or was to disappear and you could lose everything just because you don’t have access to that private key. Although this is extremely rare especially with bigger exchanges.

If you choose to get your own wallet, you would have access to both the private and public keys but this can lead to even more complications.

Cryptocurrency has the potential to help the ongoing issue with adult work and payments but as always, do what you’re comfortable with.

Feel free to message me with any further questions!

Love you all.

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