Note: I want to preamble this by saying that I'm not some loony that rejects fiat currency: I've just had positive experiences with the financial side of my business when being paid on crypto currencies and want to talk about it.
I'm going to mention a few things that I think are important when determining how good crypto currencies (CC) are when compared to other methods of transfer in adult entertainment for goods and services.
Fees
This is by far the biggest factor.
Ever had PayPal money that you've used to pay someone else in adult entertainment? As someone who receives money from clients via PayPal, let me tell you: it sucks. You get charged a pretty hefty fee for the transfer (around 3-5% in some cases) and when you want to withdraw the money, you're getting slammed hard if it isn't in your native currency, taking an extra 3-4% off the top.
Paxum is slightly better in that transfers are like 30 cents, but it also has the exact same fee issue when switching currencies over. Fees suck, but with crypto currencies, the fees associated with transfers are incredibly low: we're talking less than 0.1% in most cases, and since 1 Bitcoin is the same in Europe, Australia, Canada and Singapore, you're not getting shafted for doing business with people who don't use the same fiat currency as you do.
Quick Setup Time
I have one client that has attempted to get an account through Paxum for the last three months and keeps on having issues with their team. The phone number doesn't work, the support staff take ages to verify documents and I myself had an issue last year where an international bank transfer to my account took 10 weeks to verify. Even getting sent the Paxum card in the mail is frustrating and takes a long time to get sorted.
Bitcoin wallets, on the other hand, have no verification needs. You create one, you have a username and password, it's done. These things are safe too when used correctly: make sure you back up your wallet and there's little risk of outside influences getting access to your money. There are several points of failure that a business like Paxum has that CC doesn't.
Personalised Risk Management
Who here remembers Chris Mallick? I sure do, because that asshole still owes me thousands of dollars that I had in my ePassport account way back in the day. The adult industry has already seen that even industry standard methods of financial transfer aren't all peaches and cream. The great thing about CC is that you are entirely in control of your money. You hold it and you ensure that it's safe.
Additionally, how many people here have had their PayPal accounts banned in the past for adult-related activities? They seem to be a little more lenient over the last few years toward adult enterprises, but there are enough horror stories regarding PayPal to make it a less than attractive option for the storage of money. The same goes for Paxum: I remember reading a thread here just a few days ago about how someone had their account closed with quite a few grand stashed inside.
Conclusion
I'm going to start making CC my primary request for payments of goods and services from now on. If you want reviews from me, I'll say that I want CC. Want some SEO on your escort website? I want CC. I'm okay with Bitcoins, Ether, Monero or whatever else you've got. I'll also take Paxum, PayPal, Western Union, International Wire Transfers and whatever else, but right now, the pros and cons of all methods available to me show that crypto currencies are, by far, the most sought after way of getting paid.
But yeah: anyone else starting to feel like CCs are going to be the future of online business transactions?
I'm going to mention a few things that I think are important when determining how good crypto currencies (CC) are when compared to other methods of transfer in adult entertainment for goods and services.
Fees
This is by far the biggest factor.
Ever had PayPal money that you've used to pay someone else in adult entertainment? As someone who receives money from clients via PayPal, let me tell you: it sucks. You get charged a pretty hefty fee for the transfer (around 3-5% in some cases) and when you want to withdraw the money, you're getting slammed hard if it isn't in your native currency, taking an extra 3-4% off the top.
Paxum is slightly better in that transfers are like 30 cents, but it also has the exact same fee issue when switching currencies over. Fees suck, but with crypto currencies, the fees associated with transfers are incredibly low: we're talking less than 0.1% in most cases, and since 1 Bitcoin is the same in Europe, Australia, Canada and Singapore, you're not getting shafted for doing business with people who don't use the same fiat currency as you do.
Quick Setup Time
I have one client that has attempted to get an account through Paxum for the last three months and keeps on having issues with their team. The phone number doesn't work, the support staff take ages to verify documents and I myself had an issue last year where an international bank transfer to my account took 10 weeks to verify. Even getting sent the Paxum card in the mail is frustrating and takes a long time to get sorted.
Bitcoin wallets, on the other hand, have no verification needs. You create one, you have a username and password, it's done. These things are safe too when used correctly: make sure you back up your wallet and there's little risk of outside influences getting access to your money. There are several points of failure that a business like Paxum has that CC doesn't.
Personalised Risk Management
Who here remembers Chris Mallick? I sure do, because that asshole still owes me thousands of dollars that I had in my ePassport account way back in the day. The adult industry has already seen that even industry standard methods of financial transfer aren't all peaches and cream. The great thing about CC is that you are entirely in control of your money. You hold it and you ensure that it's safe.
Additionally, how many people here have had their PayPal accounts banned in the past for adult-related activities? They seem to be a little more lenient over the last few years toward adult enterprises, but there are enough horror stories regarding PayPal to make it a less than attractive option for the storage of money. The same goes for Paxum: I remember reading a thread here just a few days ago about how someone had their account closed with quite a few grand stashed inside.
Conclusion
I'm going to start making CC my primary request for payments of goods and services from now on. If you want reviews from me, I'll say that I want CC. Want some SEO on your escort website? I want CC. I'm okay with Bitcoins, Ether, Monero or whatever else you've got. I'll also take Paxum, PayPal, Western Union, International Wire Transfers and whatever else, but right now, the pros and cons of all methods available to me show that crypto currencies are, by far, the most sought after way of getting paid.
But yeah: anyone else starting to feel like CCs are going to be the future of online business transactions?
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