“Cryptocurrency” sounds like something from the future – except the future is now.
The basic idea behind cryptocurrency is, instead of physical money, you can use a digital asset as a medium of exchange. It’s a virtual currency. Just like there are many different types of physical currencies – dollars, pesos, yen, francs and so many more — there are over a thousand types of cryptocurrency vying for attention and investment on the market today, the most famous being Bitcoin.
Imagine taking your cash to a broker who converts it to a cryptocurrency. This can then instantly and privately be sent anywhere. The recipient of your crypto-cash can either re-spend it or convert it back into conventional currency. Anyone with an internet connection can set it up.
Cryptocurrency could be beneficial to you as it’s an online-based form of exchange and offers superior privacy for both clients and cammers. Cryptocurrency is also decentralized. This basically means it’s not controlled by banks or governments, which has its pros and cons.
General Crypto Pros and Cons
We spoke to a project reporting analyst for emerging markets who we are going to refer to as Jamie (not their real name) to find out more.
Jamie told us: “As there are no central company controlling crypto, the transaction fees are tiny. It’s secure in the fact that you can only access the funds with a private key password etc. It’s hard to hack, but a lot of people get caught by phishing scams. Because it’s decentralised, it also means if something goes wrong you don’t have a bank to ring up and complain to.”
But, how could cryptocurrency work for cammers specifically?
“The adult industries as a whole are primed ready for cryptocurrency adoption as the transactions can be made untraceable with privacy coins,” Jamie explained. “A lot of clients and content producers in that sector are looking for anonymity. Crypto would offer fast secure anonymous payments. It’s like having a credit card without all the charges and traceability.”
The pros are obvious as lots of cammers operate under different names and try to keep their cam work away from their everyday life. It would also make using cam rooms more attractive to people trying to keep this hobby away from family or partners. Reduced transaction fees would allow cammers to keep more of their income — but isn’t cryptocurrency often a con?
“Lots of ICOs [Initial Coin Offerings] are scams, and there is a lot of misinformation as everything currently available on crypto is from people with a vested interest,” Jamie said. “[For instance], if two coins do roughly the same thing and I’m very invested in one, it’s in my best interests to slag the other coin off.”
“Caution is the key word in this space. Regulation will be in place eventually and then things will be less risky. At the moment, it’s a bit like the wild west,” they added.
There are plenty of cryptocurrencies aimed specifically at the adult industry – things like Bunnytoken, Spankchain and PronCoin. We asked Jamie if these likely to be the best cryptos for cammers to be looking at.
“If I was a betting man, I don’t think there will be a dedicated adult industry coin which wins this race,” they explained.
“I think it will be one of the privacy coins that is the big winner in this sector. By their nature, they offer more of what the adult consumer wants, which is ease of access and anonymity. One day, they could be as readily available as the cash in your pocket. So, you wouldn’t have to buy a dedicated adult coin for the same benefits,” they added.
Jamie also talked about something that seemed somewhat myseterious: “Monero is big on the dark web, and Verge is one to watch too. Cammers can take these as payment as easy as cash, and the transaction can be made private.”
So, what are Monero and Verge?
Monero is a secure, private and untraceable currency system using a special kind of cryptography to ensure all transactions remain un-linkable. Unlike Bitcoin, which is a totally open ledger, you can’t see the history of Monero.
Verge is a privacy-focused cryptocurrency that aims to keep transactions anonymous and untraceable while allowing for high throughput and fast confirmation times. Verge is entirely open source and community driven. There is no company behind it.
Given the unstable nature of some crypto and the inevitable regulation, it looks like to be something like Verge or Monero may become the adult-sector crypto of choice.
“To make a comparison to today’s world, [when you are selling something], would you offer to take Visa, Mastercard or a random credit card only? Optimally, you would choose to take all three. Same for crypto — the more options you offer the better, but using the above example most people will opt for Visa and Mastercard as they’re better known and trusted,” Jamie explained.
Looking ahead, it looks like one day crypto could replace systems like PayPal and credit cards as the chosen form of payment. Much regulation is needed however before this finds it place in the web cam community.
Disclaimer: These takes on cryptocurrencies are one analyst’s opinion only and do not constitute financial advice.
Katy Seymour is a super-sex-positive writer in the U.K. who believes kink is life. Email her at firstname.lastname@example.org.