Sex Workers Turning Their Eyes To Cryptocurrencies To Substitute Banks

Last Updated: June 10, 2018 at 7:10 PM EST

Sex workers are turning their eyes on cryptocurrency use more and more every time, due to the decentralized and private character of these crypto assets, in contrast with the heavily centralized and unjustly regulated banking system, according to some pornstar and sex workers declarations in an article published today by Coindesk.

Commonly, the first experience of sex workers in the world of cryptocurrencies is by accepting payments from individuals that prefer to maintain their anonymity in these questions; but most exchanges it to fiduciary money quickly. But according to pornstars and sex workers consulted by the source, more and more performers are inclined to introduce themselves into holding cryptocurrencies as a way of bypassing recent regulations.

These regulations have to do with how sex workers are considered “high risk” by central banking institutions; and sex workers, if discovered, can have their assets and accounts frozen by these organizations. It can sound like a fantasy thing, but it has really happened before: in 2014 JP Morgan Chase closed the accounts of some sex workers without telling them the reason for doing so. So they are trying to keep out of the grid as much as possible.

So out of the grid, that some of them recommend cold storage and staying away from cryptocurrency exchanges that require ID to operate on them, like Coinbase; cold storage means having your cryptocurrency funds in a safe personal device like a hardware wallet. This effectively means that you can be your own exchange, but it also encompasses a greater level of responsibility with your assets. If they forget the keys to the device or lose it, they will never be able to recover them.

And this just might be the thing to do, because there is a new bill called “End Banking for Human Traffickers Act” midway to the Senate, that could complicate even more the lives of banking for sex workers, depending on some definitions that it touches. Be it as it may, they won’t wait till it passes, and are embracing cryptocurrencies right now.