We are Switching to Bitcoin for Payments

Fred
We are Switching to Bitcoin for Payments

We are Switching to Bitcoin for Payments

Being in any of adult business category, it is becoming very expensive to accept payments online. The fees are too high, and banks are just reluctant to working with anything adult related. While it’s slightly more cumbersome for some, we feel that the benefits outweigh the inconvenience. We have decided to switch to cryptocurrencies completely!

Adoption of cryptocurrencies is still not high enough so if you have not used any of them in the past don’t worry. A lot of people haven’t. However, Bitcoin is becoming more and more common as a payment method, especially in adult category. You might be surprised, there are now travel companies like Expedia that accept Bitcoin payments. There are more than 250 reputable companies using Bitcoin and PornHub and LiveJasmin are few of them.

So you want to place an ad but have not worked with Bitcoin before. How do you get started? I don’t claim to be the crypto-expert but it is actually easier than I thought. I am going to share some things that I learnt while working with crypto-payments. Please look at instructions below on how you can safely get started and also look at the FAQ section below.

Creating a Bitcoin Wallet

If you have never created a wallet you have a few options. You can use an Crypto Exchange like CoinBase.com, or if you are more tech-savvy you can create a wallet by yourself using software like Electrum. These two options have pros and cons.

Using a Crypto Exchange

Crypto Exchanges are intended to be user-friendly and some of them (like CoinBase) serve your wallet as well. If you are new to Bitcoin this options is fine. Crypto Exchanges have received some bad press because some of them were hacked and lost many Bitcoins. Exchanges will usually ask you to submit some documentation as well to verify your identity. Provided it is not some sketchy exchange, this is not unusual since they have to comply with the laws of the country. Some of the most widely used exchanges are:

If an exchange is also providing your wallet, I would not put all my savings into it. It is nice to have a reasonable balance that you can afford to lose. Imagine that you are going for a night out and want to have some cash with you for convenience, to pay for few drinks, maybe buy some food. ATM will charge you some widthdrawal fees but you are fine with it. Personally I would treat a crypto wallet with an exchange the same way. If this wallet ever gets hacked, which is not likely, you will only lose the money in that wallet.

Using Electrum Software

If you do not want an exchange to serve your wallet it is possible to create your own wallet using one of the wallet applications. Electrum is the most widely used one, but there are plenty other apps that you can use. It feels a little less user friendly than using an exchange but its not that difficult to use. While there are ways to recover the wallet (using seed words) I still would not use this option to store large amounts of money. I usually keep an average of $250 for things I might want to pay. You can always deposit more money if you need more.

How do you add money to your electrum wallet?

  • Online. You can buy Bitcoin online from one of the exchanges I listed above. They all have different fees and, unfortunately, that is the most annoying thing about buying Bitcoin. Some are cheaper and some might require identification. Be careful who you share information with. I would only buy from reputable exchanges that I mentioned above.
  • Physical Bitcoin ATMs. Most likely you will have Bitcoin ATMs in your city where you can insert cash and get crypto. Some even allow selling your crypto currency. Check this simple video on how that experience is like. Fees really vary and sometimes it is not worthwhile for very small amounts like $20. This is one way to remain completely anonymous, however. Some people are okay paying extra for privacy.
  • Here is how you set Software like Electrum step-by-step

    • Download Electrum. Get it from the original website and do not get this from anywhere.
    • Create a wallet. Here is a 2 minute video on how to do this.
    • Deposit funds. You can use Bitcoin ATM or Online Exchange to do this. Remember, to deposit you need to use the receiving address which you can either copy and paste or scan the QR code.
    • Watch your Electrum wallet. It should sync fairly quickly and you will see the deposit
    • Seeing the transaction does not mean it is confirmed right away. This can take a little time
    • Once your deposit is confirmed you can start using it in our website or anywhere else
    • When you send money, it is the same idea as depositing. You will need to paste merchants receiving address or scan their QR code.

    Good luck and stay safe out there!