In the face of tighter industry regulations, sex workers are turning to cryptocurrency

In the face of tighter industry regulations, sex workers are turning to cryptocurrency

• Bitcoin is a method for many sex workers to restore their financial independence.
• Sex workers can use cryptocurrency to deal with chargebacks.
• Sex workers might also dodge payment processors that can close their accounts at any time.

Bitcoin is a way for many sex workers to reclaim their financial independence, and it is quickly becoming an industry standard.

In 2018, the United States established a federal statute to combat internet sex trafficking. FOSTA – SESTA, or the Fight Online Trafficking Act and Stop Enabling Sex Traffickers Act, meant that web site owners might face criminal prosecution if their content facilitated trafficking.

Sex workers can use cryptocurrency to cope with chargebacks, which occur when a consumer says they were fraudulently charged for a product or service they did not receive. Most of the time, it is the workers who are responsible for repaying the funds.

Although these claims are not always correct, crypto offers a solution because all crypto transactions are final, preventing chargebacks.

Sex workers can also use cryptocurrency to get away from payment processors that can close their accounts at any time. Visa, Mastercard, and PayPal have all taken action against sex workers' accounts.

Almost usually, these corporations claim that they did so because rules forbid them from engaging in "illegal and brand-damaging acts." The absence of crypto expertise is one of the few There are still certain roadblocks to bitcoin acceptance in the sex work business. Although sex workers have produced and distributed online tutorials on how to utilise crypto, there is still a significant knowledge gap.