You never see any source in these articles. It is hard to imagine that Bitcoin would be useful to sex workers with it's transaction fees and speed. Smaller cryptocurrencies perhaps, but not Bitcoin.
The drawback of no regulation is that it tends to create opportunities for organized crime, including sexual exploitation and trafficing.
Transaction fees are remarkably low (< 1$ even at 10 sats /vbyte); they were extremely high for a period of time in 2017-2018 (IIRC) , which some believe was Roger Ver spamming the mempool during the block size wars.
As for speed, the lightning network (which is an L2 overlay using the same opcodes and enforceable on the main chain) completes payments in seconds (or less). I was shocked to discover in late 2021 how far LN has advanced since I first became aware of it a few years ago.
I won’t extensively address “The drawback of no regulation” right now, but suffice it to say that I see the potential benefits of transacting free from dystopian corporatist-government oversight outweighing the potential drawbacks, not only for disaffected groups, but for everyone.
I know little about virtual currency but I assume it would also need to be one of the currencies that does not have public ledgers. If an escort were busted they would face not only the criminal aspect but also tax evasion with a detailed record of transactions they would owe back taxes on. I also assume this would provide a list of what wallets paid the escort and given the immutable aspect of ledgers this could impact people far down the road if wallets could eventually be tied to real identities.
A remarkable number of people either don't know or don't care about any of that, even if they probably should. Bitcoin being the best known outweighs everything else.
I don't understand what you mean about lack of sources, are
you being sarcastic?
Two sex workers who use crypto are interviewed and quoted by name in the article. They had their traditional bank accounts shut down. Crypto fees are discussed and solutions are proposed right in the article. It is well researched with expert interviews and sources.
One of the better researched crypto articles I've read.
A well researched article, includes two interviews with sex workers, as well as experts from the field. Not your standard Bitcoin puff/shit piece. Thanks to OP for submitting.
"Chaturbate and FanCentro accept digital tokens, and live-streaming webcam platform Stripchat tells CNBC that 23% of its active models are now paid in a mix of cryptocurrencies including bitcoin, ethereum, and USDC, which is a stablecoin pegged to the value of the U.S. dollar. Customers can also leave tips, and the company says its largest tip yet was $100,000 deposited in tether."
Worth reading for anyone interested in cryptocurrencies.
The drawback of no regulation is that it tends to create opportunities for organized crime, including sexual exploitation and trafficing.