As the crypto markets continue to grow, more and more companies and individuals will have to begin accepting crypto payments. While some Adult businesses are now getting ready to accept crypto payments, others are still deciding what action they will take. So, let’s get started! If your business is planning on accepting crypto payments, it’s essential that you understand how to do that properly.
First of all, you need to decide how much money you want to accept in crypto. Some businesses will use a percentage of their sales as a reserve fund, while others will want to cut off their ability to accept crypto transactions completely. Once you’ve decided on the amount you wish your business to take in crypto payments, it’s time for the actual accounting.
What is cryptocurrency?
Last year I thought about using Bitcoin for this business and the disparity between my expectations and reality. Even back then, I wasn’t sure what Bitcoin was and why people wanted to use it.
The things that stood in my way have been drowned out by the growing hype around cryptocurrency. It is no longer a fringe phenomenon that is just for nerds. It has become mainstream news, especially now that there are real Adult businesses getting paid with crypto.
This year, even more so than last year, we are seeing increased media attention on cryptocurrencies — both positive (bitcoin’s price surge) and negative (bitcoin theft and price drop) — as well as increased numbers of companies offering related services to digital currencies and cryptocurrency wallets.
So, if you want your Adult business to take advantage of digital currencies or at least accept some kind of payment through them in the future — here’s what do you need to know?
These are some basic Crypto questions:
What is cryptocurrency? Cryptocurrency is either a digital currency or a type of electronic money that can be used online but can also be stored digitally on a user’s computer or mobile device.
It is created digitally by software running on computers across the world. The code that creates these funds can be completely anonymous (and can even be used anonymously), making it harder for hackers to steal them since they don’t have an easy way to trace their every step or make unauthorized transactions (therefore not being able to steal money).
Simply put, you choose a currency you want to get paid in, get a wallet address then get the customer to send the agreed amount to that address. In most cases, you can generate a QR code.
What are Cryptocurrency advantages for Adult businesses, and why should they accept it?
Because Adult businesses are generally small, they can’t afford to lose money on their crypto transactions. When you make a payment in cryptocurrency, you have entered into a contract with the recipient of the money that is usually irrevocable.
Accepting cryptocurrency payments allows businesses to reduce their transaction costs while increasing customer convenience and delight.
Bitcoin is consistently acknowledged as payment by merchants across all industries and locations, including brick-and-mortar adult shops and strip clubs, on-demand services like escorts, and Adult sites like chat.theloveshop.com.
There are other cryptocurrencies you can use that we like, and we will explain why later in the article.
Being able to accept cryptocurrency payments can be a massive benefit for Adult businesses that may not have it: An additional payment method can increase sales growth.
Traditional methods of accepting payments from customers include credit cards and cash. But this is inconvenient for consumers who prefer to pay in cash or credit cards because some merchants won’t accept them; some don’t want to deal with the associated fees, and some require a physical check before processing the purchase (due to counterfeiting concerns).
By accepting cryptocurrencies instead of traditional forms of payment, businesses can reach more customers through more merchants at lower transaction costs.
(1) Cryptocurrency users have high levels of trust in their transactions. Bitcoin transactions are irreversible and cannot be reversed once made with no third-party interference or liability.
(2)Cryptocurrencies are anonymous. A user can buy almost anything without having any personal information about them except his/her public key — if that key has been created with their private key.
(3)By accepting cryptocurrency payments now, businesses will have an opportunity to gain significant revenue from customers who choose not to use traditional payment methods or who do not trust traditional financial institutions.
How to start accepting crypto payments for Adult Goods and Services?
Firstly you need a wallet to look after your crypto; because this site is for Australian adult businesses, we use & recommend a local crypto exchange that has multiple wallets so you can get paid in any main cryptocurrency.
Once you decide on the cryptocurrency you want to get paid in, all you need to do is take your public key and use that to integrate with a payment provider.
When accepting crypto payments for your service or products, it is crucial that you consider three aspects:
• The user experience
• The security of transactions
• Legal aspects (i.e., the protection of customers’ personal data)
Once you have all these pieces in place, it will be easier for potential customers to pay you with cryptocurrency.
The customers that want to pay with crypto will usually have a crypto account with an exchange. We use an Australian exchange that lets you stake (invest and receive interest) crypto. For instance, our Polkadot earns 12.5% per annum.
So it is prudent for a person to keep crypto staked and earn interest and then unstake and transfer to your business.
There are no limited fees for this service, and users can avoid third-party intermediaries like banks or payment processors whose services may charge transaction fees that make things complicated when it comes to clearing and settling operations.
In addition, there is less risk involved because users don’t need to open an Ethereum account beforehand — they purchase the goods or services they want on their own and pay by sending you you’re chosen coin directly over the Internet without involving third parties like banks or payment processors.
Benefits of accepting cryptos at your Adult business
Accepting crypto payments is excellent for your business and customers. It’s a way of creating a different type of customer experience, which is the main topic at P2P conferences.
The best thing about crypto being accepted in your Adult business is that it allows you to do things that you might not otherwise be able to do.
For example, if you run an e-commerce store, crypto could allow you to accept crypto payments from customers who aren’t paying in fiat. That would be fantastic because it means people buying from you are using bitcoin or some other cryptocurrency instead of AUD dollars (which has been the case for the last few years).
If you’re a website like ours but don’t accept cryptos yet, you could open up as many doors as possible so that more and more people can buy from you with crypto: perhaps airdrops will be used to drive adoption (or even airdrops for those who don’t want to wait for the coins) or simply giving out crypto stickers (if there are enough stickers available).
In the cryptocurrency industry, an airdrop is a marketing stunt that sends coins or tokens directly to wallet addresses to spread awareness about new virtual money.
We’ve written a lot about crypto. Here’s a summary of what we’ve told you and a few notes of our own.
1: Get a Wallet that is safe and secure and allows you to accept multiple currencies.
2: Make sure the wallet allows you to stake (earn interest) your coins.
3: Use your QR Code to accept payments – or your public address.
Remember that you will still have to pay tax on your earnings, just the same as credit cards. Also, it’s important to note that cryptocurrencies are incredibly volatile. You can make as much money as you can lose.
We may receive remuneration from links in this article, but after checking at least five different exchanges and wallets happily stand by our local exchange for ease of use. Please contact us to add to this article.
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