Note on accepting Crypto currencies for payment

[randomberryfounder]

Sorry if this is the wrong place to post this.

I happened to notice that Luxury mentioned a LiteCoin address in one of their advertisements. This is fantastic progress!

LiteCoin can in theory be made very difficult to trace with a few steps (for people here who are somewhat tech-savvy, look up "LiteCoin MimbleWimble"). However, the fact is that the LiteCoin wallet needs to be configured properly to do this, and steps must be taken to reduce one's payment footprint when using such crypto.

I know this has probably been said before, but would agencies and Independent providers consider using Monero (XMR)? I understand that one would need some technical understanding of cryptocurrencies to get started, but XMR has one major benefit over LiteCoin - it is private Out-Of-The-Box (OOTB)! It is so private that the IRS had a bounty out for anyone to try and crack it, and as far as I know, XMR (Monero) hasn't been cracked yet (there were reports of someone hacking the blockchain in Europe but no concrete evidence has been produced, and various security companies have confided privately that they find XMR impossible to break at the moment).

Using crypto like XMR should in theory instantly chase away the problems of "payment against services" (C-36): since payments from one XMR wallet to another can be made untraceable with minimum effort (in comparison to LiteCoin which would need a transfer to a MimbleWimble-configured wallet, or a transfer to XMR etc).

I joined this forum today after being a lurker for a few months, but I'm sure there are people here who can push agencies and Independent providers to at least consider the idea. I would love for this to be reality one day soon since if utilised, this can remove a massive legal barrier in our beloved hobby.

 

[MichelleMontreal]

If you can explain it in a way that a kindergartener could understand it (including how to spend it once it's been accepted as payment), I am personally willing to give it a try. However, I am but one indy in a sea of indies in this frozen hellscape of a great city. \_(ツ)_/¯

 

[randomberryfounder]

If you can explain it in a way that a kindergartener could understand it (including how to spend it once it's been accepted as payment), I am personally willing to give it a try. However, I am but one indy in a sea of indies in this frozen hellscape of a great city. \_(ツ)_/¯

Thank you. If you have never used crypto-currencies before, this will require a bit of setup, but if you're already in with other crypto this will be super easy.

Essentially, you will have a monero wallet where clients will pay. For safekeeping, you could make another wallet and transfer money there, or just use the same wallet. To exchange Monero into currency (also called "fiat"), you'd either head to a centralised exchange (I know Kraken supports it but a list can be found here: https://www.makeuseof.com/crypto-exchanges-list-monero-xmr/) or P2P exchanges (bit of an advanced topic if you're just starting out, just know that it affords more privacy because your identity is not linked to your money, unlike centralised exchanges).

And that's it. If you'd like to discuss about Peer-to-Peer (P2P) exchanges and how you can get your money anonymously, we can talk about it in this thread. But what I wrote above is the gist to getting started with earning in Monero. If you have ever held other crypto like Bitcoin or LiteCoin, it is roughly the same process (variations arise depending on how private you want your transactions to be).

Thank you for considering the idea.

P.S. Almost forgot: you can purchase git cards in CAD against Monero. Pretty sure I saw a website for Amazon.ca giftcards against Monero. Can also pay for cellular but that will need more research.

 

[themonk83]

Wait, are we openly advocating for tax evasion by suggesting monero?

 

[Shantie_mtl]

Wait, are we openly advocating for tax evasion by suggesting monero?

It's not work it with the time to safe time..
I pay my taxes .. and invest my money.. at the end.. can't pay my mortgage in cash .... and also my money make interest %

I do accept crypto Litecoin bitcoin .. but just it's one more thing do administrate ... I have e transfert... of.. cash...us cash... crypto...gift card

 

[Giselle Montreal]

this can remove a massive legal barrier in our beloved hobby.

The barrier is certainly not massive.

I don't see the point of all this crypto headache since the risks are already next to nil for the client and the escort in Canada when there is a sexual service exchanged for money. This industry (in this country) is not why I would want to learn how to use crypto; cash is easy, reliable and usable, and not the reason why you would get arrested.

 

[randomberryfounder]

The barrier is certainly not massive.

I don't see the point of all this crypto headache since the risks are already next to nil for the client and the escort in Canada when there is a sexual service exchanged for money. This industry (in this country) is not why I would want to learn how to use crypto; cash is easy, reliable and usable, and not the reason why you would get arrested.

Sorry for being paranoid, but if the police gets in the room and see the girl with a wad of cash in a birthday card/envelope they're not going to be fooled. Using cryptocurrencies removes the "paying in person" problem with cash, whilst also taking care of the problem of electronic transactions being traced. I do not see a reason to distrust cryptocurrency except for the learning curve (which is a bit if you don't already have a hang of computers).

 

[randomberryfounder]

Wait, are we openly advocating for tax evasion by suggesting monero?

I did not suggest that, but I am curious on how much tax you pay when you go on a "date"

 

[randomberryfounder]

It's not work it with the time to safe time..
I pay my taxes .. and invest my money.. at the end.. can't pay my mortgage in cash .... and also my money make interest %

I do accept crypto Litecoin bitcoin .. but just it's one more thing do administrate ... I have e transfert... of.. cash...us cash... crypto...gift card

Thank you for keeping cryptocurrency options alongside cash. I hope that people soon understand the benefits of crypto, especially privacy-oriented cryptocurrencies like XMR. These can literally perform online transactions which cannot be traced. I would be willing to pay deposits before the "date" if the person I like accepts privacy crypto

 

[parkplace]

I did not suggest that, but I am curious on how much tax you pay when you go on a "date"

Even Gronk (The Football Player) said "Even me know that's not Real Money."

 

[randomberryfounder]

Even Gronk (The Football Player) said "Even me know that's not Real Money."

In all seriousness, the problem really arises when the police catch you *having paid* for the deed. If someone could pay for it in a way that cannot be proven, C-36 stops being a consideration at all.