Payment

Virtual currencies or cryptocurrencies are changing the way financial transactions are made. That includes booking escort services using cryptocurrency payments. Since the birth of Bitcoin in 2009, digital currencies are increasingly viewed as a medium of exchange. The first real-world Bitcoin transaction was made in 2010 when 10,000 BTC was exchanged for two pizzas from Papa John. While some investors will use cryptocurrencies to hedge against inflation, a growing number of cryptocurrency users purchase goods and services with them. 

One can argue that Bitcoin and other alternative cryptocurrencies are designed to offer unique advantages over payments using Fiat. Here are some of these advantages when used for booking London escort services; 

 

1. No need to deal with an intermediary such as a bank

Fiat cash is king for the London escorts industry, and it has been for centuries. But is it time for a new King in town?

The landscape of the financial system is changing rapidly. Bitcoin and other altcoin cryptocurrencies are decentralised, as opposed to the centralised banking system. When clients pay for things such as escort services with Bitcoin (and cryptocurrencies), they do not need an intermediary bank to withdraw cash, nor do they have to make payment transfers with the approval of their bank. This makes it easy for clients who book escorts with cash or bank transfers. A simple, quick transaction can be done directly from one cryptocurrency wallet to another (a peer-to-peer system that doesn't require approval from external authorities). 

 

2. It is more discreet to book London escorts with Bitcoin or altcoin cryptocurrencies

Using credit cards, PayPal or cheques to book escort services is not as discreet as simply making a transaction with Bitcoin or altcoin cryptocurrencies. The payment cannot be traced easily with Bitcoin (nearly impossible with a private altcoin such as Monero XMR) because there is no paper trail. Some decentralised Exchanges DEX used to purchase Bitcoin, and other cryptocurrencies do not require personal information. Registering for a Bitcoin or altcoin wallet does not require sensitive personal data, making this an attractive option for clients who want maximum discretion. And really, it is nobody's business how money is spent- something that is becoming more difficult with centralised Fiat money. 

 

3. Bitcoin and alternative cryptocurrencies give more autonomy than centralised government-issued digital money

The emergence of the global COVID pandemic has put a spotlight on how people use cash. Many offline retail venues in the UK have started to accept card payments only, which is another move towards a cashless society. 

The United Kingdom Treasury and Bank of England have even launched a joint task force to explore a central bank digital currency. The implications of this would be more centralised control over how people earn and spend their money. A central bank digital currency will be easy to trace and control, whereas Bitcoin and alternative cryptocurrencies will give users more autonomy. 

 

4. Bitcoin and alternative cryptocurrencies have low transaction fees for making international escort bookings

Standard wire transfers for making international escort bookings (or deposits for a travel escort booking) can be expensive compared to the gas fees in sending Bitcoin or other cryptocurrencies. This is a huge advantage for international clients who travel to different continents for work. A payment made using cryptocurrency is also confirmed much quicker, within minutes. It is more convenient and cost-effective to make travel escort bookings using Bitcoin or other altcoins. 

 

5. It is more secure and efficient for London escorts to receive payments using Bitcoin or cryptocurrencies

London escorts are becoming more aware of cryptocurrencies and adopting them for their business. For London escorts who accept Bitcoin, a payment transaction can be completed securely and literally in seconds. Clients can send bitcoins from their Bitcoin wallet using the escort agency's cryptographic public key or by a simple QR code scan using their smartphone. Not only is the payment immediate, but the transaction itself is also irreversible if the client changes their mind. The obvious advantages for escort service providers in London to receive bitcoins are certainty and efficiency. A booking can be confirmed immediately after the bitcoins are received and there is no worry about counterfeit or the incorrect amount of cash. There will be no chargeback problems with this payment method compared to credit cards or the fear of cheques bouncing.

 

6. Time for a paradigm change in the adult entertainment and escorting industry

 

Since the emergence of cryptocurrencies, the adult industry has adopted it, albeit tentatively.

It started with Reddit's Girls Gone Bitcoin, where live streaming camgirls used Bitcoin as a new medium of exchange. Vendors selling adult video content (including PornHub) have also caught on. Around the world, the adult entertainment industry has warmed up to this discreet, trustless, permissionless and decentralised way of paying. London is not the first city where escorts have adopted Bitcoin and cryptocurrencies; early pioneers worldwide have led the way to alternative money. Early success has set a precedent, although some are still hesitant, the gateways of payment using cryptocurrencies have increased (PayPal, Mastercard, Revolut) and business savvy escorts are taking note. Sometimes, a disruptive change becomes the norm.

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