Crypto currencies and Bitcoin

What is it

The underlying technology of crypto currencies is the blockchain, which makes blocks of history, as if you were forwarding a chain letter.

Bitcoin is one of the best known crypto currencies, but there are many more. Bitcoin is "mined" (delved with computers) and there is a maximum number in circulation. Bitcoin is a direct connection between one person and another (no intermediary such as a bank is needed). However, the price is volatile (fluctuating), which is a tricky problem, although there has been an upward trend over all the years. Spreading among several bitcoins is recommended to cope with the fluctuating prices.

There are many scams with crypto, because where there is money there are scammers. A tip: if it's too good to be true, avoid it. Trust more the previously developed coins, they have been around for a while for a reason.

Then you use a "wallet" to store your crypto coins, it is the key to your encrypted bitcoins. Wallets come as software (on your mobile) or as hardware (a small device).


What it can mean for a sex worker

Can crypto (the collective term for all kinds of coins) be a solution to the banking problems experienced by sex workers? In part.

Can you be anonymous? Crypto currencies offer 'pseudonymity', so you are traceable but difficult.

Then how can you cash in? Then you run into the same problems there are now with banks and you have two red flags, you are a sex worker with bitcoins. You could see payment in crypto as a form of an investment and not want to cash them out (immediately).

If sex workers wanted to settle with clients on the spot, it could take plm 10 minutes to complete the transaction. That, of course, is too slow. But the solution is the Lightning wallet.

Do you have to pay taxes on crypto coins? Yes, you have to declare them to the tax authorities (as a private individual as assets in box 3, as a self-employed person as income in box 1). You then convert the value of that moment into euros. You can take the lowest daily value.


What can you do

Should you be interested in Crypto and Bitcoin, please contact the PIC (Prostitution Information Center in Amsterdam) or with the Advisor. Sometimes there is a workshop about it and occasionally a crypto/bitcoin expert is present to help you further individually.


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