Using Bitcoin and other cryptocurrencies is ideal if you are a findom. A financial dominatrix named Theodora made $1 million in cryptocurrency in 2017! As cryptocurrencies become more mainstream it’s important to make sure that you’re fully aware of the benefits of using bitcoin and other cryptocurrencies to maximise your earnings.
What is Bitcoin?
Bitcoin is a decentralised digital or virtual currency that began use in 2009. Bitcoin is widely regarded as the first cryptocurrency and therefore most famous. It does not have a central bank or single administrator.
What are the three types of cryptocurrency?
Bitcoin
Bitcoin (BTC) was the original cryptocurrency created by the mysterious Satoshi Nakamoto. It remains the worlds leading cryptocurrency by total market cap. Bitcoin allows people around the world to send money to one another without the need for a bank.
There will only ever be 21 million bitcoins that can be mined which is why this cryptocurrency is often compared to digital gold. Similarly to gold, bitcoin has to be extracted or mined which takes hard work. Instead of being mined by geologists, Bitcoin miners use computers to solve a difficult mathematical puzzle – called proof of work. This is required to verify bitcoin transactions and record them in the public blockchain ledger which is essentially a powerful system for recording information.
Altcoins
The release of Bitcoin and its open-source code opened the door for thousands of other cryptocurrencies to be created. These come under the name of Alternative Coins or Altcoins. Some of the most popular Altcoins right now are:
Ethereum
Ethereum is the technology that powers the cryptocurrency ETH. ETH or Ether is the second-largest cryptocurrency by market cap.
Ethereum is a powerful technology network for digital money, global payments and applications. Ethereum makes it possible for NFT’s to work. NFTs are Non-fungible tokens. These tokens let us represent ownership of unique items such as art and are expected to create new trading markets in the future.
Cardano
Cardano is a blockchain platform for smart contracts. Cardano’s cryptocurrrency is called Ada.
Litecoin
Litecoin (LTC) is an alternative cryptocurrency based on the model of Bitcoin.
Ripple
Ripple is a payment settling currency exchange system. Ripple’s cryptocurrency is XRP.
Dogecoin
Dogecoin (DOGE) is a cryptocurrency that was created as a bit of fun with the face of the Shiba Inu dog. It was designed to be instant and free from traditional banking systems.
Tokens
Tokens are different to Bitcoin and Altcoins in that they are dependent on the network of another crytocurrency.
How can I receive Bitcoin tributes?
To start receiving bitcoin tributes you will need to create a wallet. There are four different types of wallets and it important you choose the right one for you. It is important that you keep your bitcoin secure which is why it is not recommended to store large amounts of Bitcoin on Mobile or Desktop wallets.
Mobile wallet
A mobile wallet is an app on your mobile phone that allows you to access your wallet and also to send and receive bitcoin.
Desktop wallet
A desktop wallet is a website where you can access your wallet on your laptop.
Physical hardware wallet
A physical hardware wallet is a USB drive device that you can store your private keys on. This is a safer option when you have large amounts of bitcoin because computer viruses are unable to gain access.
Paper wallet
A paper wallet is the manual act of printing or writing your private keys down on paper to store safely. Just be careful that nobody can gain access to the paper wallet, or is does not become water damaged and unreadable.
What is Bitcoin slavery?
Bitcoin slavery is a term used in findom where submissives that own Bitcoin, consent to sending their Bitcoin to the wallets of their financial dominants. They have a desire to please their masters in the act of a Bitcoin tribute.
How do I drain A Bitcoin slaves wallet?
To drain someones wallet in an act of financial domination, you need access to their wallet. For this act, it is best if your submissive had a desktop or mobile wallet. If they do, you can request your submissive send over their wallet login details and private security keys for their mobile or desktop wallet.
Secure mobile and desktop wallets such as Blockchain, have two-factor authentification settings for security. For ease, it may be worth your sub disabling this for the findom session. It can be a bit of a mood killer when the sub has to keep providing email and SMS verification for each transaction.
The quickest way to drain a wallet would be to send their bitcoin or altcoins directly to your wallet via a QR code. This is pretty straightforward to do on Blockchain.com.
- First, you need to get your wallet QR code by logging into your desktop wallet and hitting receive.
- Then, take a photo of your wallet QR code on your phone.
- Then, simply login to the wallet of your submissive and at the top hit send.
- Afterwards, in the pop up box you can click QR code to scan your wallet QR code when prompted.
Once you confirm the transaction it can take up to an hour to be verified
What are the risks of being paid with Bitcoin as a findom?
Bitcoin, unlike fiat currency is not regulated by a bank. This means that your Bitcoin is more at risk of cyber hacks and scams. Therefore, it is important that whenever you are storing and processing cryptocurrency, you put measures in place to keep your wallet secure.
Wallet security
The wallet that you store your cryptocurrency in is very attractive to scammers. This is because it is not regulated. If the opportunity presents itself for a hacker to withdraw your wallet funds they will take advantage. To keep your wallet as safe as possible always:
- Use private Wifi instead of public Wifi when accessing your wallet
- Do not keep large sums of Bitcoin in mobile or desktop wallets. Use physical hardware wallets instead.
- Never reveal your private keys to anybody – especially people on the internet.
- Use a secure browser when accessing your wallet
Bitcoin price volatility
You should always keep in mind that the price of Bitcoin and other cryptocurrencies can be volatile. This means that what you were paid in Bitcoin on one day, may be worth a lot less in GBP, EU or USD just days later. But on the flip side it can also be worth more. This is what makes cryptocurrency such an attractive option for findoms and sex workers.
What are the benefits of being paid using Bitcoin as a findom?
Traditional payment systems such as Paypal and Cashapp can freeze your account without warning if suspicious activity is detected by the algorithms. With crypto wallets you’re less likely to have your account frozen for suspicious activity. Mobile and desktop wallet platforms obviously have anti money laundering policies but are a much better option than traditional payment methods for findom.
By accepting payment in cryptocurrency the findom will also be able to engage with submissives in countries where adult content is prohibited. Because your cryptocurrency is not a bank account, your subs do not have to worry about bank statements revealing their sexual desires. This allows Findoms to reach new heights by going global.
How can I spend Bitcoin?
You can either exchange your bitcoin for fiat currency such as GBP, Euros or US dollars and deposit this into your bank account. You can do this in some mobile or desktop wallets and also on crypto exchanges such as Blockchain Exchange.
To link your bank account to your digital wallet you typically have to send a small amount of fiat currency, from a bank account in your name, to your wallet. This can then be used to verify your account. Note: you are often only able to withdraw GBP if you’re a UK resident.
You can also use a crypto card such as Crypto that is partnered with Visa to pay for items and withdraw fiat from an ATM machine.
Is Bitcoin a good investment?
Bitcoin is seen by many as a very high risk investment but one which has great potential. This cryptocurrency has shown incredible financial gains and loses since 2017. It is widely known to be extremely volatile which has attracted worldwide attention. In 2021, the price of one Bitcoin passed $50,000 which was an all time high. The big rally of 2020, and now into 2021, shows no signs of easing which makes Bitcoin incredibly popular. As more and more mainstream companies come aboard such as Tesla and the big banks, there appears to be only one direction for Bitcoin.
If reading this blog post has made you curious about becoming a findom, read our blog post on How To Become A Findom for a beginner’s guide on this naughty kink!
