Titcoin
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Titcoin is an electronic payment system and cryptocurrency designed for the sex industry.
History
Titcoin was created in November 2013 by cryptocurrency advocates Edward Mansfield, Richard Allen and a third anonymous individual. They designed an anonymous and decentralised electronic payment system based on the Blockchain distributed database. The anonimity would allow customers to pay without diclosing personally identifiable informations and the would allow firms to receive payments without the intermediation of financial institutions.
On January 17, 2014 the founders announced Titcoin and its specifications to the crytocurrecy community with a post on the CryptocoinTalk Internet forum. On June 21, 2014 Titcoin was released to the public and in September 2014 the former Wall Street stockbroker Patrick McDonnell joined the Titcoin development team as Director of business development.
In 2015 Titcoin was nominated for the XBIZ Award for Innovative Web Product of the Year and for the XBIZ Award for Alternative Payment Services Company of the Year. In 2016 Titcoin was nominated for the XBIZ Award for Alternative Payment Services Company of the Year.
Regulations
United States of America
On November 19, 2013 the Department of the Treasury released a statement which defines virtual currencies as values that substitutes for currency.[1] On April 14, 2014 the Internal Revenue Service released the "IRS Virtual Currency Guidance" which defines virtual currencies received for performing services as self-employment income for federal tax purposes.[2]
On April 25 2017 the Nevada State Senate unanimously approved a bill which recognizes the Blockchain database as an electronic transactions record and prevents local governments from charging taxes and imposing licenses on its use.[3]
Pornhub sponsorship
On April 15, 2014 Pornhub announced it would allow firms whom accept Titcoins and photos of customers's breasts as means of payment, to access Pornhub subscription contents for free in exchange for the uploading of the photos. Pornhub stated that it would donate part of the revenues from the photos to the breast cancer research.[4] In September 2015 the Café Ruig pub in Amsterdam, EU, let customers pay with Titcoins and photos of their breasts.[5]
Press coverage
Sex industry media
- Bob Johnson "Titcoin Aiming to Be Adult's Own Cryptocurrency" XBIZ, Jun 23, 2014.
- AVN "Patrick 'The Coyote of Wall Street' McDonnell Joins Titcoin" AVN, September 29, 2014.
- Violet Blue. "Why Is Wall Street Taking 'Titcoin' Seriously?" Playboy digital edition, October 24 2014.
References
- ↑ United States of America. United States Department of the Treasury - Financial Crimes Enforcement Network. "Statement of Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network, United States Department of the Treasury", November 19, 2013.
- ↑ United States of America. Internal Revenue Service. "IRS Virtual Currency Guidance" (IRS Notice 2014–21), April 14, 2014.
- ↑ Nevada Electonic Legislative Information System
- ↑ "Titcoins by Pornhub" Video, Officer & Gentleman advertising agency, 2015. Vimeo.
- ↑ "Amsterdam Bar to Sell Beer for Tits (and Titcoins)" XBIZ, Sep 18, 2015.
External links
- Official website
- Market capitalization at Coinmarketdotcom
- Market capitalization at WorldCoinIndex
- Mining profitability at CoinWarz