Titcoin

Titcoin Code: TIT Subunit ratio 0.001 Subunit name millititcoin (mTIT) Subunit ratio 0.000001 Subunit name microtitcoin (μTIT) Subunit ratio 0.00000001 Subunit name nanotitcoin (nTIT) Issuance: Custom decentralized peer-to-peer network Date of introduction: June 21, 2014 Diffusion: Sex industry

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.

On April 15, 2014 Pornhub announced a sponsorship deal with Titcoin and the platform's charity initiative for the breast cancer research. According to the advertisement the business who accepted Titcoins and a photo of the customer's breasts as means of payment and uploaded the photo on the platform, would receive one day of free access to the Pornhub's sybscription contents for each upload. Pornhub would collect the uploaded photos into a specific gallery and it would donate part of the revenues from it to the research on breast cancer.

In September 2015 the Café Ruig pub in Amsterdam, EU, was the first firm to adopt the Titcoin payment system.

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. 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.

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.

Media coverage

1. Men's fashion magazines
   • Spitznagel Eric, Who Actually Pays for Porn Anymore? An Investigation, Men's Health digital edition, August 14, 2014.
2. Sex industry media
   • Blue Violet, Why Is Wall Street Taking 'Titcoin' Seriously? Playboy digital edition, October 24 2014.
   • Johnson Bob, Titcoin Aiming to Be Adult's Own Cryptocurrency, XBIZ, Jun 23, 2014.
3. Political media
   • Mr Conservative Editorial staff, Titcoin: The New Cryptocurrency Backed By, Well, Take One Guess, Mr Conservative, June 22, 2014.
4. Technology media
   • Barnes Laura, Titcoin: A new digital currency for porn fans, PCR, June 23, 2014.
   • Lynch Gerald, Titcoin is the Bitcoin for Porn, Gizmodo UK edition, June 23, 2014.
   • Stryker Kitty, The adult industry’s growing war over Titcoin, The Daily Dot, September 15, 2014.
   • Weisman Carrie, Porn Gets Its Own Currency, Design & Trend, June 23, 2014.

External links

• Official website
• Market capitalization at Coinmarketdotcom
• Market capitalization at WorldCoinIndex
• Mining profitability at CoinWarz