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]
Press coverage
Sex industry media
- Bob Johnson 'Titcoin' Aiming to Be Adult's Own Cryptocurrency www.xbiz.com. Adnet Media, Jun 23, 2014.
- AVN Patrick 'The Coyote of Wall Street' McDonnell Joins Titcoin avn.com. AVN Media Network, September 29, 2014.
- Violet Blue. "Why Is Wall Street Taking 'Titcoin' Seriously?" www.playboy.com. Playboy, October 24 2014.
References
- ↑ Text of the Statement of Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network, United States Department of the Treasury www.fincen.gov. U.S. Department of Treasury, November 19, 2013.
- ↑ Text of the "IRS Virtual Currency Guidance" (IRS Notice 2014–21) www.irs.gov. Internal Revenue Service, April 14, 2014.
- ↑ Nevada Electonic Legislative Information System
External links
- Official website
- Market capitalization at Coinmarketdotcom
- Market capitalization at WorldCoinIndex
- Mining profitability at CoinWarz