If choosing just ONE cryptocurrency to receive payouts, which one?

[dcortez]

Which cryptocurrency do you recommend for sponsor payouts, and why?

Thanks.

[Tasty1]

usdt / usdc

[dcortez]

Originally Posted by Tasty1

usdt / usdc

Thanks. I like that both of these seem to be oriented to a fixed value.

[fuzebox]

SAFEMOON. It's not too late

[dcortez]

Originally Posted by fuzebox

SAFEMOON. It's not too late

When you say "it's not too late", what does that mean. Is there a limit of some sort?

[Crak_Eric]

If I had to pick one? bitcoin, of course!

More withdrawal options vs other cryptocurrencies.

I'm also a believer of it in the future / believe its long-term value will be higher than it is today.

[dcortez]

Originally Posted by Crak_Eric

If I had to pick one? bitcoin, of course!

More withdrawal options vs other cryptocurrencies.

I'm also a believer of it in the future / believe its long-term value will be higher than it is today.

Is that a good thing that the value may increase, if the intent of using cryptocurrency is to have access to a stable currency?

I would be happy to give up value fluctuation for a currency that works to keep it's value stable (however it does that)?

Just asking...

[Crak_Eric]

Originally Posted by dcortez

Is that a good thing that the value may increase, if the intent of using cryptocurrency is to have access to a stable currency?

I would be happy to give up value fluctuation for a currency that works to keep it's value stable (however it does that)?

Just asking...

You're right, right now it certainly can be volatile.

Some see it as speculation, some see it as an investment.

If your goal is to never be "down" on a payout received (even in the short term), then yes, I'd stay clear of crypto payouts altogether because there's more stable options available.

On a personal level, temporary fluctuations don't bother me too much. If the value increases, I'm happy.

But yes, everyone's situation and view of this will be different.

[CaptainHowdy]

Originally Posted by Tasty1

usdt / usdc

. . .

[AmeliaG]

Ethereum

[dcortez]

Originally Posted by Crak_Eric

You're right, right now it certainly can be volatile.

Some see it as speculation, some see it as an investment.

If your goal is to never be "down" on a payout received (even in the short term), then yes, I'd stay clear of crypto payouts altogether because there's more stable options available.

On a personal level, temporary fluctuations don't bother me too much. If the value increases, I'm happy.

But yes, everyone's situation and view of this will be different.

Thanks for qualifying that.

I still have a long way to go in overcoming all my concerns about blockchain technology, not the ideology or theory, but the actual practical implementations, which often undermine some of the core tenets that make crypto conceptually advantageous.

However, when given the choice is nothing vs some, reasonably ubiquitous means of collecting payment, and even transforming (at some loss, due to service fees) into more liquid currency, it's worth trying.

My present interest is as an erotic artist (paintings, wood burnings, sculptures), the blanket "obscene, adult, pornographic" qualifier that most mainstream payment processors attach to their Acceptable Use, make them far more risky to use than crypto.

So, if I want to make my physical "adult artworks" available for sale, would I be correct in assuming that I could accept some chain(s) of cryptocurrency to receive payments and not have to worry about the adult nature of my products?

Even if I could then just convert that crypto to cash (at some loss), it would transcend the "adult content" barrier that mainstream processors use.

??

[dcortez]

Originally Posted by AmeliaG

Ethereum

Ether and Bitcoin seem to be at the top of the list for many.

[baddog]

Bitcoin.

[Crak_Eric]

Originally Posted by dcortez

So, if I want to make my physical "adult artworks" available for sale, would I be correct in assuming that I could accept some chain(s) of cryptocurrency to receive payments and not have to worry about the adult nature of my products?

Of course!

That's the perfect scenario for why payment via crypto might suit you.

[AmeliaG]

Originally Posted by dcortez

Ether and Bitcoin seem to be at the top of the list for many.

Bitcoin is a great store of value and well established, so it would be my second choice. Ethereum has better tech and a better use case at the moment, so I think it is better to have.

[dcortez]

Originally Posted by AmeliaG

Bitcoin is a great store of value and well established, so it would be my second choice. Ethereum has better tech and a better use case at the moment, so I think it is better to have.

Thank-you for that.

I guess it also depends on what my prospective (artworks) customers are likely to have access to.

When someone commented that "it's not too late", it made me wonder if some of these chains become closed to new customers in the future.

My next steps are to get a firm understanding of "the wallet" and what happens if my computer that has my wallet crashes...

[The Porn Nerd]

Originally Posted by Crak_Eric

If I had to pick one? bitcoin, of course!

More withdrawal options vs other cryptocurrencies.

I'm also a believer of it in the future / believe its long-term value will be higher than it is today.

[dcortez]

Question about wallets...

Is the Private Key, what defines one's Bitcoin "stash"?

Looking at this stuff, reminds me of (1990's) PGP Private and Public key concepts.

1) If my Wallet get trashed, can I just re-enter my Private Key (from a paper record, or text file) and continue where I left off on a new Wallet?

2) Can I have several Wallets at the same time for the same Private Key?

??

[Tasty1]

I prefer usdt payouts, than i can buy any other coin i want, without too much fees and when i want them.

Payment Company Stripe Enables Crypto Payouts in USDC
A select group of creators on Twitter will be the first to use the service via the Polygon network
https://blockworks.co/payment-compan...youts-in-usdc/

[kuprum]

Usdt trc20

[dcortez]

I just been watching non-stop videos about Bitcoin and wallets...

I was surprised to see that most popular exchanges now, require full identification, plus taxes have to be paid on capital gains.

I was not expecting that from all the hype I have been hearing over the years about (beautifully anonymous) crypto.

I don't mind ID requirements, but keeping track of coin sales/purchases to calculate taxes seems like a drag and not easy if using BC as a payment method for customers.

[romeo22]

BTC all the way

[wankawonk]

Originally Posted by dcortez

Question about wallets...

Is the Private Key, what defines one's Bitcoin "stash"?

Looking at this stuff, reminds me of (1990's) PGP Private and Public key concepts.

1) If my Wallet get trashed, can I just re-enter my Private Key (from a paper record, or text file) and continue where I left off on a new Wallet?

2) Can I have several Wallets at the same time for the same Private Key?

??

1) yes, though most wallets give you a "seed phrase" which the private key is derived from. I use electrum bitcoin wallet, it generated a seed phrase for me which I stored in an encrypted file. I could download electrum on a different machine, input this seed phrase, and access the funds.

2) 1 seed phrase can generate infinite addresses. electrum makes this easy. metamask wallet (for ethereum) also makes it easy. just give it a try, you'll see how easy it is.

don't keep your seed phrase in an unencrypted text file. if you're storing your seed phrase digitally, it would be best to store it in an encrypted file on an encrypted USB drive or on a machine with an encrypted hard drive.

also I would recommend using linux for crypto transactions, there's too many viruses targeting windows/osx

[dcortez]

Originally Posted by wankawonk

1) yes, though most wallets give you a "seed phrase" which the private key is derived from. I use electrum bitcoin wallet, it generated a seed phrase for me which I stored in an encrypted file. I could download electrum on a different machine, input this seed phrase, and access the funds.

2) 1 seed phrase can generate infinite addresses. electrum makes this easy. metamask wallet (for ethereum) also makes it easy. just give it a try, you'll see how easy it is.

don't keep your seed phrase in an unencrypted text file. if you're storing your seed phrase digitally, it would be best to store it in an encrypted file on an encrypted USB drive or on a machine with an encrypted hard drive.

also I would recommend using linux for crypto transactions, there's too many viruses targeting windows/osx

Thanks.

I like the idea of hardware wallets, although as I am now looking at exchanges, I see more similarities with central banking than I expected.

I'm interested in crypto as a non-discriminating payment method, but it seems like a hassle with fees (and taxes) for shuttling funds.

It seems easier to Fedex cash than do a crypto exchange.

Again, I'm not interested in investing in crypto, just transacting.

[zijlstravideo]

Originally Posted by dcortez

although as I am now looking at exchanges, I see more similarities with central banking than I expected.

Because platforms like Coinbase (and all others) are exactly that... centralized platforms. Basically just a web interface to multiple tokens wallets linked to your account.

You don't need that though...
If you download the official Bitcoin wallet software to your PC and make a transaction, it's peer to peer, fully decentralized.

Next, download and install the open source BTC Payserver to your server, along with your Xpub key (extended public key) and you are ready to accept BTC transactions without any third party platform in the middle.

The Xpub key grants the Bitcoin Daemon on your server and the BTC Payserver script to create new wallet addresses on your behalf, but won't allow access to that actual funds (you need your private key for that, but obviously you don't want your private key stored on your server, that's why you have the BTC wallet client installed on your PC locally and can just transfer incoming funds from there).

[zijlstravideo]

Don't want to bother with all the technical stuff yourself? Spankpay.com has a working solution for accepting crypto payments and is targeting adult business. Their fee is only 0.5%.

[Idigmygirls]

Originally Posted by dcortez

Thanks. I like that both of these seem to be oriented to a fixed value.

USDT is actually pegged to the value of the US dollar. It isn't just oriented to a fixed value, it's entire structure is designed to ensure that it never moves from being worth $1 dollar (less transaction friction).

If your goal is to be paid in US dollars, then USDT is what you want to receive. If you receive anything else, you can convert it to USDT and fix your revenue to the US dollar that way.

USDT supposedly only mints one token when they put one US dollar in their account, so you're basically getting a token that is backed by an actual dollar.

Good luck!

[dcortez]

Originally Posted by zijlstravideo

Because platforms like Coinbase (and all others) are exactly that... centralized platforms. Basically just a web interface to multiple tokens wallets linked to your account.

You don't need that though...
If you download the official Bitcoin wallet software to your PC and make a transaction, it's peer to peer, fully decentralized.

Next, download and install the open source BTC Payserver to your server, along with your Xpub key (extended public key) and you are ready to accept BTC transactions without any third party platform in the middle.

The Xpub key grants the Bitcoin Daemon on your server and the BTC Payserver script to create new wallet addresses on your behalf, but won't allow access to that actual funds (you need your private key for that, but obviously you don't want your private key stored on your server, that's why you have the BTC wallet client installed on your PC locally and can just transfer incoming funds from there).

Thanks. That's more in alignment with the original features of crypto. I'll look into this.

[jscott]

Originally Posted by dcortez

When you say "it's not too late", what does that mean. Is there a limit of some sort?

I think he's kidding, everyone knows SAFEMOON was a scam

[jscott]

Originally Posted by romeo22

BTC all the way

^^ what he said

#BitcoinOnly

[mechanicvirus]

Tippy Coin

[lezinterracial]

Lite Shiba Inu Doge Elon coin

[fuzebox]

Originally Posted by jscott

I think he's kidding, everyone knows SAFEMOON was a scam

Correct, I was feeling frisky the other day.

[fuzebox]

Originally Posted by dcortez

My present interest is as an erotic artist (paintings, wood burnings, sculptures), the blanket "obscene, adult, pornographic" qualifier that most mainstream payment processors attach to their Acceptable Use, make them far more risky to use than crypto.

So, if I want to make my physical "adult artworks" available for sale, would I be correct in assuming that I could accept some chain(s) of cryptocurrency to receive payments and not have to worry about the adult nature of my products?

You will make more paying high risk processing fees and taking credit cards than you will selling erotic artwork via crypto.

[dcortez]

Originally Posted by fuzebox

You will make more paying high risk processing fees and taking credit cards than you will selling erotic artwork via crypto.

It seems that way. It's all about the item ticket price. Higher end pieces can justify straight out money wires (they cost about $50).

Thanks.

[zijlstravideo]

Originally Posted by fuzebox

You will make more paying high risk processing fees and taking credit cards than you will selling erotic artwork via crypto.

Unless....
You turn the artwork into a random token address, so it's stored on the blockchain as well.

[SekobA]

I would always go with top 5

[just a punk]

Originally Posted by dcortez

Which cryptocurrency do you recommend for sponsor payouts, and why?

Thanks.

The answer is obvious...

[dcortez]

Originally Posted by zijlstravideo

Unless....
You turn the artwork into a random token address, so it's stored on the blockchain as well.

Are you talking about NFGs... Um, I mean Non Fungible Tokens?

Checked NFTs out and they offer no solutions for actual original physical art and the adult NFT marketplaces alone are a big enough turnoff for that path.

Did you mean something else?

[djroof]

BTC, but if u want altcoin, I will be on PolkaDOT!

[Sergio]

Imo USDT(Tether)/BTC/ETH - that's all

[interrelate_powertrax]

Originally Posted by dcortez

Are you talking about NFGs... Um, I mean Non Fungible Tokens?

Checked NFTs out and they offer no solutions for actual original physical art and the adult NFT marketplaces alone are a big enough turnoff for that path.

Did you mean something else?

A lot of people with good intentions in here. Hopefully I can add something to the pile.

Non Fungible Tokens

Think of them as a digital immutable certificate of authenticity. A Rembrandt is only worth anything if the buyer truly believes it was actually painted by Rembrandt. If Rembrandt had made an NFT along with his painting and when it was sold the token was transferred to the new owner the authenticity would be easier to prove. This is simplistic but is the reality of the actual use for NFT's, they are seen as more a financial tool for art but there best purpose if for proving ownership of whatever the contract contains. If you think about it when Oligarchs buy and sell painting to store in warehouses they don't really buy the painting they are simply buying an asset with a non fixed value with a fungible asset. A non fungible asset is only worth what someone will exchange for it, NFT's simply keep track of the asset.

Pretty Good Privacy

OP mentioned PGP and keys. Well cryptographic currency is no different, not least because the group that Satoshi was a part of was integral to the creation of PGP and the push back against the attempted criminalization of cryptography in the US. An address is simply a public key and to alter it you need the private key. No different to any encryption we use daily, the difference is the public ledger, the ledger allows the system to run without a central authority, though we can debate how decentralised it is with the monopoly ASICs created, this means that operations are immutable, traceable and provable. The alternative to a banking system. With the advantage of not having to trust a private, secretive, powerful institution with the altruistic goal of sharing wealth and the good of the world at its heart...

THE BEST CRYPTO

As for the best crypto, there is no right answer and anyone with any investment in the success of it (and the decline of fiat and banks!) wishes there were. It depends on what you want to do with it, this is my how I personally use it now:


Litecoin - It is fast, secure, widely available, compatible with BTCpay and cheap to transact. I would not use it as a store of value but it good for accepting payments and then converting to dirty fiat. Best for: Transactional payments from customers to be exchanged into dirty fiat


Bitcoin - A long term store of value, if you are in for the long haul then in reality Bitcoin is the Gold of crypto. Highly secure, massive investment from institutions if you want ignore the short term volatility then Bitcoin is a good hedge. Fungibility is a future worry imo. Best for: Long term store of value, hedge against fiat.


Ether - The "currency" of the Ethereum network. Transaction fees are volatile and far higher than Litecoin but fast as well, the network security is great. Also... Welcome to the world of DeFi. Ether is unlikely as stable a hedge as Bitcoin but the network has a vast community and many options when it comes to use. Best for: Fast secure transactions, entry into DeFi.


ZEC/Monero/*PrivacyCoins* - ZEC most cryptographically secure and private but dogged by low use and issues with the creators motivation (sorry Zooko). Monero less private but as secure and the creator does not have the same hold on it, truly decentralised. Other coins are available and each has their own fan base. Spend time understanding them if this is something you are interested in (it should be!). Best for: True financial sovereignty.


DAI/USDT/USDC/BUSD - Pegged to fiat currencies but created by others. Consider your options, the great USDT plug pull has yet to arrive, and may never, but remember that a peg is only as good as those guaranteeing it. Also remember that Dollars/Fiat are a terrible store of value as they constantly depreciate. If you insist on holding a depreciating asset then make sure you learn about DeFi (or even CeFiDeFi if you love others holding your hand) so you can at least track inflation.


Decentralized Finance

I won't talk to much about the but if you own crypto then you should be using it in the same way as you do fiat money. There is a lot to learn and remember that there is no one to call if things go wrong, you are your own bank and responsible for your own assets, take your time to relearn how to think about your finances and how we have become so reliant on trusting institution who have nothing but their own success in mind. Remember banks print money not just governments. If you do hold fiat tethered crypto then you can at least make sure you aren't losing money by earning some interest. For most people AAVE makes sense.


Security

You are your own bank. This doesn't mean you need air gapped laptops, safe rooms, signal blockers or a nice tin foil hat. What it does mean that you need to have a basic amount of common sense. For most people I suggest a hardware wallet, they are the perfect combination of ease of use, security and accessibility. Spend time deciding and understanding them the two major players Ledger and Trezor are the best bets for most people. On either side you will have people fighting there are issues with both but fundamentally both are relatively secure and safe. Get a hardware wallet, don't mess around with keys and software. Signing on computer with a key is inherently unsafe and although if done properly extremely safe the inconvenience inevitable means that most people end up forgoing the effort need to stay secure. There is no need for paranoia for most people, use your common sense and you will be fine.

ANONYMITY

Stay open source whenever possible. For payment BTCpay and for fiat exchange Bisq or spend crypto. Please spend crypto people, the irony of all this "investing" is that buy not giving it an actual use case it is harming the growth of your "investment" use crypto whenever you can to buy things.

Sorry for the long post but I hope it helps others in future. I am also aware that this post is a cliff notes and misses many things and contains some things that are debatable but I still hope that it is of some use to some people.

[dcortez]

I appreciate that NFTs can conceptually be used as a digital certificate of authenticity in addition to an original artwork, but as I understand, they were initially created to digitally contain the actual art itself.

Logically, there could be a breakdown in the pairing of an NFT and a physical original artwork. If the original artwork were destroyed, a forgery could be created, and possession of the NFT "certificate" would be flawed proof of original physical artwork.

[interrelate_powertrax]

Originally Posted by dcortez

I appreciate that NFTs can conceptually be used as a digital certificate of authenticity in addition to an original artwork, but as I understand, they were initially created to digitally contain the actual art itself.

Logically, there could be a breakdown in the pairing of an NFT and a physical original artwork. If the original artwork were destroyed, a forgery could be created, and possession of the NFT "certificate" would be flawed proof of original physical artwork.

I think that depends on how you view art.

At the top end it is nothing more than a way to move/store/grow wealth. The only things that gives them value is the certificate of authenticity. Think of the forgeries that have been sold for millions only to be devalued once discovered. The art was the same as it was when bought for millions the only thing that changed was the certificate. Given that it goes that way, would it matter if the art swapped but the certificate stayed the same?

NFT's can never contain "art" they can contain a hash and proof you own the private key. That makes them a great vessel for holding wealth but a poor one for holding art. If you want to buy art then you buy what you like if you want to store wealth you buy whatever the market tells you!

[dcortez]

Originally Posted by interrelate_powertrax

I think that depends on how you view art.

At the top end it is nothing more than a way to move/store/grow wealth. The only things that gives them value is the certificate of authenticity. Think of the forgeries that have been sold for millions only to be devalued once discovered. The art was the same as it was when bought for millions the only thing that changed was the certificate. Given that it goes that way, would it matter if the art swapped but the certificate stayed the same?

NFT's can never contain "art" they can contain a hash and proof you own the private key. That makes them a great vessel for holding wealth but a poor one for holding art. If you want to buy art then you buy what you like if you want to store wealth you buy whatever the market tells you!

As an artist, who creates original physical artworks, I don't see any value in NFTs. I think recent media coverage of plummeting "digital art" NFT values, underscores that.