Sex Workers Are Using Crypto to Save for Retirement

Like MelissaSweet1, several other sex workers recently interviewed by CoinDesk described similar shifts in their crypto usage.

While others in the blockchain industry debate whether bitcoin is primarily a transactional currency or a global store of value, sex workers are already using the technology for both.

"More banks are viewing any sex work as high risk, and an increasing number of banks are refusing to accept direct deposits from adult industry companies," said MelissaSweet1, who like other sex workers did not want to give her real name.

In such an environment, sex workers - a broad category that includes not only escorts but lawful workers such as erotic dancers, porn stars and even film production professionals - see saving money the old-fashioned way as increasingly risky because their accounts can be closed and funds frozen without warning.

As long as users control their private keys, their crypto cannot be confiscated, a risk that even legal sex workers face when they keep money in the bank.

Leah, a 20-year-old sex worker who specializes in a form of BDSM, told CoinDesk she worries the government will create stricter regulations for cryptocurrency transactions, which would result in the kind of discrimination and account closures sex workers have long encountered from legacy financial providers.

Despite the headaches involved, the trend among sex workers of using crypto to save for retirement looks likely to grow, as an unintended consequence of recently enacted and pending legislation.

First, there was the SESTA/FOSTA legislation package that passed in the U.S. in March, which conflated consensual sex work with sex trafficking, and weakened legal protections for internet service providers used by sex workers.

While traditional banks and payment networks like Visa have been inhospitable to sex workers for at least a decade, these new laws gave them one more reason to fear for their reputations if they come anywhere near the industry.

While naysayers may be quick to point out that saving for retirement without a licensed service provider could lend itself to tax evasion, blogs and social networks for sex workers are full of freelancers sharing tips on how to file taxes - including taxes on bitcoin payments.