Behind Titcoin, the New Anonymous Currency for Buying Porn

Behind Titcoin, the New Anonymous Currency for Buying Porn

11/07/2014 06:00:00 pm

Yes, that's seriously the name.

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Edward Mansfield and Patrick McDonnell recently cofounded Titcoin, a new, supposedly anonymous way to pay for porn. They came up with that name because when you have a new form of cryptocurrency (basically online money, similar to Bitcoin) that is designed to be used specifically with adult businesses, what else would you call it? Cosmopolitan.com sat down with Mansfield and McDonnell to find out what the hell Titcoin is and how the hell you use it.
How did you come up with the idea for Titcoin?
Patrick: Ed [Mansfield] came up with it, but I'll answer. I'm in investments and even though my business is clean and not in the adult industry, it's hard to get a merchant account because a lot of these [payment apps] put a black mark your account for no reason.
As we were developing, we realized the problems we were having were four times as bad in the adult industry. I don't mean to knock anyone, but people in the adult industry don't always have great credit ratings and that can restrict you from having a bank account with most banks. Plus, Paypal won't allow you to have any porn- or sex-related business. So once we realized that, we knew the market for something like Titcoin was there.
How is it different from Bitcoin?
Patrick: It's totally different. We're not trying to be Bitcoin. First of all, Titcoin is 10 times faster in terms of money clearing. Sometimes Bitcoin can take over an hour to clear; ours is in a couple of minutes. With Titcoin, all you do is scan the address on the coin, similar to scanning a Coke can. We're just in an industry that people don't understand. But Paypal was also called a scam in the early '90s when it came out.
There was an article in Playboy recently that said your claims that this is an anonymous form of payment were unfounded. Are there privacy concerns?
Patrick: Playboy said it isn't anonymous, but it is anonymous. It's like your middle name or social security number: if you don't give it out, no one knows it. It's only as anonymous as you keep it. If you go out handing it out to everyone, then they'll link to it. If you use it discreetly offline, then it's anonymous. We're concerned with building an economy around our bank and we'll need global recognition from the adult industry, so one day you can walk into an adult store and hand them Titcoins or just scan the code. Now it's just a matter of getting it out there.
Who's currently using it?
Ed: Most recently we had some new merchants sign up and they sell lubricants and sexy clothing. They're called Bitcoin Adult Store, I believe, and they accept it. We also have a few webcam girls who accept it for their shows. It's slowly growing. The coin is only about four months old, so we have all the pieces in place and now we're just focused on subscribing merchants. Pat and I are looking to tie up at least 150 by the end of the year.
Is it doing well?
Patrick: To keep it real with you, it grew so quick and we have so few people helping us that we actually had to hire more people. We haven't even had the time to sit down and solicit merchants. It's there now and it's just the difference of what currency the adult industry is choosing to use. If they were educated on it, I would have to bet that 85 percent would have to accept it. I don't think they'd stop accepting cash or Visa, but they'd understand the benefits of the anonymity and not having to deal with the hoopla of trying to get their money after doing their job.
Is there anything you would change about Titcoin right now?
Patrick: No. I love the name. Someone offered us a million dollars for the name, I don't know if it was a joke or whatever, but no, I wouldn't change anything. As long as the adult industry is seen as a sin industry, people are going to discriminate [against] it. So as long as it's like that, which will always happen, we'll always be in business.
What are your plans for the future of Titcoin?
Patrick: In five years, I have a feeling Titcoin will be a $300 to 400 million development because once Bitcoin breaks, we'll follow suit. We're going to be doing Girls Gone Titcoin, we put $3 million into that. It'll be similar to Girls Gone Wild. You know, hedonism, spring break, Mardi Gras. We have actual Titcoins and have girls lift up their shirts, show their breasts, sign a consent form, and then build that into a catalog. We have our own magazine coming out and it'll be a digital currency magazine. We're creating products to mirror all successful businesses out there and just digitize everything.

src of Cosmopolitan

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