Since 2018, when Pornhub decided to adopt the blockchain in its transactions and after it was blocked by Visa and MasterCard, more and more portals, companies and people associated with the industry are adopting cryptocurrencies as payment solutions.
Given these problems the adult entertainment industry has experienced with the traditional financial system, due to restrictions for processing payments for services, the use of digital money could be a viable solution.
“It’s obvious that cryptocurrencies will be the solution,” said British adult entertainer Adreena Winters, who works for an adult entertainment site.
The most recent issue occurred in early August when British platform OnlyFans said it would ban the posting of sexually explicit content.
The measure, however, was reversed only a few days later by the company.
On The Flipside Artists and producers are viewing cryptocurrencies as a valid method of circumventing the increasingly strict regulations that payment processors are adopting against sites with adult content.A Platform Without Payment Restrictions For Adult Content
As a result, there are many entrepreneurs who are gambling on the growth of cryptocurrencies within the adult entertainment industry. JustFor.Fans, a platform that competes with OnlyFans, is accepting payments in Bitcoins.
Dominic Ford, the founder of JustFor.Fans, explained that although cryptocurrencies represent only a small part of the transactions on his platform because they are more cumbersome, he predicts a rapid increase if they manage to adapt the usual money transfer tools.
According to Ford, “a cryptocurrency that works online and transcends borders seems an evolution just as email was for the evolution of mail.”
The startup CumRocket that created the digital currency ‘Cummies’ to pay for adult content, announced that it will accelerate this work on its own content platform.
To hedge against the high volatility of Bitcoin and other crypto assets, the operators of these adult websites point out that one way to avoid such problems is to immediately receive and pay with cryptocurrencies without storing them.
Why You Should Care?The adult entertainment industry moves around $97 billion worldwide. With cryptocurrencies rapidly entering this multi-million dollar business, digital assets will soon be greatly favored.
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