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Blockchain Semantics Blog Cryptocurrency Enters In The World Of Porn

Cryptocurrency Enters In The World Of Porn

By Amit Dudani | July 2, 2018, 2:37 p.m. GMT

The Blockchain technology is already promising to reform many industries and is now popular even in the more ‘discrete’ parts of the world. One of the biggest industry that always proves the quote ‘Sex Sells’ is rife with various tantalizing offerings such as online dating, chats, video chats, pornography, toys, etc. 

With a huge demand and an even bigger supply to fulfill these demands, it should not come as surprise to know that some great minds have come up with ideas as to how Blockchain can support this industry in pushing their business to the next level. Some people promise to transform the industry completely while others have just started using cryptocurrencies as one of the payment modes.

It’s easy to see how cryptocurrency is slowly seeping into every part of the world and every transaction you would ever participate in.

 The New Connections

Forbes says, the online dating industry is a $3 billi on market and there are a lot of ICOs coming up to allow millions of singles find their perfect dates, long lost love, and everything in between. One of the most prominent examples is Matchpool, which isn’t really a dating app but a bridge between like-minded people that allows them to come together and further their interests and hobbies.

So, what makes Blockchain a blessing for the porn industry?

Anonymity – The freedom with privacy

Last month, a British tabloid The Sun reported that a couple of famous strip club performers in Las Vegas have started accepting cryptocurrency for their services. Some strippers were also found to have an OQ code on their bodies, to allows clients to pay via these currencies.

Performers claimed that there was always the risk of bank accounts being closed if any activity involving the adult industry were detected. A club owner Nick Blomgren says, “It is a masterstroke that gives people their privacy and facilitates to transact anonymously.

A lot of famous brothels in the US like The Bunny Ranch have also realized how critical it was to grant privacy and anonymity, and have begun offering the crypto payment option.

Sex workers are not far behind in substituting banks with Crypto

End Banking for Human Traffickers Act” in The US is thought to be the reason behind why bank accounts may be blocked without notice if any transactions with the adult industry were detected. So, they have now started looking for alternative ways of accepting payments and so far, cryptocurrencies seem to be the best fit because of the private and decentralized nature that shields them from banking regulations.

Initially, sex workers used cryptocurrencies to take payments from clients who prefer to keep their identity anonymous but many of them use it to get money quickly. However, in most cases, this system is used to surpass the banking regulations. 

Central institutions consider sex workers as “High Risk” and if discovered, may lead to seizing of assets and holdings of the accused. So, they have been recommended to use cold storages and not exchanges; cold storages allow them to become their own exchange but there is the risk of forgetting the key or losing the hardware, which may eventually lead them to lose everything 

Pornhub is now partnered With Verge Cryptocurrency, changing the Future of Porn Payments

Pornhub started a snow plow business, an inevitable but very simple endeavor.

From today, Pornhub, a website that was used to be always open when mom used to call us is now accepting Verge as the payment option for all purchases, not just recurring subscriptions because of the high volatility in the price of cryptocurrencies.

"The volatility of crypto is concerning for subscriptions with recurring payments", says Corey Price, VP of Pornhub via email. "As such, at present, we aren't offering it for recurring payments, though we are in the process of working to do so." Price also noted that "our services have fixed prices in fiat so the value in cryptocurrency will change."

 

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