Cryptocurrency

Pornhub Adds Monero After Getting the Credit Card Snub, Accepts Crypto Only

Pornhub has said that it is accepting crypto only for its adult premium services. This is after both Visa and Mastercard declined to continue their partnership with the website. 

A news publication on claimed that after Mastercard and Visa stopped their working partnership with Pornhub. The adult site now has decided to accept crypto in chosen locations. The new development comes after a New York Times post stating the adult site showed abuse. 

Pornhub has denied that they show abuse material or children on their adult site. For now, subscribers can be pay using cryptocurrency. Pornhub, which happens to be one of the world’s largest adult sites, is now accepting payments in Bitcoins. 

Recently Visa and Mastercard stopped their services to the adult site because of the post about it. Decrypt Media publishes the latest news on Bitcoin and cryptocurrency had a tweet on the new development. 

It is quite similar to last year, in November when PayPal stopped payments to the adult site. Today’s new development will hurt the revenues of the performers of the adult streaming site. However, Pornhub will use cryptocurrencies like Tether (USDT), Tron (TRX), and Verge (XVG). 

Now, Pornhub also accepts Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dash (DASH), Monero (XMR), to name a few. They also accept cryptocurrencies like NEM (XEM), Waves (WAVES), and ZCash (ZEC).

The adult site has seen a tremendous increase beginning of the pandemic with more than 3 billion visits so far. Allie Eve Knox, who is one of the performers, felt that the whole situation could have been dealt with more fairly. 

Instead of the credit card companies going to this distance to hold Pornhub accountable, the performers were vocal about the adult site follow the law. Knox feels that the performer’s main source of income was from the credit card company. 

Content creators will also be hurt because the money was going right in there. In light of the snub by the payment companies, they have gone the other way. Ensuring that their performers and customers are not affected, they have brought a wide range of cryptocurrencies. 

A news publication on also said that same news about Pornhub accepting cryptocurrency. The adult site is now accepting cryptocurrency Monero as payment. This is amid reports that credit card companies have now cut operations with the adult site.

When the move of accepting Monero was made, but it may have occurred last week. The thing about the cryptocurrency is that only users from countries like the UK, North America, Singapore, and a few others can make use of the payment option. 

For now, the payment option for users with IP addresses located in the European Union is acceptable. Lastschrift is a bank debit system or SEPA, where the bank transfer system can operate only in the European Union. 

However, users in America and Japan may not have issues using Bitcoin. Research has shown that the main traffic to Pornhub comes from America, Japan, and Germany. Other countries in the Eurozone account for it too. 

History of Pornhub

Pornhub.com was founded way back in the year 2005. It was a subsidiary of MindGeek, a Luxembourg-based IT platform for streaming entertainment content. This news may impact the viewer ratings, though only time will tell if it did make inroads to the site. 

It should be noted that the adult site’s main revenues come from advertising. Most of them make payments using credit card companies. Looking at the bright side to the post published in the New York Times last week, Pornhub has made changes on their site. 

They have announced strict measures to combat abuse of any kind to women and children if they found any of them. Additionally, they will allow verified content creators to publish their material on the site. 

They will be expanding their moderation of content broadly to ensure that these sorts of things do not occur again on their site. They posted that they are getting “picked on because” they are a porn site. 

These forces are the same that have been idolizing Playboy, sex education, LGBTQ rights, and even the American Library Association for 50 years. They added on their post; sadly, it is Pornhub today. 

Is Pornhub the solution that cryptocurrency users were waiting for? 

This is something that time will only tell. Porn and cryptocurrency are both different. Given in the situation we are all in, the current pandemic and lockdowns occurring throughout the world often now, people of all ages might resort to viewing porn often. 

So, the chances of users making use of the situation may arise significantly. Few of the cryptocurrency users already spoke their minds before this even happened. The Bitcoin inventor Satoshi Nakamoto said Bitcoin could help the adult industry grow profitably. 

Nakamoto felt that the convenience of viewing it “without having anybody in your home know about” it could probably be the reason. Your “family or spouse will not know about the transaction” happening the credit cards, and there is no need to trust the site. 

Pau Graham, who is the founder of YCombinator, echoed the same thought. Graham said the credit card companies’ have too many censorship policies that can mark their eventual death in the long run when they get hold of robust alternatives like cryptocurrency.

This brings us to the final question, is it going to impact the adult site badly. Well, we are talking about one of the most visited sites in the world. Besides Netflix and Reddit, Pornhub is a household name in several countries. 

Pornhub saw every minute more than 80000 visits, 75000 searches, and 209000 video views last year. A small example of just how popular the site is of a less popular performer, LittleReislin, can have more than 200 million views. 

In light of the actual situation, the mayhem’s real winner is a cryptocurrency that will make a colossal fortune for users out of this. Besides, Pornhub can make use of this business opportunity.

Adult Entertainment and its love affair with cryptocurrency

Digital Currency is ceaselessly gaining new ground and several industries have already embraced cryptocurrencies along with its blockchain technology and have facilitated transactions as well as communications in the most beneficial way. Today, there are talks all over the internet advocating that cryptocurrency is the future and will soon make the fiat currency a thing of the past. It is no wonder therefore that cryptocurrencies have already made its way even into the obscure sectors of the society.

In an industry market research conducted by the IBISWorld, the growth of internet connectivity and a generational shift in attitudes toward sex have contributed tremendously to the increased consumptions of pornographic materials which made the Adult & Pornographic Websites Industry grow by 10.4% in 2018. With a massive industry as such, several websites have adopted the use of cryptocurrencies as a means of payments for their content. PornHub for example has recently partnered with Verge, a decentralized cryptocurrency that uses networks such as TOR and I2P to make transactions anonymous. PornHub will now accept Verge as a means of payment for their services like in their platforms. The introduction of this cryptocurrency as a payment option in Pornhub is a radical transformation from the traditional payment options in an industry boosting technological advances.

The use of digital currencies has its advantages to which patrons and providers in the adult entertainment industry can benefit alike. Among these are anonymity, convenience, and practicality. Cryptocurrencies do not depend on any intermediaries so transaction periods are faster and are not impeded from any holidays. While banks, credit-card companies, and even some payment processors like PayPal have policies which restrict clients from transactions related to adult industries like subscription for pornography and other online adult communities, cryptocurrencies do not discriminate at all.

Sex toys which can generate more than $20 billion a year globally and is expected by 2020 to reach almost $30 billion in sales, according to London-based market-research firm Technavio, are still considered by some financial institutions as high-risk. Credit-Card companies are also cautious when it comes to chargeback frauds. The adult entertainment industry is considered as “high risk” because of the high risk of chargebacks and disputes in transactions where the credit card is not physically present. It becomes difficult therefore for adult entertainment websites to find merchant accounts and even if merchant account providers accept adult accounts, they are more likely to charge higher than normal processing fees as well as setup fees. Visa and MasterCard have each imposed a $500 annual fee to every company classified under the adult industry. Businesses classified under the “high risk” are constantly in search for merchant account providers that can protect their businesses without incurring huge unnecessary fees. Such complications led the adult industry to slowly adopt cryptocurrencies. Once a client has paid for a product or service, the money will be immediately directed in the company’s wallet and charges cannot be reversed.

A review of history will show how the adult entertainment industry aided in the evolution of innovative technology from VHS, Beta Max, Internet, dating applications, to virtual reality, the adoption of an innovative cryptocurrency in this industry where privacy is highly valued is only fitting.

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