Cryptocurrency Quickly Gaining Momentum in Porn Industry

Recent research into the porn industry shows that there is a significant uptick in the number of platforms that now accept cryptocurrencies as a method of payment. These figures look at 2018 and they found 470 adult video sites, 50 webcam sites, and 35 sex stories globally that accept crypto.

Size matters

Of course, the porn industry is a lot bigger than this. It has often been a sector that embraces new technology, such as entering the online space well in advance of many other industries.

Some of the bigger companies in the space, such as Wicked and Pornhub have been contemplating the adoption of crypto for some years.

The majority of sites also focus solely on Bitcoin payments, while they usually don’t offer altcoin services. There were attempts to create tokens specific to the porn industry, but none of these were very successful.

Why the lack of adoption?

Many people are satisfied with the current payment options that are available. The majority of adult sites don’t receive many demands for the implementation of crypto payment options. However, with crypto becoming more mainstream since mid-2017, a lot of companies started to change.

The likes of Naughty America and xHamster now accept Bitcoin. Pornhub and a number of sites they affiliate with now accept a number of cryptocurrencies, like Horizon, Verge and Tron.

Several current projects aim to solve some of the industry’s major problems. One of the biggest issues is the lack of people paying for porn these days.

The love-hate relationships of porn sites

Additionally, porn sites have a love-hate relationship with financial institutions. This is because they are seen as being a high-risk sector. There are many disputes involving transactions, which leads to higher fees for the companies.

According to VogoV, about 13% of each purchase on their platform goes towards processing fees. With the adoption of blockchain technology, users will not be able to utilize content and reverse the transaction if they have seen it.

There is also the anonymity aspect that appeals to a lot of people. Many individuals don’t want porn site transactions to appear on their bank statements. With cryptocurrencies, it is a lot easier to use these sites in a private and anonymous fashion.

Despite these many benefits, it will take some time for adoption to ramp up. The volatility of the markets and current levels of crypto use hasn’t yet reached adequate levels for substantial investments to make sense.

 

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