Cryptocurrency is now becoming a widespread payment option among sites, including adult entertainment ones. One of the leading porn sites globally, PornHub has announced it would only be taking crypto payments.
The crypto payment option is now the only way adult entertainment lovers can enjoy premium content from the site. This follows a move by top payment giants: Mastercard and Visa to stop facilitating payments for the site.
Pornhub accepts a variety of cryptos including Bitcoin, Ethereum, Bitcoin Cash, Litecoin among others.
Why did Visa and Mastercard Disconnect from Pornhub?
Last week, both payment companies announced that they will no longer be doing business with the porn site. In a report by Bloomberg, Mastercard said it would no longer allow its cards for payment on the site. This came after a New York Times article detailed how the site was engaging in child pornography and abuse of women. As for Visa, it said it has suspended all transactions to the site until the investigation was over.
The scathing article, written by columnist Nicholas Kristof, levelled some heavy accusations against Pornhub. He accused the site of “monetizing child rape, revenge pornography, spycam videos of women showering, racist and misogynist content.” Kristof suggested measures such as allowing only verifying users post content and stopping downloads.
In its latest policy change, Pornhub took these changes and said it would “increase moderation” on its site. As Visa and Mastercard have distanced themselves from the site, the best option was to opt for crypto payments. The hub also said it would take down both illegal and non-consensual content.
More Application of Crypto in Adult Entertainment
As those in the porn industry continue to face backlash for their profession, they may turn to crypto as a last resort. Pornhub said that many of its actors were unable to get payments after the cut off last week. Many actors say that banks usually face discrimination from banks because of their occupation. Crypto, being mainly decentralized, might serve as a good alternative to traditional payment options.
According to Forbes, two years ago 2018 about 470 adult entertainment sites and 50 webcam platforms, accepted cryptocurrencies. This number could double or even triple shortly as crypto becomes more widespread.
