Birthed in the year 2009, Bitcoin is a decentralized digital currency.
However, the identity of Bitcoin’s creator has perennially remained a mystery. A furtive person named Satoshi Nakamoto is credited for coining the idea on a white paper that made Bitcoin possible.
At that stage, none figured that cryptocurrency would one day turn out to be a force to be reckoned with and there ever would be cryptocurrency in the adult industry too.
Nevertheless, cryptocurrency began gaining popularity by charging literally nothing for transactions in comparison to worldwide financial practices. Bitcoin has lower transaction charges than almost every other orthodox online payment system.
Interestingly, Bitcoin’s operation is maintained by a decentralized authority since it’s not a government-issued currency.
Introduction To Bitcoin & Cryptocurrency
Bitcoin has never been backed, issued, or supported by governments or banks. Bitcoin uses cryptography for security and thus is known as a type of cryptocurrency. There is no physical embodiment of this currency, instead, a public ledger provides transparent access and maintains balances.
The existence of cryptocurrency is made possible by Blockchain technology (among others). Bitcoin is the most popular among cryptocurrencies due to its market capitalization, user base, and prevalence. Blockchain technology was invented for cryptocurrency.
If you own cryptocurrency and want to use it, then you would have fathom how a transaction is verified on the blockchain. A blockchain is a digital distributed ledger containing each cryptocurrency transaction. Blockchains make cryptocurrencies secure and trustworthy. The public can view every transaction on it.
Every cryptocurrency transaction must be confirmed on the blockchain before changing hands.
Bitcoin mining process creates a new bitcoin by solving puzzles. Computing systems with specialized chips compete to solve mathematical puzzles. The first bitcoin miner (these systems are named so) to solve the puzzle earns a bitcoin.
Government Tightens Grip Over The Adult Industry
In the year 2018, the US government created and passed a federal law for effectively eliminating sex trafficking online. Two acts, named ‘The Fight Online Sex Trafficking Act’ and ‘Stop Enabling Sex Traffickers Act’, more commonly known as FOSTA-SESTA were enforced due to which owners of any website could face criminal charges if the content on their website promotes trafficking in any manner.
The law was explained later by DiAngelo, is a researcher and lecturer with the University of California. He states, “It meant, any online website or venue proffering business / services and earns profits in effect due to prostitution in anyway could be indicted and face 25 years in prison.”
Mixed opinions have been elicited regarding the effect these acts or laws pertaining to the adult industry. Sex work is a broad term that includes any person who engages in some form of erotic labor, whether virtually or in person.
However, a stern group of critics believe that this law passed by the US government was instrumental in pushing the trade underground, away from peering eyes. The only act that’s mooted illegal in the US is the exchange of sexual undertaking for remuneration.
Thus it can also be said that the US government played a partial role to drive cryptocurrency in the adult industry.
Benefits of Cryptocurrency In The Adult Industry
Many in the adult industry claim to have comprehensive knowledge about cryptocurrency in this domain. Yet, they were shocked to learn regarding its acceptance as a mode of payment during certain occasions.
Astonishingly, traces of the presence of cryptocurrency in the adult industry or in porn were found to have its beginnings from as early as 2013.
If you start talking about the advantages of utilizing cryptocurrency in the adult industry, you are in for a long haul discussion.
OnlyFans was navigating through some terrifying blowback after banks started flagging and rejecting transactions made on their site. This forced OnlyFans to announce their intent to ban sexually explicit content, even though it is their core product.
But their decision was met with such reprisal that OnlyFans reversed the decision within days.
The influx of cryptocurrency in the adult industry has brought about some revolutionary changes. Numerous advantages of this virtual currency in the sex work industry are stated below:
- Crypto transactions are anonymous or pseudo-anonymous.
- The use of cryptocurrency in the adult industry is efficient as there is no chargeback in this mode of transaction.
- Transactions involving cryptocurrencies have low fees allowing sex workers to seamlessly accept international payments without having to worry about over the top transfer charges.
- Cryptocurrency is an investment at the same time. Sex workers practicing their trade with crypto’s assistance have lauded the virtual currency for increase in their holdings.
- Cryptocurrency drives the risk away and acts as a lifeline for sex workers in an industry where federal laws have crippled them.
- Some escorts who are charging anything like $1,700 for an hour to $11,000 for a day, now unambiguously state in their ads that they prefer to be paid in bitcoin or ethereum.
- Cryptocurrencies like bitcoin, Ethereum, and dogecoin are transparent enabling anyone to track trader’s transactions that help sex workers wipe out the possibilities of fraud.
Websites Accepting Cryptocurrency Provides Access To Adult Content
Numerous adult content platforms have started accepting cryptocurrency as payment in exchange for access to their content. A few of these websites are:
- Naughty America
- Porn.com
- Pornhub
- WeAreHairy
- Livejasmin
- XLoveCam
Future Of Cryptocurrency In The Adult Industry
Technology doesn’t differentiate. Communities of sex workers have recently started developing their crypto payment platform in a ditched effort to adapt and overcome. It has been noticed that many people have slowly but surely turned to bitcoin and other cryptocurrencies as a manner of payment for products and services to protect themselves.
Porn stars, sex workers and others in adult entertainment are taking a closer look at cryptocurrency payments. There are a plethora of issues in the background of a series of difficulties with the mainstream financial system, theoretically propelling digital currencies into widespread use.
An application named SpankPay was developed specially for the adult industry. It is a crypto payment application that is specifically aimed at sex workers and the adult industry. It enables people to send and receive payments for all services related to the adult industry.
However, the transactions on this platform are not anonymous, but the risk of getting banned from the platform is also nil.
Conclusion: Cryptocurrency In The Adult Industry
We can agree that we all have mixed opinions about the adult industry as well as the cryptocurrencies in existence. But, we can’t deny the fact that both of these arguable industries have made a name for themselves.
Today, Bitcoin stands roughly at $24,000 per coin with a market value of over $1 trillion. Additionally, these cryptocurrencies have acted as lifesavers for sex workers and the adult industry.
Porn has recurrently been the influence for new models taking off. Right from VHS, online credit card payments and to some extent even the internet. So it wouldn’t be surprising if the porn industry one day claims responsibility for making crypto become mainstream.
After an Engineering degree and a Diploma in Management I devoted 16+ years working in the automotive industry. My innate skill and extreme passion in writing, encouraged me to adopt it up as a profession. I have been writing for more than 10+ years in the software industry. The 400+ blogs I published are informative, exhaustive and interesting to a professional and causal reader.
