When it comes to the adult industry, Bitcoin and other cryptocurrencies are used out of necessity. The following lines of this post will showcase how this industry is being disrupted by cryptocurrencies and blockchain technology.
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Selling sex is considered an illegal practice by the law in many countries, I am not going to talk about it from a legal perspective nor an ethical one since the interest of this topic is pointing out the challenges the porn industry is facing and how cryptocurrencies have provided a solution.
Let’s start with the common issues the porn industry have been facing:
Major payment processors refuse to process payments for adult services.
Many people feel unsafe/ashamed to buy adult services with their personal payment information.
Porn actors have difficulties getting paid in fiat currency either from their fans or agencies.
Your adult purchases can be tracked and used against you.
With all these issues limiting the potential of all people working in the adult business and also their consumers, bitcoin was the only door left for the business to continue growing.
If we look back at the issues mentioned earlier, Bitcoin or any other privacy coin can be a match to solve those issues and they are being used by the major adult entertainment websites. Thanks to decentralization, no entity can accept or refuse what payments you could process. Privacy coins will allow porn viewers to comfortably make purchases without being kept on their payment history. The upsides are endless, and we are now witnessing more adult blockchain-based projects which makes this way more interesting.
Spankchain for example is a cryptocurrency payment processor made for the adult business to easily monetize their adult services.
Porncoin is another anonymous cryptocurrency project for making anonymous transactions.
PornX is also another cryptocurrency payment processor.
Although these projects might fail or fall short to deliver on their promises, they are still a solution and will pave the way to a bright future of porn (LOL).