Payment processor PayPal stops facilitating payments for PornHub models. This is apparent from a blog post from the porn website. And that is heavy news. More than one hundred thousand models are paid for their services through PayPal. A central service such as PayPal can simply decide to stop the service. Is this a chance for bitcoin?
“This is a direct attack on the livelihood of many”
PornHub itself has been struck by the sudden decision of PayPal. “We are all devastated by PayPal’s decision to stop paying out to more than one hundred thousand performers who rely on them for their livelihood,” reports PornHub in its blog post.
Why not pay in bitcoin?
PornHub is now developing alternatives to pay performers for their services. But in the meantime the crypto community has become enthusiastic. Is this an opportunity for bitcoin and other crypto coins?
After the announcement of PornHub, the storm ran on Twitter. Every crypto enthusiast sees a perfect use case for the adoption of cryptocurrency. But whether it will come to that? A reaction from model Shyla Jennings shows that crypto coins still have a long way to go: “Crypto, personal portal .. LOL. I don’t even understand what that is. I think it’s best if my salary is deposited directly into my bank account. “
Crypto, personal portal … LOL. I don’t understand what that is. I’m cool with just direct deposit into my bank account.
– Shyla Jennings? (@shylajdotcom) November 14, 2019
Of course that is just an example, and Jennings does not speak for the entire community. There are also porn stars who embrace cryptocurrency as a means of payment and technology. Last May, Stormy Daniels told us to accept cryptocurrency as a payment method.
The industry is already preparing itself
It is not a bad idea that PornHub can start using cryptocurrency to pay for models. The website itself accepts all kinds of crypto coins as payment. Think for example of Verge, Horizon (formerly ZenCash) and TRON.
You can also use your crypto currency at other adult websites. Among other things xHamster and Naughty America adopt bitcoin.
But it is striking that the industry is also actively developing crypto coins. For example, there is BOOTY token (SpankChain) and WankChain. The names speak for themselves, we will say.
Porn industry is a springboard for new technologies
Porn is a taboo, but the industry can just give a boost to the acceptance of cryptocurrency. This is evident from some striking examples from the past:
- It was not always obvious that the video tape (VHS) was going to succeed. In the 70s, there was a battle between Betamax and VHS. The quality of Betamax was better, but more film fits VHS. Guess three times what made the difference.
- Paying online was probably never as popular as porn did not allow.
- Will cryptocurrency be the next new technology in this list?
Bitcoin cannot be censored
And most important of all: bitcoin cannot be censored. No government or agency can stop a bitcoin payment. That is the power of cryptocurrency.
And that power of cryptocurrency becomes clear when companies such as PayPal can decide to whom they provide services. It is not the first time that PayPal has stopped its services. In December 2010 it was announced that PayPal no longer processed donations for the whistleblower site WikiLeaks of Julien Assange.
In 2010, PayPal was one of the easiest ways to transfer money internationally. You simply transfer money from your bank account to PayPal, and you can transfer that credit anywhere in the world. PayPal was therefore a popular option for web shops.
When PayPal blocked WikiLeaks, that was a big problem. But there was a solution. Bitcoin existed just a year ago, and the perfect use application for the cryptocurrency was born. No one could prevent WikiLeaks from receiving donations. And now WikiLeaks has received almost 12 bitcoin. With a rate of 8,000 euros per bitcoin, that is 96,000 euros.
They are always small steps. What bitcoin could mean for WikiLeaks then it can mean for PornHub. Namely, a decentralized money system that cannot be censored. Bitcoin is always available, and is immune to political views. It crosses national borders and has the potential to become a world currency. Who knows, PornHub can give that extra push in the right direction.
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