Forbes Reports cryptocurrency Taking Off in Porn Industry

Forbes Reports cryptocurrency Taking Off in Porn Industry

November 1, 2018 Off By Maheen Hernandez

Forbes recently reported about a market research that was conducted in the porn industry concerning the use of cryptocurrency.

The overall size of the adult industry is growing.  Technically, the adult industry is one of the earliest adopters of internet payment systems and not they are adopting to cryptocurrency payments per the research.

Pornhub and Wicked have been reported to be the first among the several big companies in the industry have adopted crypto.

Titcoin was developed particularly to serve the adult industry, but they failed miserably.

VogoV co-founder Aleksei Maetnyi, according to the reported research stated: “Businesses did not need to use something that is hazy and new, like crypto.”

He further added that traditional payments still continue to work pretty well for payments, but adult companies according to him recognized the need to accept payments with crypto as a few of their customers were insisting on paying with crypto.

It has been noted that ever since 2017, the adult industry switched gears completely.  Several porn sites announced their partnerships with cryptocurrency companies like “Horizon” formerly known as “Zen Cash, Verge, and Tron.” Another porn site reportedly accepted Litecoin.

Several entrepreneurs in the adult and crypto industry are too ambitious about launching coins that are particularly focused on the adult industry.  They believe that their systems will be able to sort the economic concerns that has dawned on the industry.  The economic issue reportedly is said to arise from the fact that very few people are paying for porn and those who do opt to pay tend to pay with cryptocurrency.

OGO coin, Booth token, Vice industry token, and Wank Coin are the few coins named in the research as payment infrastructures that are focused on the adult industry.

Alex Hawkins, VP of xHamster is said to have remarked: “This is an exciting time as really creative people are exploring newer systems.”

Credit card companies and regular banks consider the adult industry as highly risky because disputes arise in the transactions and eventually the adult industry is paying more cost than other industry for the transactions. Therefore, the cryptocurrency systems will have a lot to offer this industry.  They can help the industry save a lot in the workaround costs.

The cost of selling content digitally can be drastically reduced with cryptocurrency because cryptosystems will provide with a clear record of the transactions.  The blockchain technology will track the transaction, and it will not be possible for anyone to fake refund or make a claim stating they have been defrauded.

From the consumer’s point of view, these currencies promise a new type of anonymity.  Lisa Moore, VP of an adult site stated that they would like to become 100% crypto in the future. However, the crypto payment is still conceptually and practically confusing to several consumers.

Another problem that is reported in the adoption is that an average porn consumer would not want to read a white paper and judge the authenticity of the payment option.

 

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