Pornhub, the world's largest adult portal, expanded its payment options as it started accepting cryptocurrencies. However, both Mastercard and Visa recently severed their connection with the site. Now, the only mode of payment of Pornhub is the cryptocurrencies.
But what does it mean, and how will it affect Pornhub and the world of Cryptocurrencies?
In 2019, the site itself garnered 42 billion visits, one of the top 10 most visited sites. Moreover, it earned more than ten thousand hours of videos watched.
Thus, it's quite apparent how massive the effect will be for both Pornhub and the cryptocurrencies. Since cryptocurrencies are the only option, the question is if it will turn out as a positive thing or not.
Why did Visa and MasterCard Block Pornhub?
In the past years, Pornhub accepts payment from options such as Paypal, Visa, and Mastercard.
However, in 2019, Paypal started cutting its ties to the portal. This occurrence worsened after a specific article in the New York Times got released.
It stated a report about the website allowing videos of women getting assaulted. It also included a statement on uploading videos of minors having sex.
Pornhub officially denied the accusations. However, the consequences of such already made its effect.
Mastercard made an investigation on its own and confirmed certain violations. Thus, the said service put a stop on the usage of its card to the portal.
After that incident, Visa followed. They immediately stopped their transactions with the portal even before the end of their investigation.
Thus, the portal ended up requiring payment coming only from Cryptocurrencies.
Pornhub accepts payment only through cryptocurrencies.
With both Mastercard and Visa disabled, Pornhub relies on payments through Cryptocurrencies. As of the moment, the portal accepts 13 cryptocurrencies.
These are the following:
13 cryptocurrencies accepted by PornHub
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Dash (DASH)
- Bitcoin Cash (BCH)
- WAVES
- Verge (XVG)
- Tron (TRX)
- Tether (USDT)
- Nem (XEM)
- Monero (XRM)
- Zcash (ZEC)
The membership subscription costs $9.99 a month. They also have an option of saving more by making an annual payment of $95.88.
The portal states that they aren't accepting credit cards at the moment. Thus, they only have cryptocurrencies as the only mode of payment.
What does it mean to PornHub itself?
The recent developments pose a question on their effects on the adult portal and everyone involved.
Let's take on each of these.
Premium Members may learn to use crypto or may leave
It's not a hidden fact that cryptocurrencies don't work as simple as credit cards. Thus, this development may be a bit more challenging and difficult for members paying for the subscription.
It may put an end to their subscription for members who don't want to indulge themselves with crypto.
Creators and sex workers need to adopt and advocate crypto
Moreover, creators and sex workers of their own be the ones getting affected most. They need to adapt to cryptocurrencies since they will receive income through them.
It's also in them to be advocates of cryptocurrencies. It's the only way they can ensure their subscribers would stay.
The portal may also advocate the use of crypto to survive
The portal itself generates income on ad revenues. However, the creators and workers may get affected if the development becomes a loss for Pornhub.
It's also quite uncertain how the portal and its creators will run with cryptocurrencies as the only payment source.
Now, let's get into the primary concern, which is the cryptocurrencies.
What does it mean to cryptocurrencies?
Pornhub reported over 3.5 billion visits per month. That's more than the visits large sites receive like Netflix, Amazon, and even Yahoo.
For this reason, recent developments would produce a significant effect. The possible results would be the following.
Cryptocurrencies may receive exposure
Now, cryptocurrencies are the only payment option available to get premium memberships. It would mean the portal users would be obligated to be familiar with it.
If such happens, the industry of cryptocurrencies will receive enormous exposure.
Cryptocurrencies may receive a more lousy reputation
Currently, cryptocurrencies already have a terrible reputation somewhat.
It usually gets associated with dark web transactions. It also associates itself with illicit activities and laundering schemes.
Thus, the potential affiliation with an adult website could lead to harming their mainstream adoption. This possibility is even more significant due to accusations of child abuse and other law violations.
The crypto industry's question stands: "Will such development turn out to be a benefit of their's or not?"
Crypto Advocates gets excited and thrilled
People into cryptocurrencies express their elation concerning the topic. They delight in the fact that cryptocurrencies are now the only form of payment for the platform’s premium users.
For them, this news is one of the biggest of this year in terms of crypto adoption.
Final Thoughts
The development of Pornhub getting cryptocurrency as its only mode of payment came from a long way of events. It started with its usual payment options severing ties with them.
It's still hard to tell the exact outcome of this development. However, we can all agree that this incident puts up a significant change, both in the portal and in crypto.
With an enormous amount of subscribers, this occurrence will inevitably create a significant change. This fact is quite sure. As to how the development will take effect, we’ll sure know after some time.
Published: 12/17/2020