Pornhub models can now accept the US dollar stablecoin Tether (USDT) as payment. In a recent statement, Pornhub said that adding the cryptocurrency was a direct response to PayPal’s decision to cut off payments to models in November 2019.
According to Tron CEO Justin Sun, it will use the TRON variant of USDT, building on Pornhub’s existing partnership with TRON.
“This is a brilliant way to support the victims of centralized payment platforms like PayPal,” tweeted Sun.
Models on pornographic video site Pornhub can now accept the US dollar stablecoin Tether (USDT) as payment. In a statement, Pornhub said that adding the cryptocurrency was in direct response to PayPal’s decision to cut off payments to models in November 2019.
According to Tron CEO Justin Sun, it will use the TRON variant of USDT, building on Pornhub’s existing partnership with TRON.
“This is a brilliant way to support the victims of centralized payment platforms like PayPal,” tweeted Sun.
In addition to the USDT announcement, Pornhub mentioned that it now supports Cosmo Payment, a digital (fiat) payments network that supports the adult industry. It has also added support for direct deposits for Australia and Puerto Rico.
It’s not just models who can use crypto; It’s also possible to buy Pornhub membership in three cryptocurrencies: Horizen (ZEN), TRON (TRX), and Verge (XVG).
When PayPal made its decision to cut off PornHub models, Verge spiked in volume and value. Within 24 hours of the announcement, it increased in value by around 31%. Volume rose from around $1-2 million prior to the announcement, to over $20 million. Alas, within ten days the price had fallen lower than it was before the news broke.
Though the porn industry may not be the most glamorous, they have been early adopters of technology. It’s also a multi-billion dollar industry which gives huge exposure to these projects. Especially now that Paypal has banned Pornhub.
It happened for the VHS, if you’re old enough to remember those. And it happened again for DVD, and the porn industry even was the deciding factor in the recent Blu-ray versus HD-DVD format wars a decade ago.
Overall, Pornhub saw a whopping 78.9 billion video views through 2014, which considerably surpasses last year’s 63.2 billion. Specifically, this breaks down to 18.35 individual visits to the site over the course of the year, translating to about 5800 visits per second. However you look at it, that’s a lot of people getting busy on Pornhub!
Pornhub Insights
PornHub also offers models a short tutorial on how to use the new technology to set up a wallet, and generate a mnemonic phrase.
The porn industry could help bring cryptocurrencies to the forefront by slowly educating the masses on its existence and use. Though the porn industry isn’t a hot topic in conversation, it’s no secret that it is extremely popular.
The fact the adult industry itself is often shrouded in secrecy makes it a perfect place for cryptocurrency adoption to occur silently.
Even Bitcoin itself saw much of its early adoption take place via the Silk Road dark web marketplace, where drugs, weapons, and more could be purchased illegally using the cryptocurrency.
But unlike Silk Road that lived in darkness, PornHub is among the top 50 largest websites in the world, ranked globally. The platform receives visits from millions upon millions of users from around the globe.
If major sites like PornHub and others regularly bring visibility to crypto assets like Tron, Tether, and others, it could be a major boon for the space.
In the past, other porn brands have also allowed users to pay for content via cryptocurrencies, and many crypto assets themselves are designed for use across the porn industry.
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Original post from my blog: https://tothemoon.blog/cryptocurrency/pornhub-utilizes-crypto-to-bypass-paypal-ban/
Nice, copy past post 👍