Business
EXPOSED: Pornhub Begins Acceptance Of Bitcoin As Legal Tender
- When Visa and Mastercard cut off payments to adult website Pornhub last year, concerned over reportedly lax policies to prevent minors from posting content, the site leaned into Bitcoin payments.
OnlyFans, faced with a similar conundrum, chose to say so long to the adults in the room. In the process, it may have left an opening for cryptocurrency-inclined competitors.
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OnlyFans, an online subscription service that became one of the world’s top 400 websites by connecting viewers directly to content creators—mainly adult models—has dumped its largest earners and banned “sexually explicit material.” Although it says nudity will still be allowed so long as it meets its acceptability standards, pornography won’t be.
The culprits, says the company, are probably whom you’d expect: “banking partners and payout providers” that weren’t big fans of facilitating payments to a platform known for porn.
Whereas Pornhub found a way to keep the money flowing by turning exclusively to cryptocurrency payments for its premium subscriptions, OnlyFans, which expects to gross $1.2 billion this year, capitulated to payment processors.
That leaves a void in the space, says Allie Eve Knox, an adult performer and advisor to SpankChain, an Ethereum-based token created specifically to help sex workers get paid more easily. Until today, OnlyFans was her biggest source of income for adult content.
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