Sex and Crypto: Cointelegraph looks into use of cryptocurrencies in the adult entertainment industry for anonymity and avoiding transaction fees
Because of its pseudo-anonymous, censorship-resistant nature, cryptocurrency has become a popular payment method in the adult entertainment industry. Porn sites, webcam sites and online sex shops have been using crypto to reduce their dependence on traditional payment services, which often impose restrictions and high transaction fees on these kinds of businesses — which are considered to be high risk.
Sex performers, who often struggle to set up regular bank accounts, can receive crypto payments directly from their clients, counting on the immutability and censorship resistance of blockchain technology.
Also, from the customer’s perspective, crypto is a more discreet way to pay on adult websites than to have transactions recorded on a bank statement.
Finally, since there are no middlemen, transaction fees are lower for all parties involved.
Having understood the potential of the crypto-adult synergy, a number of startups, such as SpankChain, Intimate.io and Gingr, have emerged at the intersection of the two industries and are trying to revolutionize the way adult content is purchased and consumed.
Crypto is still far from entering the mainstream due to educational barriers and the high volatility of cryptocurrencies. Still, crypto adoption is on the rise, and it might be just a matter of time until it disrupts the adult industry.
Related: A Blockchain Sexual Revolution: Crypto In the Adult Entertainment Industry