Cryptocurrency enters the porn industry and takes off in a rather grand style

The porn studio VogoV conducted a market research recently and according to the report published, cryptocurrency has entered into the porn industry with over 470 websites, 50 Webcam platforms and 35 sex shops worldwide accepting payment in cryptocurrency. Though the number might seem big, compared to the vastness of the adult industry it is not a huge one but it has indeed started off impressively. Having said that, the porn industry known for adopting technology early, took a little longer to come to terms with cryptocurrency and blockchain. Barring Wicked & Pornhub, most of the websites did not want to try out cryptocurrencies until recently.

After the second half of 2017, the adult industry companies started moving towards adopting cryptocurrencies. xHamster and Naughty America started accepting Bitcoin. Earlier this year,  Pornhub and other companies also got into partnership with Horizon (formerly ZenCash), Tron, and Verge. This has also paved a way for many entrepreneurs from the industry to launch their own coins, believing that crypto payment will improve the economic downhill situation faced by the industry.

Alex Hawkins, vice president of xHamster called this an exciting time with people exploring creative ideas. The crypto payment option also helps users with the anonymity that prevents others from accessing their usage patterns and behaviours. Crypto payment is also seen as a major influence in the industry seen as high-risk by credit card and banking companies due to more and more disputed transactions and increasing processing fee and work-around costs compared to other industries.

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