Cryptocurrency and Porn Industry: Why is it a perfect match?

In the 1980s, the internet was frequently used by three types of people: government officials, university scholars, and individuals seeking adult entertainment.

Keeping the mundane search history of officials and the scholars away, only one thing remains in the frame, which is the often frowned upon, yet highly sort after, the adult entertainment industry.

The adult entertainment business has seen massive growth over the years and its numbers speaks for themselves. In 2018, Pornhub, one of the biggest porn websites on the planet, entertained individuals approximately 33.5 billion times via their webpage. That is around 13.7 million visits per day.

An estimated number of 201,405 videos are watched, and porn websites around the world register 64,000 visitors/per minute in a day.

The data associated with the industry does not shy away from the revenue aspect either. According to a poll conducted by XBIZ, the porn industry generates a magnanimous revenue between $6 billion and $15 billion every year, in the US.

This is more revenue than the NBA, Hollywood, and Netflix. Americas intense porn obsession can be credited for fueling its economy and the adult entertainment industry clearly plays a major part in it.

CRYPTOCURRENCY AND PORN

The adult entertainment world is one of the few industries which prides itself on the reputation of being the front runners of early technological adoption. In 1977, when VHS tapes made its way into America and the rest of the world, it is believed that the porn industry played a massive role in ushering in its initial success in the 1980s.

However, the tryst between cryptocurrencies and the porn industry has been a tricky one. According to a research, conducted by the porn studio VogoV, by the end of 2018, around 470 adult video sites, 50 webcam platforms, and 35 sex shops worldwide had started accepting virtual currencies as a form of payment. The data on paper may echo a significant number, but when it is compared to the overall size of the ever-expanding adult industry, it is very minuscule.

The industry started to take massive strides with the adoption of cryptocurrency around early 2017, when the idea of crypto as a payment started gaining traction.

In 2017, major sites like Naughty America and xHamster started accepting Bitcoin as a form of payment. Pornhub and some of its sister websites also started establishing partnerships with various cryptocurrencies such as Horizen [ formerly ZenCash ], Tron, and Verge.

CRYPTOCURRENCY AND ADULT INDUSTRY: WHY IS IT A PERFECT MATCH?

According to a poll by fightthenewdrug.com, Porn was actively viewed by the millennial of the current generation [between the age of 16 and 33]. A person of this age group mostly has an active social life and outgoing lifestyle. No one in this age group would like to disclose or talk about it with their partner that they were paying for pornography. It can come across embarrassing and usually uncomfortable most of the time. The adult entertainment industry is one such which can only be consumed in the privacy of your own space.

This is where both the parties meet at a common ground and present a great opportunity.

The anonymity offered by the virtual assets is a sigh of relief for the adults who do not want their private viewing habits on the internet to be a recorded statement on their credit cards. Hence, the idea or awkwardness ...

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Tags: Sex industry, Cryptocurrency, Pornography, Bitcoin, Verge, Industry, United States of America, A Perfect Match, JPMorgan Chase, National Basketball Association