The decision, according to a Pornhub statement, immediately hit “thousands” of performers who rely on the payment system to receive income for their videos—in some cases, their entire incomes.
According to a new report by Forbes.com, however, the Paypal cutoff offers an opportunity for the adult industry to once again act as a primary driver of cutting-edge technology.
In this case, Bitcoin and other cryptocurrencies.
“In the 1970s the adult entertainment industry helped VHS to victory over Betamax in the video format wars,” wrote Forbes contributor Billy Bambrough. “Long before YouTube and Netflix brought in autoplaying videos they were already typical on PornHub and similar adult video sites.”
And of course, the internet itself may not exist, at least not in its current form, without innovations driven by porn creators.
Now it may be cryptocurrency’s turn, according to the Forbes report. In fact, the Verge cryptocurrency currently used by Pornhub for some payments leaped in value by 30 percent following the PayPal announcement. The currency dropped again over the following few days, but the spike showed the potential benefit to crypto from the PayPal cutoff.
“For years, PayPal has been moralizing on who can receive payments, leading to today, removing the right of adult entertainers on their platform,” one Verge Currency editor wrote on the blogging site Medium.
That same editor, however, went on to explain a detailed process by which performers could set up an accont to receive Verge payments on Pornhub. The process perhaps inadvertently highlighted one of the hurdles crypto may face as it attempts to become a default payment method for online porn, according to Forbes.
"Bitcoin and crypto’s clunky user experience and long setup process has already caused those in the adult entertainment industry hit by PayPal’s Pornhub decision to complain," Bambrough wrote. "Bitcoin and crypto may be for everyone, but the industry needs to prioritize making access and acceptance easier."
Photo By Gage Skidmore / Wikimedia Commons
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