Binance CEO Changpeng Zhao has suggested that PayPal’s decision to stop allowing Pornhub models to be paid via the platform could be an opportunity for cryptocurrency to fill the void. CZ stated on Twitter that the development “sounds like an opportunity” for cryptocurrency to add another string to its use-case bow, with Verge (XVG) potentially poised to finally make the most of its linkup with the adult entertainment site in 2018.
Sounds like an opportunity for #crypto? https://t.co/vHG8XrtHU5
— CZ Binance (@cz_binance) November 14, 2019
Crypto Still Has a Way to Go
PayPal hasn’t publicly acknowledged the removal of its services from Pornhub, leaving Pornhub to inform users themselves, lamenting the decision due to the fact that “over a hundred thousand performers…rely on them (PayPal) for their livelihoods.” Respondents to CZ’s comment on Twitter were quick to shill their own favorite token as a potential replacement, but outside of the crypto Twittersphere the response was markedly different – although some respondents suggested crypto gateways, many were ignorant of the opportunities presented by digital currencies, suggesting direct payments and the likes of Western Union as alternatives, with one Twitter responder worrying that “I don’t understand how cryptocurrency works.” One respondent to the Pornhub blog post worried that since some performers were unable to get bank accounts, PayPal was their only alternative. This is despite Pornhub having announced the acceptance of XVG in a blaze of publicity back in April 2018, news that was roundly celebrated by many in the crypto community as proof that cryptocurrency was going mainstream. It appears however that this linkup has barely made a dent in the public consciousness.
Crypto the Perfect Solution
The irony is of course that cryptocurrency would be the ideal medium for platforms like Pornhub. Professional adult entertainment is one of the few areas where privacy would be beneficial for both the seller and the buyer and would be completely legitimate. There may be cases where individuals are put off purchasing services from performers because of the potential of having the payment linked back to them, while performers themselves may encounter problems when trying to access their own money because the bank disagrees with the morality of the income source. The use of a private cryptocurrency would therefore benefit both parties and would be completely legal, so it will be interesting to see if cryptocurrency is able to fill this almost perfectly sized gap in the market.
