Hi, I'm just trying to plan ahead here and assuming that we are going to have a bear market at some point in the next couple of years, I would like to try to put my bull market profits to good use. I was wondering what is your strategy to continue making money when things turn bearish?

Whether it's shorting, leveraging, trading, earning interest, finding hidden gems, longing coins that perform well in a bear market, investing in gold or the stock market or anything else, I'm interested to hear what strategies you are planning to use and how you are planning to execute them in order to continue making money. If you made money during the last bear market I would be interested to hear how you did that as well.

Thanks.

Hi, I've taken a bit of a gamble by buying Bitcoin with a 3X leverage that I was planning to YOLO all the way up to ~$80k - $90k BTC on the basis that I didn't think BTC would go back to 33% below where I initially bought in any time in the near future. I bought in when Bitcoin was around the 20 week MA so this has fared well so far but I realise this was a risky move, particularly considering I don't actually fully understand leveraged trading.

I'd always assumed that if in order to be liquidated BTC would need to go down 1/3 from my initial buy in but I just had a thought that got me concerned.

Let's say for arguments sake that I bought in $1000 with BTC price at $10,000 which has now doubled to $2,000 after Bitcoin went up to $13,333 (I'm not sure that my math is right but anyway).

I would assume that Bitcoin would have needed to go down $6,666 in order for my initial stake to be liquidated and I was assuming that this would still be the amount that Bitcoin would need to go to, however now I'm a bit worried that my initial stake is irrelevant and that Bitcoin would need to drop 33% from the $13,333 that it's at now in order for me to be liquidated meaning that no matter how high Bitcoin goes, if it goes down 33% from that high I could be liquidated.

Just in case that explanation wasn't clear enough, if you bought 1 BTC at a 2X leverage when BTC was $10k in October last year and rode it all the way up to $65k and you had something like $120k BTC at that point, would you then have been liquidated when BTC dropped  over 50% to $29k or would your BTC have just gone down to the same as it would have been at $29k on the way up?

Is it possible that somebody could confirm which of these is correct please?

Thanks

Hi,

I just wanted to start by saying, I'm not a trader and I don't know much at all about charts, I realise that attempting to trade without such experience is a risky strategy but I've invested a lot of money into OMI and whilst watching it like a hawk, I happened to notice that it could be very easy to trade.

Firstly, the price seems to flow between channels of support and resistance at each .1c, for example it will flow from around 1c to around 1.1c a few times before moving up or down to flow back and forth from around 0.9c to 1.1c.

Secondly, it has a lot of spikes making it easy to set high sell orders and low buy orders which get snapped up by these spikes. For example, last night I made over $1000 in a few minutes when it spiked from 0.9c to 0.99c and immediately shot back down to 0.86c where I just bought back in ready to trade some more.

This seems to happen quite frequently with OMI to the point where I can just set sell orders so if OMI seems to be working it's way up from 0.9c to 1c, I can just set sell orders that start small from say 0.939c then increase in value each step from 0.949c to 0.959c to 0.969c all the way to 0.99c where I've converted half my stack to USDT ready to buy back in again in the same way on the way back down.

I've now got 9% more OMI than I did less than 2 days ago. I understand that if it carries on going up I will end up with less OMI but I will have more money and less risk whereas if it carries on going down I'll have more OMI and less risk.

I appreciate that this could easily put down to beginners luck. I'm happy to listen to any constructive criticism of my beginners strategy if anybody has any or any tips that may be useful but with OMIs crazy spikes this strategy seems to be very easy to execute.

I was wondering, are there any coins that are similarly easy to trade on Binance? I have as much money in OMI as I'm comfortable with and would like to try to attempt the same strategy on a decent coin with similar attributes that is available on Binance if possible?

I snapped this screenshot of the easiest trade I've ever made. Unfortunately I was overinvested at the time and didn't have any low buy orders set so missed out on buying the downward spike that happened a few minutes earlier but that was a lesson learned.

https://imgur.com/a/GgBqPo5

[The apps:]

Sorry about the long post but I wanted to put together a review of CHZ and OMI just in case others might find it useful, I had to rush it a bit so please forgive any errors:

Disclaimer: I own both CHZ and OMI. I'm also not a financial adviser and my experience of NFTs is quite limited so please don't make any financial decisions based on what I say, this is just my opinion.


The apps:


OMI: The VeVe app is still in its beta phase. The NFTs themselves are first generation and whilst they already look impressive it will be interesting to see how they evolve as time goes on. You could one day have your very own charizard flying around the house setting fire to your girlfriends hair.


Whilst they already have some really good contracts in place, the selection of NFTs on the app is currently limited to Batman, Harley Quinn, The Joker, Ghostbusters, the Powerpuff girls and a few other less popular names, however demand has outweighed supply and most of these are currently unavailable making it quite hard to get anything that you might actually want.

One thing that I really like about the VeVe app is that you can trade your NFTs on the VeVe market place, meaning that if you buy the right NFT which sells out whilst still in demand, it could potentially be worth much more than what you initially paid for it.


CHZ: The socios app has been around for a while and is up and running smoothly. It allows football fans to interact with the club and other fans as well as to buy and sell fan tokens which rise and fall in value whilst giving you influence on club decisions through fan polls. The app can be used to offer fans benefits such as VIP access to games and other bonuses such as club tours and meeting players.


Conclusion: I think that the Socios app has good potential to keep the interest of football fans, however the potential uses and room for improvement seems to be quite limited in comparison to VeVe, so it may struggle to take off amongst mainstream fans. That said, the fact that such high profile clubs like Juventus, Barcelona, PSG and now Man City have signed up with Socios suggests that they do feel that it will be successful. 
The VeVe app has a long way to go to reach its full potential, however I feel like the VeVe app could become extremely popular once it is out of beta and a wider variety of bigger, better and more advanced NFTs are made available, though we might have to wait a while to see if it actually lives up to that potential. 


Price and Market cap:


CHZ currently has a price of $0.57 giving it a market cap of $3.1billion whilst the fully diluted market cap which includes CHZ that haven't yet been released onto the market is $5.1 billion.meaning that there's $2 billion of CHZ as yet unreleased.


OMI is currently fluctuating rapidly but as at time of writing is sitting at $0.012 on 20/03/21, given that there's 166 billion OMI in circulation this gives it a market cap of roughly $2billion 


It's quite important to note that OMI is deflationary, meaning that whenever people purchase NFTs on the VeVe app the correlating value of OMI is burnt, reducing the supply and putting upward pressure on the price of OMI.

The tokenomics of OMI are a little more complicated, however of the 750 billion OMI that were issued:

340 billion are locked up never to be released
97 billion were accidentally locked up, effectively never to be released
168 billion are currently in circulation 
145 billion OMI shared between the team and business development costs are currently out of circulation with the potential to be introduced at any time.


Conclusion: OMI is a long way ahead of CHZ in this category in my opinion, the lower market cap is a benefit for OMI and the deflationary nature of the currency gives OMI the potential to increase in value exponentially, however this will rely on the VeVe app becoming popular and the NFTs becoming widely used.


Contracts:


Both have shown that they have the ability to attract top contracts already which is a bullish sign for CHZ and OMI. There's rumours that OMI will be looking to sign contracts with Pokemon, the NFL and the UFC in future and many other contracts could be in the pipeline. CHZ has already signed contracts with Juventus, Barcelona, PSG and now Man City. They have already signed top teams in most of the top leagues in Europe and can start working their way down to other clubs in these leagues.CHZ also has the potential to start looking outside of football if it wants to go down that route but it's as yet unknown if they will.


Conclusion: This one goes to CHZ as the list of clubs that they have already signed while impressive is still rather small in comparison to the possibilities, however both have huge potential to expand here.


Availability:


OMI is currently only available on Bitmax and Bitforex with a listing on Uniswap coming up on March 24th.


CHZ is currently available on Binance, Huobi, FTX, Bitfinex, Uniswap and a host of other exchanges.


Conclusion: OMI is currently very hard to get hold of, many people including myself have had to sign up to Bitmax or Bitforex just to buy it whereas CHZ is readily available on many top exchanges. This gives OMI a big advantage going forward as it will likely increase in value significantly once it starts getting listed on more popular exchanges.


Final conclusion:


I think both of these cryptocurrencies have the potential to multiply in value in the long term as long as things go smoothly. OMI appears to have a lot more room for improvement than CHZ.but this will be reliant on the team behind it to make the moves necessary to ensure that it reaches its full potential.


It's worth noting that whilst Bitcoin seems to have less of an impact on OMI than it does on CHZ, the impact of Bitcoin on both of these cryptocurrencies is undeniable and should Bitcoin head into a bear market, the value of both OMI and CHZ could be significantly impacted.


Please be aware, the Uniswap listing for OMI due to take place on the 24th March has had a lot of hype. Quite often when this happens the price builds up in the time before the listing only to then dump quite hard soon after listing. If you are interested in purchasing OMI, it may be advisable to wait until some time after the listing has taken place to see if you can buy any dips that may take place.

Non-Fungible Tokens have exploded onto the scene over the last few weeks and the hype doesn't look like it's going to fade any time soon. At the moment, it's still very early to be getting involved, however it is fast becoming popularised. With many young adults (a common demographic of NFTs) getting $1400 checks over the next couple of weeks, it's likely to be much better to be getting involved sooner rather than later.

FYI, here's a handy list of the main NFT coins available at the moment:

https://coinmarketcap.com/nfts/

I've been researching NFTs with all my spare time over the last 10 days and what I initially noticed from this list was that at the time, they had gone up on average about 60-70% over the last 7 days.

I also noticed that many of the NFTs that were pumping particularly hard were available on Binance. I assume this comes down to the volume that comes with Binance but may also have something to do with BNB.

Not wanting to miss out on this new fad, my initial strategy was to just FOMO into every coin that I could find available on Binance and spread the risk across them all. This actually turned out to be a quite a good strategy as my portfolio kept on rising whist I was researching which coins I wanted to hold long term.

Just for your information, the NFT coins I've found available on Binance so far are:

Dego, Theta, CHZ, ENJ, MANA, CHR, OGN, SAND, AXS, COCOS.

I started my own Telegram group and signed up to a couple of other Telegram groups to do some more research on the subject and there's a few options that I have seen being recommended frequently by people who understand the space better than I do.

MANA - MANA  is based on a popular game called Decentraland. People can buy land and various items using the cryptocurrency. Mana is my largest holding and is currently up 46% over the last 4 hours and 159% for the week. It went parabolic earlier and has now pulled back to $0.91 at the time of writing. I'm expecting that $0.91 will look like a very cheap price next week.

https://coinmarketcap.com/currencies/decentraland/
https://coinpaper.io/coin/mana-decentraland
https://www.youtube.com/watch?v=v26yQGTycco


Chiliz (CHZ) - This is a football (Soccer) related cryptocurrency that allows fans of their favourite teams to buy tokens of their own club that give them certain benefits such as an ability to vote on certain decisions. Juventus were the first to sign up with Chiliz but many other major clubs have followed including Barcelona, PSG, AC Milan and more. Chiliz has pumped from $0.27 to $0.85 over the last few days, however has now pulled back and is currently trading at $0.61. If you're quick this could be a good time to invest before it pumps again.

https://coinmarketcap.com/currencies/chiliz/
https://www.youtube.com/watch?v=wygzmKe937w


Omi ecomi (OMI) - This is the cryptocurrency used by the creators of the digital asset trading platform VeVe. VeVe is a marketplace for buying and selling NFTs, a craze which looks like it could grow very fast in 2021. OMI is the cryptocurrency that people on VeVe use to buy gems which they can trade for NFT tokens such as Batman, Harley Quinn, Ghostbusters and various others. It's not available on Binance, Bitmax and Bitforex are currently the most popular exchanges for this coin.

https://coinmarketcap.com/currencies/ecomi/
https://www.youtube.com/watch?v=wygzmKe937w


A couple of others that you might want to look into.

Enjin (ENJ) - This coin is used by the gaming industry to allow gamers to buy in game items.
Sandbox (SAND) - I'll be honest, I haven't had time to research into this one, however I'm seeing it being highly recommended by people who understand the NFT world a lot better than I do.


If you want to learn more about NFTs feel free to check out my Telegram group for NFT crypto investing

https://t.me/joinchat/V5nNVoIR7qZkY2Y8

If you want to learn even more, the guy who runs this Telegram group (Carlton) is a really nice guy and puts out some excellent Technical Analysis on various coins a regular basis.

https://t.me/cryptoprocarlton


Please bear in mind that these NFTs are volatile, if you buy in when it's pumping then you are liable to lose a lot of money very quickly. Instead, a good strategy is to look for the ones that have already had a correction after a pump and have been consolidating for a while.


I was hoping to get some feedback on which are your favourite coins and why you like them?

So the $1.9 trillion stimulus bill has passed the senate and is now nailed on to be signed off by Biden on 14th March.

I was wondering what effect you think this will have on Bitcoin over the coming days, weeks, months and even years? It doesn't seem to have made a huge impact straight away, I guess this is because people were expecting it to happen anyway but surely as the stimulus starts to take effect over the next few months, inflation is going to become a huge problem for any individuals and companies who happen to be sitting on piles of cash. Will the government be able to stop inflation from running out of control or are Bitcoin and crypto holders in for the treat of their lives?

https://eu.usatoday.com/story/news/politics/2021/03/06/bidens-covid-stimulus-bill-passes-senate-legislation-heads-house/6886446002/

Hi,

I was interested to know what you think Bitcoin will peak at this year and what you think the price will be at the end of each year up until 2025

Here's what I think could be a fair estimate:

2021 peak: $95,000

EOY 2021: $65,000
EOY 2022: $100,000
EOY 2023: $150,000
EOY 2024: $300,000
EOY 2025: $500,000

So I think I think my brother has found a little undervalued gem and wanted to run it by people to see what others think.

KR 1 PLC is a staking company registered in 2016 that own and stake various different crypto assets. They have a history of picking quality projects in their infancy that have multiplied in value many times over. They have a large stake in DOT, currently owning 0.35% of all DOT in existence.

The crypto assets that they hold and stake are around 66% of the company market cap and they have been staying under the radar and steadily rising in value without pumping too hard already. They've recently gone above the minimum share price required for a NASDAQ listing which would give them a lot more exposure so hopefully that will be happening soon as well. I've picked up a lot of this stock through an ISA to save paying any UK taxes on potential gains.

This is not investment advice and I'm not a particularly experienced investor, this just looks like a really good stock to me. Here's a few links that I've found helpful.

https://www.kryptonite1.co/
https://stocktwits.com/symbol/KROEF
https://www.reddit.com/r/pennystocks/comments/lmnxez/kroef_defis_first_etf_multibagger_stock/?utm_medium=android_app&utm_source=share
https://wexboy.wordpress.com/2020/11/21/kr1-plc-the-crypto-alpha-bet/

Hi, just to be clear I'm bullish as hell for the next few months but I think it's generally accepted that this bull run will probably come to an end at some point this year.

I'm wondering if people here are planning on getting out of crypto or significantly reducing your stake at some point this year and if so what your plan is and where you are looking at reinvesting your funds?

Happy days

Has anybody else got Argo Blockchain? I've taken a lot of my BTC out and put it into Argo instead, it seems to behave a bit like Bitcoin on steroids. Just got another 33% rise out of it today 👌

Would be interested to hear others opinions if they know anything about it?

Hi, I'm just wondering what your favourite 3 coins would be to invest in right now? I have BTC, ETH and DOT but would like to consider other options.

Hi,

There's been some alt coins that have performed really well recently such as AAVE, SUSHI, UNI etc but I've probably missed the boat a bit on a lot of these.

What do you think is the best way to learn which alt coins to invest in?

Hi, I was thinking of trading between BTC, ETH and maybe a few others such as DOT and ADA but the fact that most traders trade between BTC / USDT or ETH / USDT etc suggests that it's probably a dumb idea that will cost me money. The fact that I need to ask this question probably suggests I shouldn't try it but it seems to me that they go up and down in spurts.

For example ETH has just had a bit of a pump whilst Bitcoin is has been up and down so I've traded some ETH for BTC hoping that I can catch a raise from BTC whilst avoiding any potential correction on ETH. I was wondering if this kind of strategy is something that many people have tried and had much success with or had any bad experiences with?

I don't want to get overly dramatic about what's happened today, especially considering that the $32k level that we're at now was a new ATH just a week ago but when Bitcoin has dipped this much in previous years it has led to a prolonged bear market.

Do we think that this could happen now or should we just ride it out and expect a quick return to business as usual?

I was wondering what your thoughts were on if or how we can estimate Bitcoins fair value by comparing it's benefits as a store of value in comparison to gold?

Bitcoins current value $41,000
Bitcoins current market cap: $761 billion
Golds current market cap: $10 trillion
Bitcoins market cap as a % of gold: 7.6%

If Bitcoin would be able to match the same investment that gold currently has ($10 trillion) that would bring the value of each bitcoin to roughly $535,000.

Weighing up the pros and cons of gold and bitcoin there are strong arguments that either one could prove to be a better store of value in the future, however it may be difficult for Bitcoin to ever match the market cap of gold unless governments around the world were to invest significantly in Bitcoin as they have in gold.

I personally feel that Bitcoin could quite realistically reach 40% of golds market cap within the next 2 - 4 years. If it were able to achieve such a feat with all being equal for the purposes of simplicity, this would bring Bitcoins value to roughly $214,000.

With this in mind, is it fair to say that Bitcoin at $41,000 is massively undervalued? I would be interested to know what your thoughts on a fair value for Bitcoin would be in the long term?

I have included some pros and cons of Bitcoin and gold below to help anyone who might want to attempt to estimate what they think bitcoins fair value could be by using gold as a comparison.



GOLD
PROS
STABLE
In the long term, gold has proven to be a stable investment. It has shown to increase in value over time, and the price of gold often rises when the economy is in a recession. Because it has been used for many years as a form or backing of currency, it is a stable investment in that way as well.

LONGEVITY
Gold has long been used as currency around the world and across time periods. Its beauty, utility, and scarcity have made it an ideal baseline for trading and attributing value. Because it’s been used for nearly as long as civilizations have been around, it has stood the test of time and proved its inherent value. When you invest in gold, you can be certain that it won’t just stop having value one day.

SAFE IN VAULT
If you have your gold stored in a precious metals IRA, it will be stored in a specific, safe vault that is overseen by a custodian who will manage your account. These accounts are often insured up to a certain amount, much like a traditional bank account, so you can rest easy knowing your investment is safe.

CONS
CAN’T BE USED AS CURRENCY
In the event of an economic crisis where traditional fiat currency is no longer viable, gold can be used as a currency. However, gold is not currently a viable means of buying something. While technically some gold coins are recognized as currency, the value of the gold that the coin is made of is often worth more than the face value of the coin.

MUST BE STORED
When you invest in gold, you actually own a physical item that must be safely stored somewhere. A precious metals IRA is a popular and safe option.

If you choose to store your gold in your home, it must be stored in a safe or vault, and even then it has the possibility to be stolen from your possession.

BITCOIN
PROS
EASILY SOLD
Because bitcoin is completely digital, it can easily be transferred to another user and sold for its USD value. You can meet with another user and transfer your bitcoin in person using a QR code, or you can use a third-party exchange service that will digitally connect you with a buyer.

CAN BE USED AS CURRENCY
As long as you have a mobile wallet app that allows you to pay with bitcoin, you can use it as a digital currency at any store that accepts bitcoin. Bitcoin cannot be used everywhere as a form of payment, but some large retailers accept it.

EMERGING
Relatively speaking, bitcoin is new—it’s only been around for 10 years. Because of that, it’s considered an emerging investment and has the potential to exponentially increase in value. Investing in bitcoin now could lead to big payoffs down the road. Many people have already cashed out on their bitcoin investments and retired.

CONS
VOLATILE
Because bitcoin is an emerging investment, it’s also extremely volatile, meaning it is susceptible to large price fluctuations in a short period of time. Any volatile investment has the potential to return greatly, but it also has the potential to crash just as heavily.

SUBJECT TO SCAMS/STEALING
While bitcoin is completely digital, you still need a place to store it—whether on a web platform, mobile wallet, or physical hard drive. There are benefits and drawbacks to each storage option. Web-based wallets are able to be hacked, and your bitcoin can be stolen. Physical wallets, such as a flash drive or external hard drive, can be stolen from your possession.

COULD CREATE OTHER CRYPTOCURRENCY
The price of bitcoin is, in part, subject to the presence of other cryptocurrencies. Because bitcoin’s value lies in supply and demand, if the demand for another cryptocurrency exceeds that of bitcoin, the value could decrease. While bitcoin still reigns supreme, the possibility is there.


https://nationwidecoins.com/bitcoin-vs-gold-which-is-the-better-investment/#:~:text=Bitcoin%20is%20a%20better%20investment,investment%20in%20the%20long%20term.

No problems. Happy new year everyone! Onwards and upwards!

Hi,

I want to withdraw some crypto (Bitcoin) from Binance to my ledger nano S but the options have confused me. I can pay the fees in:

Binance Chain (BNB) cost: £0.25
Binance Smart Chain (BSC) cost £0.49
Bitcoin (BTC) cost £9.07
Etherium (ETH) cost £3.81

I have some BNB that I could use to keep the fees down but I get a warning saying "The address does not match the currently selected network, it is recommended that you switch to another network.
"

If I try to use the BSC network I get a warning saying "The network you have selected is BSC. Please ensure that the withdrawal address supports the Binance Smart Chain network. You will lose your assets if the chosen platform does not support retrievals."

If I try to use ETH I get the warning "The address does not match the currently selected network, it is recommended that you switch to another network."

The only option that doesn't give a warning is BTC which has a £9.07 fee. I wanted to do a test transaction first so this would bring the fees to £18.14 or $24

What is the best option here?

I love how he's put this. It makes me want to buy more. Does anybody disagree with what he's saying? I'd be interested to hear your thoughts.

(Sorry, I realised after posting this that there's a similar thread)


MicroStrategy CEO Michael Saylor is making his bullish case for Bitcoin on national television.

In a new interview with Fox Business’ Charles Payne, Saylor says Bitcoin is a superior store of value that should have the attention of every individual and corporation on the planet.
 
“First of all, Bitcoin itself is an institutional-grade safe-haven asset and it’s engineered to be superior to gold in all respects. That makes it the ideal store of value solution for every individual, institution, corporation on earth. The second thing is, Bitcoin is the world’s first digital monetary network. It’s like Facebook or Google for money.

It’s the first network in the history of the world where you can collect, channel and store all the money in the world for a hundred years and not lose any of it. That makes it a 100 times bigger than Big Tech. Everybody needs to plug into it. Every individual, every corporation, every government’s got a problem, which is how do they deal with a collapsing currency, and what’s their store of value? Bitcoin is the solution.”

Saylor says Bitcoin’s rising price throughout its history is fueled by the asset’s fundamentals. This year, he says the macro economic environment is also playing a key role.

“Look, first of all, it’s not on a rally, it’s not a bubble; it’s a chain reaction spreading like a fire in cyberspace. And it’s being driven… it’s driving the flow of conventional assets because of escalating risk of global currency devaluation, tech disruption, social dislocation, political uncertainty. So, if you’re a corporation and you’re sitting with US dollars on your balance sheet, they are liabilities. You’re going to lose 15% of your purchasing power against scarce assets, every year for the next five years. It’s like a melting ice cube.”

Bitcoin, as you pointed out is going up more than 100% a year. The logical thing for every corporation is to convert their balance sheet from USD to BTC. Bitcoin is going to demonetize gold, negative-yielding sovereign debt, low-yielding sovereign debt and all of the index funds that have been used as a store of value. There’s a hundred to two hundred trillion dollars worth of stuff there. This thing can go on for quite a while.”

When asked if he believes Tesla CEO Elon Musk will follow through with his interest in Bitcoin and actually convert some of his or his company’s USD to BTC, Saylor says that while he cannot read Elon’s mind, he does think it would be a savvy option for the billionaire entrepreneur.
 
“I cannot speak for Elon, but what I can say is if you got $20 billion in your balance sheet and you know you’re gonna lose 20% of the purchasing power every year, and it’s gonna be cut in half in the next three to four years, the simple move is to convert those $20 billion into Bitcoin, and let it double, double and double again. As soon as the market figures out what’s going on, there’s going to be a stampede to follow you. It becomes a self-fulfilling prophecy and a positive feedback loop. It’s a screaming good idea to build shareholder value.”

At the interview’s end, the Fox Business host appears to have been convinced by Saylor’s argument on behalf of BTC. Payne says that once the show goes off air, he’s on his way to open up a crypto account.

“We really appreciate it. Loved the way you laid it out. I’m going to open my Coinbase account right after this show.”


https://dailyhodl.com/2020/12/24/michael-saylor-makes-bullish-case-for-bitcoin-convinces-newscaster-to-open-coinbase-account-on-live-tv/

Pornhub Premium now only available in Crypto!

On a serious note, this sounds like very good news for Cryptocurrencies in general...

During the first week of September, the world’s largest adult web portal Pornhub expanded its payment options by adding bitcoin and support for three other cryptocurrencies. However, after Mastercard and Visa severed ties with Pornhub last week, the company’s premium services payment processor now defaults to cryptocurrency only.

Pornhub is by far the largest adult website in the world, as the site provides pornographic video sharing services to billions of people across the globe. According to similarweb.com page ratings, the adult site is the 10th most trafficked site on the web and the company claimed to have 42 billion visits last year. Estimates say that 11,082 hours of video is watched per minute on Pornhub, and ever since the Covid-19 lockdowns traffic has skyrocketed.

However, the company has been dealing with financial issues, as the leading payment processors Mastercard and Visa cut off Pornhub last week. This means individuals looking to purchase the company’s premium services cannot use a credit card for payments.

Since the financial blockade by Mastercard and Visa, Pornhub’s premium services plans now must be paid with cryptocurrencies, as that is the only option available. If a user wants to purchase a plan that starts off at $9.99 a month or a yearly plan with a one-time payment of $95.88, the person has 13 cryptocurrencies to choose from.

Pornhub is leveraging the payment processor Probiller and the service supports bitcoin (BTC), bitcoin cash (BCH), dash (DASH), ethereum (ETH), ethereum classic (ETC), litecoin (LTC), monero (XMR), nem (XEM), tether (USDT), tron (TRX), verge (XVG), waves (WAVES), and zcash (ZEC).

“Unfortunately, we are unable to accept credit cards at this moment,” the Pornhub premium services webshop page says.



On social media and crypto-related Reddit forums, crypto advocates were thrilled to see cryptocurrencies become the default payment for Pornhub. On the subreddit r/btc, a number of BCH fans discussed the revamped crypto support by the mega large adult video sharing site.

“One of the biggest news of the year for adoption,” one Redditor wrote. “I would say one of the biggest ever,” another person responded to the adoption comment. “Because in this instance, credit cards aren’t even an option.”


https://news.bitcoin.com/pornhubs-premium-services-crypto-payments-13-digital-assets-supported/