PornHub now accepts Bitcoin and Litecoin (News coincides with BTC decline?)

[Hydrogen]

Pornhub now accepts Bitcoin (BTC) and Litecoin (LTC) as payment for its premium services. The company has been accepting Verge since 2018, later adding several other cryptocurrencies, but this is its first foray into the major leagues. Pornhub’s vice president Corey Price said in the press release:

“As a leader in adult content with over 130 million visitors per day, Pornhub is excited to now offer two widely-used and leading digital currencies for our users. Our team continues to pave the way for tech development, testing and implementing new technology for everyday consumers far ahead of the mainstream market.”

Pornhub is a year older than Bitcoin, having been founded in 2007 in Montreal, Canada. Currently, it stands as the world’s ninth most popular website with 3 billion monthly visitors.

Cryptocurrency and porn have been forever commingled in society’s subconscious. This relationship goes back to pre-Bitcoin days as many cypherpunks believed that porn would be an early adopter of non-governmental digital currencies.

Satoshi Nakamoto himself voiced similar opinions in 2010:

“Bitcoin would be convenient for people who don't have a credit card or don't want to use the cards they have, either don't want the spouse to see it on the bill or don't trust giving their number to "porn guys", or afraid of recurring billing.”

https://cointelegraph.com/news/pornhub-now-accepts-bitcoin-and-litecoin

....



Pornhub announced support for bitcoin and litecoin on september 1st. A large downtrend in BTC price followed shortly thereafter.

Does correlation equate to causation in this case. From past history we know banks closed accounts of hundreds of porn stars for no apparent reason:

Chase closes hundreds of porn stars’ accounts

The move has sparked fury throughout the adult entertainment industry, with workers saying they had no idea why they were being targeted.

Chase bank sent letters to industry workers revealing the accounts would be closed next month.

https://nypost.com/2014/04/28/chase-closes-the-accounts-of-hundreds-of-porn-stars/

With banks becoming more crypto currency integrated, it could naturally follow they would temporarily crash the price of bitcoin, for whatever reasons they've often decided to make life harder for pornstars and adult entertainers in the past.

[Oasisman]

I've heard that news a long time ago and when everytime I hear about Chase Bank the first thing that comes to my mind is this bank is "anti-porn". I don't know but they seem to have thought that adult industry is a shady business lol.
Well, I guess accepting Bitcoin is such a good initiative and might become the 1st step to completely avoid the banking system (though it sounds impossible, but who knows.)

With banks becoming more crypto currency integrated, it could naturally follow they would temporarily crash the price of bitcoin, for whatever reasons they've often decided to make life harder for pornstars and adult entertainers in the past.

That's possible. But I don't think there's a correlation between this and the current Bitcoin price today.

[crwth]

With banks becoming more crypto currency integrated, it could naturally follow they would temporarily crash the price of bitcoin, for whatever reasons they've often decided to make life harder for pornstars and adult entertainers in the past.

So those who dumped on BTC have something to do with the porn industry? Maybe they don't want to get involved with currency with porn? Or since there are a lot of payors using BTC and then PornHub started dumping everything at market price it caused the crash?

I think it would be easier for the people who buy the services for privacy concerns but harder for the pornstars with their salary. Maybe they should just learn how to use BTC. Maybe it could spark greater interest with crypto by the watchers.

[BayAreaCoins]

Bitcoin is a bad fit for porn... Credit cards work WAY better.

At least from what I saw during my time involved with the Webcam Industry.

People would MUCH rather give away money they haven't earned yet vs give away something they already paid for.

[The Sceptical Chymist]

With banks becoming more crypto currency integrated, it could naturally follow they would temporarily crash the price of bitcoin, for whatever reasons they've often decided to make life harder for pornstars and adult entertainers in the past.

So those who dumped on BTC have something to do with the porn industry?

Yeah, that's the part I don't get about that theory, that the banks crashed the price of bitcoin.  I don't see any reason for them to do that, nor do I think there's an easy way for them to manipulate the market that drastically without putting their own money at high risk.

So no, in this case I don't think the correlation is indicative of causation.  My guess as to why bitcoin fell a couple thousand dollars is that traders who made a profit from the price rise cashed out en mass.  I mean, come on.  We've seen these kinds of price movements many times before, and usually there's no obvious cause.

Also, I could swear Pornhub already accepted bitcoin.  Maybe it was some other porn service--my memory of such things isn't all that sharp since I detest pornography.

[Darker45]

This might be a case of post hoc ergo propter hoc fallacy. It does not mean that since PornHub's decision comes prior to the fall of Bitcoin's price, it must have caused it. I cannot see any hint of causality between PornHub's decision to finally accept Bitcoin and Litecoin to BTC's price decline. This decline doesn't seem to have anything to do with it.

Neither is this related in any way to certain banks' closure of hundreds of accounts of porn stars. If at all, this would have even encouraged porn stars to shift to Bitcoin and other accepted altcoins, which would have instead caused their prices to rise, which is obviously an opposite direction to what BTC and almost all altcoins have taken.

[suchmoon]

Credit cards work WAY better.

Until your mom sees the charge on her credit card.

[davis196]

I don't watch porn(even free porn) and would never pay for porn,but I respect every company that decides to give Bitcoin a try.The Adult industry is a giant untapped market for the crypto world and it makes me wonder why Bitcoin still hasn't conquered the online adult industry.There's must be a reason.Maybe BTC is not as user friendly as the traditional payment methods,or maybe people are scared by the BTC price volatility.
Anyway,I hope that other big Adult Brands will start accepting BTC payments.

[Janation]

I can watch good videos without buying a premium account, still that might help in a way.

Still, I agree that I don't think we need to use Bitcoin in paying these premium accounts. I mean some of the people I knew are thinking that they will be buying some of my bitcoin to pay for their account, they can do it directly, and I don't understand why will they still go such lengths since they would just pay for the anonimity of their transaction which I don't think Pornhub is publicizing.

Credit cards work WAY better.

Until your mom sees the charge on her credit card.

LOL!

[Rikafip]

Also, I could swear Pornhub already accepted bitcoin.  Maybe it was some other porn service--my memory of such things isn't all that sharp since I detest pornography.

Porhnub started accepting XVG back in  mid 2018 as a  part of partnership  deal between Verge and Mindgeek (company behind Porhnub and some other popular porn sites like Brazzers and Redtube) so maybe that's what make you think they accepted BTC before as from what I can recall it was kinda big news.

Regarding the question, I don't think that Porhnub accepting BTC now has to do anything with recent BTC price going down. It was kinda expected to get some small correction before we go up again, just people taking the profits, nothing else imho.

[wildan88]

Also, I could swear Pornhub already accepted bitcoin.  Maybe it was some other porn service--my memory of such things isn't all that sharp since I detest pornography.

Porhnub started accepting XVG back in  mid 2018, so maybe that's what make you think they accepted BTC before as from what I can recall it was kinda big news.

Regarding the question, I don't think that Porhnub accepting BTC now has to do anything with recent BTC price going down. It was kinda expected to get some small correction before we go up again, just people taking the profits, nothing else imho.

not quite sure but i think they also accepts tron as before too actually not just pornhub but some known several sites too i forgot the names. i do agree with your opinion i really don't think the recent BTC price down has nothing to do with this.

[Bitum]

Actually adult websites are the best candidates to use crypto. I therefore find such initiatives to be beneficial for all of us, because even more people will accept crypto as a means of payment

[aioc]

Bitcoin is a bad fit for porn... Credit cards work WAY better.

At least from what I saw during my time involved with the Webcam Industry.

People would MUCH rather give away money they haven't earned yet vs give away something they already paid for.

That's not a good way of using a credit card, you still going to pay it and if you missed payment it will incur interest and will give you bad credits, there's a lot benefits in using Cryptocurrency in porn sites one of the biggest is of course anonymity, there are countries that are discreet when it comes to porn sites  and I don't want my credit company to know that I'm into porn, although I am not.

[crwth]

Yeah, that's the part I don't get about that theory, that the banks crashed the price of bitcoin.  I don't see any reason for them to do that, nor do I think there's an easy way for them to manipulate the market that drastically without putting their own money at high risk.

We all know that banks invest the money that comes into their system, what we need to know is where do they invest? I don't think the majority of banks don't like crypto.

So no, in this case I don't think the correlation is indicative of causation.  My guess as to why bitcoin fell a couple thousand dollars is that traders who made a profit from the price rise cashed out en mass.  I mean, come on.  We've seen these kinds of price movements many times before, and usually there's no obvious cause.

I think whales are starting to cash out as well, probably they would need it for something or preparation. Maybe there's something behind the works that we might not know about until it happens. It's not new and these DeFi projects are a new hype IMO and it's going down now.

Also, I could swear Pornhub already accepted bitcoin.  Maybe it was some other porn service--my memory of such things isn't all that sharp since I detest pornography.

I think they are accepting an altcoin and not BTC directly. I'm not sure though. Found this article from 2018

https://www.coindesk.com/pornhub-adds-crypto-payment-option-verge-token

[Rikafip]

not quite sure but i think they also accepts tron as before too actually not just pornhub but some known several sites too i forgot the names.

You are right, few months after adding XVG, pornhub started accepting Tron and Zcash too. Since Mindgeek controls a lot of other similar websites and its probably the leader on the market, it was kinda big deal for those altcoins.
Dunno, I always thought that crypto and adult industry go well together, so I'm glad to hear that BTC is now accepted as well.

I think they are accepting an altcoin and not BTC directly. I'm not sure though. Found this article from 2018

They did accept altcoins only, up until few days ago when they added BTC as one of the payment options

https://news.bitcoin.com/pornhub-accepts-bitcoin-top-adult-site-cryptocurrency-payment/

[Latviand]

Bitcoin is a bad fit for porn... Credit cards work WAY better.

Isn't it a good thing for bitcoin adoption in some other platforms online?

Porn industry is really popular nowadays due to the fact that people are exploring it and most of them are watching it. Let's be honest, almost everyday in the world, there are people who are accessing it. If bitcoin can be used to it and bitcoin can be adopted in this way, it is more likely that this cryptocurrency have a lot more to explore with.

[Lucius]

Personally, I think this news has nothing to do with the current drop in the price of BTC - there are still some other things, and above all the stock market that has suddenly sunk.

Given the size of the porn industry, some will say that it is good that BTC has become a means of payment on PornHub - but that does not mean that users will start paying en masse that way. The reasons are different, but surely someone who has never had contact with BTC must first learn how to buy it, then how to transfer it to the service in question. All of this can be very complicated for most, and ultimately more expensive if all the fees to be paid are taken into account.

However, I believe that the BTC/LTC option will be a good way to protect privacy for those who know how to use it - although I have never had an account on such sites and I do not know what information should be given when registering and buying premium accounts.

[bryant.coleman]

This is definitely good news for Bitcoin users. But at the same time, I am worried about the long-term viability. Bitcoin fees is so high, and for making a payment of $19.99 or $29.99, you need to pay somewhere between $3-5 in transaction fee. Pornhub may face issues while converting the Bitcoin to fiat currency. And high transaction fee is one of the reasons why ventures such as Steam and Stripe dumped Bitcoin as a payment method after initially approving it.

[dothebeats]

I don't see why Pornhub accepting crypto caused the market to just crash and stay where it is currently. There are a lot of possible reasons that one can connect to the recent drop that bitcoin saw, but pointing fingers at one adult entertainment platform that caused this is just not going to cut it. Most cam chat service were accepting crypto even years before, and there were no reasonable decline whatsoever that bitcoin saw during those days. Personally, one huge platform accepting bitcoin is already a good thing, though some people might be uneasy about 'porn' but heck, it's 2020.

Credit cards work WAY better.

Until your mom sees the charge on her credit card.

Idk why I laugh harder on this than I should have

[livingfree]

Actually adult websites are the best candidates to use crypto. I therefore find such initiatives to be beneficial for all of us, because even more people will accept crypto as a means of payment

It was said and on the news before that they have already accepted Verge, an altcoin, another cryptocurrency. But that acceptance doesn't seem to gain demand through them.

And to correlate the crash with this news, I also don't think that there's any relation to it.