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Censorship-resistant Crypto to the Rescue as PayPal Ditches PornHub

PayPal has ceased offering its payment services to models of the adult entertainment site, Pornhub. With PayPal dropping the pornographic streaming site, major stakeholders and other members of the cryptocurrency community believe that it is a good opportunity for the nascent industry to gain more adoption.

Crypto to the Rescue

According to a blog post on November 14, 2019, Pornhub announced that PayPal ditched more than 100,000 models who use the online payments platform; the U.S.-based online payments company did not officially state why it carried out such an action.

However, while the adult entertainment company sees the move by PayPal as “devastating”, several members of the crypto community were quick to proffer bitcoin and virtual currency in general, as the best solution for Pornhub.

Crypto heavyweights like Justin Sun, the CEO of Tron mentioned that PornHub already accepted Tron (TRX) as a payment option and was also ready to provide additional support.

Some other commenters stated that bitcoin and other virtual currency were devoid of censorship and intermediaries. One of the responses read thus:

“I’m not saying you should use Bitcoin, but it’s the best way to not get censored again and use a network with active and serious development. It’s inevitable, really.”

In addition, the @VergeCurrency on Twitter stated that PayPal’s withdrawal was a positive move for the PornHub models. Also, the account went on to mention the advantages of using XVG, such as a better, cheaper means of payment, free from discrimination and financial institutions.

In the interim, the site provided other payment options for the affected models.

Crypto Gaining Wider Adoption

With that in mind, PornHhub not new to the cryptocurrency scene, and this most event may be an incentive to act fast and further integrate cryptocurrency technology. Back in April 2018, the adult entertainment company partnered with Verge (XVG) in order to use the digital currency to purchase products on the site.

In June of the same year, the porn company announced that it would add Tron (TRX) to the list of payment options on the site.

But according to a report, in October 2018, PornHub said that its subscribers did not adopt cryptocurrency as one of the payment options. Based on the report, less than one percent of subscribers used crypto to make purchases on the site. Though this may be different should Pornhub

With the recent development, subscribers and models alike may turn to bitcoin and other digital currencies which are censorship-resistant.

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Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin58,658 0.07 % 3.39 % 0.24 %
Ethereum2,085.7 0.02 % 3.55 % 5.85 %
Binance Coin441.17 2.51 % 10.37 % 31.37 %
Tether1.000 0.02 % 0.04 % 0.03 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.220 0.16 % 1.75 % 3.26 %
XRP1.010 0.89 % 6.14 % 77.33 %
Uniswap30.33 0.33 % 3.08 % 5.65 %
Litecoin227.58 0.13 % 3.04 % 12.25 %
Chainlink32.55 0.05 % 2.36 % 8.08 %