The entire cryptocurrency industry came into existence because people wanted to break free from the system. The creator of Bitcoin Satoshi Nakamoto’s Vision of an electronic peer to peer system has now grown to become much more. There have been numerous occasions where cryptocurrencies have saved thousands of people from the various threats of our existing financial system.
For instance, Venezuela had been in the grip of hyperinflation for years. Their financial structure was falling apart and the national currency bolivar was losing its value. The citizens of Venezuela had turned towards cryptocurrencies as a safe haven for their wealth. Eventually, the government had to give in and soon developed a national cryptocurrency ‘Petro,’ to tackle inflation.
It was also reported that Venezuela was developing a cryptocurrency-based payments method to bypass the difficulties faced due to U.S sanctions.
Traditional payment processors are slow, costlier, and are often questionable due to their centralized nature. Recently, leading American payment processor PayPal has stopped processing the payments related to the popular adult website, Pornhub. This has cut off payouts to “over a hundred thousand performers who rely on them for their livelihoods.”
Up until now, PayPal had been the most commonly used payment processor for Pornhub models. With PayPal out of the scene, cryptocurrencies come into play once again. The website has been accepting crypto payments for a few years now, but the usage minimal so far. Reportedly, only 1% of payments were conducted using cryptocurrencies.
Some of the big names in the crypto industry are considering this an opportunity for cryptocurrencies to lead the way. Changpeng Zhao, founder and CEO of cryptocurrency exchange Binance tweeted:
Justin Sun, CEO of popular cryptocurrency Tron (TRX), took the opportunity to mention that Pornhub also accepts TRX as payment. He further said that he is looking forward to adding USDT-TRC20 support as well.
Pornhub had partnered with another popular cryptocurrency, Verge (XVG) last year. It is already listed as a payout method and model would just need a Verge wallet to starting receiving their payments. Pornhub partner Netcents had also partnered with Ripple (XRP) last week to allow for purchases at all participating merchants, a Bloomberg report states.
The payments industry has also evolved in the last few years. With the introduction of cryptocurrencies and blockchain technology in the scene, the world of international commerce is moving faster than ever. They have acted as speculative instrument to bypass financial censorships of the traditional financial system.
More and more business are turning to cryptocurrency payments, as businesses can transfer wealth between one another without the hassles of a bank and also the added advantage of increased transparency and security.
