THE IMPACT OF CRYPTOCURRENCY ON THE ADULT INDUSTRY

In recent years and due to the appearance of virtual currencies, one of the most frequently asked questions in our sector is How will cryptocurrency impact the adult industry?
Blockchain technology promises to revolutionize a series of industries and has entered the darkest sectors of society.

Originally, blockchain technology was intended as an alternative to money. Not in vain, it is the platform on which the famous cryptocurrency bitcoin works.

The old saying "Sex sells" rings true in this day and age and the industry is truly massive, catering to a voracious appetite for services such as dating websites, pornography, strippers and other sexual offerings. .
Given the massive market for these types of offerings, it is not surprising that some innovative minds have seen the value that Blockchain technology can offer to their specific businesses.

Some of them are innovative, while other instances have simply adopted the use of cryptocurrencies as a means of payment for their products. However, it shows how the adoption of cryptocurrency is growing across a broad economic spectrum. For example, Peaches and Screams was the UK's first online sex shop to accept bitcoins and over 100 altcoins, and Glamour Escorts 69 was the first UK escort directory to accept crypto to advertise on their website.

The above cases are not definitive, but they help illustrate the fact that cryptocurrency is advancing rapidly in the adult industry.

According to Peaches and Screams CEO Katie Olsen, 20% of the company's total annual sales, comprising more than £9 million, came from cryptocurrencies.

THE BENEFITS OF ANONYMITY

As British tabloid The Sun reported last month, performers at a popular Las Vegas strip club began accepting tips for their cryptocurrency services.

Some of the naked strippers or Half-naked women perform with temporary QR codes on their body, allowing clients to pay for their services with virtual coins. Club owner Nick Blomgren , maintains that this is a stroke of genius that allows people to keep their darkest passions hidden, given the use of cryptocurrencies that facilitate anonymous transactions.



One of the club's performers said some banks would even cancel the accounts of customers who work in the adult entertainment industry. Cryptocurrencies protect your privacy while providing an anonymous means of getting paid.

Dozens of American brothels, such as the very famous"The Bunny Ranch"are also exploring the use ofBitcoin as a payment option.

In fact, its owner, Dennis Hof also highlighted the power of privacy that cryptocurrency provides. Wealthy clientele go to great lengths to keep their sexual habits a secret, and being able to pay for their after-work hobbies anonymously goes a step further to ensure that happens.

CONTENT PLATFORMS FOR ADULTS.

Adult entertainment lives online and the appetite for content far exceeds available advertising revenue. Blockchain startup Vice Industries recognized this and turned the idea on its head.

Users of the service are rewarded for viewing content in tokens VIT, which can then be used to pay for premium content and other services from participating websites.

Their ICO raised $22 million and has been backed by personalities such as Penthouse and, more recently, Playboy, which will adopt the service to allow users to pay for access to explicit content with virtual currency.

BLOCKCHAIN, THE RECONDITIONING OF ONLINE APPOINTMENTS

According to Forbes, the online dating industry is a $3 billion market, with companies like Tinder pushing forward in recent years.
< br /> Data from GlobalWebIndex indicated that 91 million people worldwide were using dating apps in 2015, and that men accounted for more than 66 percent of that number.

That said, there are a number of ICOs looking to overhaul the online dating space. This specific sector of the market is massive, with millions of hopeful singles looking to find love online.

A quick internet search brings up a couple of interesting ICOs that want to reinvent online dating services with the use of Blockchain technology.

Matchpool is not really a dating app, it is more of a tool to help people find like-minded people with similar interests and set up platforms to bring together groups of people.

However, it is a tool that connects people, regardless of their interests, and this in itself is a platform that facilitates genuine connections between individuals.

Meanwhile, Blockchain dating apps Hicky and Luna launched their token sales last month, the first on Valentine's Day, and these two platforms marry conventional dating apps with Blockchain in an interesting way:

Hicky's platform promises to provide genuine profiles through recognition of face and voice, ruling out the creation of fake accounts by robots. Interactions between users will be facilitated through microtransactions with HKY tokens, in the hope of reducing spam messages between users.

The main picture here is the genuine verification of users and the security of encrypted information in the Blockchain. However, Is this enough of an innovation to challenge Tinder and other popular dating apps and websites?

Luna developers highlight the shortcomings of the conventional dating apps in their white paper. Namely, "poor messaging behavior, fake accounts and misuse of personal data."

So, their offer is quite simple, app users have to pay to send messages with tokens called stars to other users who interest them. The more you pay to send a message, the higher up it is in the recipient's inbox.

Luna hopes to reduce spam messages, and once a conversation is started, the two users do not have to pay any additional fees to chat.

A potential flaw is the assumption that users will be willing to pay to start conversations with other users.

However, these three platforms provide new ideas, using the benefits of Blockchain technology in an effort to facilitate communication, matchmaking and dating with modern society . It's a fresh take, from the 'swipe left to right', 'pay more to browse' offers of conventional dating apps.

Some are a little darker. Legalfling allows people to sign a live contract stipulating that they have consented to various sexual interactions. It means that people have made it clear what they agreed to and that the information is securely stored on the Legalfling Blockchain.

In case people come to a dispute about their sexual interaction, for whatever reason, they will be able to fight in court with a legal record of what they had actually agreed to, since the contracts are legally binding.
It is an interesting innovation, which could help resolve cases criminals like rape and abuse.

The question is whether people will take the time to open an app and stipulate how far they are willing to go in the heat of the moment.

A SIGN OF THE TIMES

Early adopters have traditionally been at the forefront and the same is likely to be true for the adult entertainment industry. Companies that offer cryptocurrency payment options may find support from users. Additionally, industries that have been transformed by technology, such as dating apps in the last 10 years , will be challenged by companies that use Blockchain to drive innovation in their offerings.

Many more will follow suit, as we have seen in the financial sector. Investment firms have been clamoring to catch up with CME and CBOE and their historic Bitcoin futures offerings in December.

Online offerings benefit the most from Blockchain technology and Next Tinder or similar services could well be back with this technology.

Meanwhile, we do not know ifThe best Escorts in Ibiza will accept cryptocurrency for their transactions in the near future or will they continue to offer their escorting services in the traditional way, so we recommend that you contact them and let them inform you without obligation about their services and rates.


This article was written by Tony Coombes, who heads the business development team at https://latestlawjobs.com

Tony is a part-time blogger who enjoys blogging on various topics. On weekends, he likes to spend quality time with his wife Melinda and their three children and two dogs. When Tony is not at work or home, he can be found at the gym burning calories.


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