Jul 31, 2019 20:48 UTC
Jul 31, 2019 at 20:51 UTC
How Can Crypto Help The Adult Entertainment Industry?
When cryptocurrencies were introduced, they were brought in with the hope that they would enable cross border, decentralized payments that would successfully evade the prying eyes of any central entity. In the ten years of their existence, many changes have taken place in the functionalities and usage of crypto. But the basic premise, of enabling decentralized payments, has remained intact for the most part. Of the various use cases crypto can support, a key one seems to be its great fit with the adult entertainment industry. Because of its discreet nature, it is often the preferred mode of payment for users availing of adult entertainment or services of a sexual nature.
Basically, since there is a lot of stigma around the adult entertainment industry as a whole, people who give and receive such services tend to shy away from being public about what they have been up to. Moreover, many forms of adult entertainment also happen to be illegal in many conservative jurisdictions around the world. As a result, direct payments using traditional banking channels puts participants of the adult entertainment nexus at a risk of being discovered.
A discovery of such practices could lead to many adverse effects, ranging from societal censure to legal prosecution, in case such services are prohibited in a certain country. To circumvent such issues, many users prefer to fall back on the use of cryptocurrencies for making payments. These payments are usually not clearly traceable, there being many ways to mask these transactions, which gives them a great deal of convenience.
Moreover, the use of crypto to pay for adult entertainment and sex work, also tends to bring down the costs and enhance the benefits by doing away with the need to employ middlemen. This helps cut costs and makes the process of exchange a lot simpler for the people involved in such a transaction.
Since the crypto market fits in so well with the adult entertainment industry, several startups have come up to link the two sectors, so that users can pay for their pleasure with ease. Examples of such companies include SpankChain, Intimate.io and Gingr and these have begun to create quite a niche for themselves at the junction of these unique industries.