Pornhub Accepts Crypto but Claims It Will Pave the Way for Widespread Adoption Could Be Premature

Cryptocurrencies, News

The company that owns Pornhub, the world’s largest porn streaming website, has announced that it will be accepting crypto payments in the form of a little-known privacy coin, Verge (XGV).

Mindgeek, the company that owns famous porn sites Brazzers and Pornhub, announced on April 17 that they would be accepting crypto as a method of payment for their premium services. Interestingly, the company isn’t accepting any of the “big ones” opting instead to accept Verge (rebranded from DogecoinDark).

According to Pornhub, Verge (XGV), is the perfect crypto for their customers as it allows for anonymous transactions by obfuscating the user’s IP address and geolocation making their transactions practically untraceable. Given the taboo surrounding pornography, this is understandable.

The Announcement

Verge had been teasing the space for nearly a month after asking users to donate $3 million worth of XGV to reveal a potential partnership, and the way they announced it on their websites was pretty noteworthy. In a tongue-in-cheek video posted on Pornhub (not that sort of video), they gave a tongue and cheek (not that sort of tongue and cheek) explanation of what the choice to accept crypto means on a grander scale.

The announcement video shows a Grandpa gifting his Grandson a Vergecoin for his birthday. He is clearly underwhelmed with the gift, so Grandpa tells him the story of how one XVG used to be enough to buy a car, and how before that time, everyone paid for things with metal coins, plastic cards, and slips of filthy paper. That was until Pornhub came along and continued porn’s proud tradition of tipping the scales.

Can it really be called a partnership?

It is unclear why Verge teased the move as a partnership. Pornhub’s website clearly advertises that it now accepts XGV, but vendors who accept bitcoin aren’t regarded as partners, and it is difficult to see a difference here. It seems more likely that this is just a clever marketing decision designed to generate hype rather than indicating a true partnership between the two companies. It will be interesting to watch the value of XGV over the coming weeks as the markets have shown that investors are dumping Verge in the wake of Pornhub’s crypto adoption. The phrase “pump and dump” has perhaps never been so apt, but let’s not go down that road.

What will this mean for the crypto space?

As alluded to in their announcement video, it is true that the porn industry has a history of adopting technologies early. Online payments, live streaming, and VR were all embraced early by the porn world, but Pornhub’s implication that it will encourage widespread adoption is premature — don’t worry it’s not a big deal, and it happens to lots of industries.

Despite its rebranding, Verge doesn’t have the best reputation within the crypto community, and it isn’t even the most popular privacy coin. If it becomes known as a Porncoin too, the benefits of their latest reveal could be short-lived as other industries may be reluctant to accept Verge in the future.

Although it is one of the world’s most visited websites, Pornhub makes the majority of its money through advertising revenue, so it is unclear how many users will pay for the service using Verge. Many would need to learn how to obtain crypto from scratch, and this might be an important obstacle. People who do buy XGV will become aware of other altcoins as they see them listed on exchanges, but as they’re visiting with a very specific goal, it is unlikely it will convert many crypto Verge-ins.

You can watch the announcement video here. It is relatively clean, but of course, it is NSFW.

Michael is an English and Creative writing graduate of Liverpool John Moore’s University, a former editor of several magazines, and a crypto-currency enthusiast. He is mostly interested in crypto-legislation and the potential of decentralized technology to change the world.

Leave a Reply