PayPal leaving PornHub might give crypto a chance to shine

Ali Raza
  • November 14th 2019, 13:10
  • Adult entertainment website, Pornhub, recently revealed that PayPal has decided to withdraw its payment processing services.
  • The news represents a major problem for more than a hundred thousand of service's performers.
  • PayPal's decision to leave might not be as devastating as many originally thought, since cryptocurrency Verge still remains active payment methods on the site.

A recent announcement that PayPal will stop providing its payment services to a top adult website, PornHub, came as quite a big surprise. Specifically, PayPal has stopped providing its payment service to over a hundred thousand PornHub performers, who depend on these payments for their livelihoods.

PornHub’s announcement also states that the website and its performers are devastated by the decision. Of course, this move only affects those who preferred to use PayPal as a payment option in their accounts, while many others use additional methods.

Even so, as mentioned, there are around a hundred thousand performers who are now left without their preferred method of payment and will have to resort to checks, direct deposits, or the cryptocurrency Verge (XVG).

Can Verge step in and replace PayPal?

Many likely remember PornHub’s announcement from April 2018, when the adult entertainment giant announced that Verge would become an accepted payment method on the site.

PornHub stated that cryptocurrency offers privacy and convenience. It continued to explore the possibility of switching to crypto even further by also announcing TRON and Zcash payments, although it never really implemented them as options for performers.

This might change now that PayPal has left performers without a convenient payment method, apart from Verge itself. Many preferred PayPal, rather than bank accounts, which would likely be frozen if the bank realized that they are connected to pornographic content. However, cryptocurrency payments are decentralized, and there are no such dangers, which makes them more than capable of replacing PayPal.

They are also faster and cheaper, which only adds to their value as a payment method.

XVG and performers react differently to the news

When it comes to XVG itself, the coin’s price has grown by around 2% after the announcement was made, although it once again started dropping soon after that.

Still, the possibility of increased use of cryptocurrency still exists, provided that performers opt to use them, which might not always be the case. Some have already expressed the lack of knowledge and interest in regard to digital assets, stating that they would rather simply get direct payments.

About the author

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Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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