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Pornhub Now Only Accepts Cryptocurrency Payments

Pornhub Premium users will have to make payments in cryptocurrency, following a withdrawal from Visa and MasterCard. Could this open up cryptocurrencies to a wider audience?

Pornhub Opens Up To Cryptocurrencies Amid Controversy

A few days ago, news broke that payment processing giants MasterCard and Visa were suspending their payment options on Pornhub.  The decision followed a controversy that agitated the world of pornography. An article from the New York Times had revealed that Pornhub allowed the hosting of videos, including minors and sexually abused women.

The controversy swelled, and some days back, MasterCard and Visa announced their withdrawal of support for Pornhub. This decision posed a stark reality for the leading porn site as millions of users utilized their cards to make payments.

As a reminder, PayPal had already withdrawn support from Pornhub in November 2019. Since then, Pornhub has gradually added many cryptocurrencies to its services, including Bitcoin (BTC) and stablecoin Tether (USDT).

Pornhub Only Accepts Cryptocurrencies

The consequence of all this is that PayPal now only accepts cryptocurrencies for its premium users. In addition to BTC and USDT, Pornhub has now extended support to multiple cryptocurrencies. Some of the coins supported include BCH, DASH, ETH, ETC, LTC, TRX, WAVES, XEM, XMR, XVG, and ZEC.

This latest announcement from Pornhub has only been confirmed for users based in certain regions, including the US and UK.  Some European countries may still be able to use SEPA transfers, but this is yet to be confirmed. While the news may seem positive for cryptocurrency adoption, it may lose revenue for Pornhub. Since the vast majority of premium users are paying in fiat currency, the platform may lose users.

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Pornhub revealed a clean-up of its platform for its part, removing millions of videos that hosted illegal content. Will this be enough to bring back payment providers? This remains to be seen. However, this latest development will push more users to use cryptocurrencies for the first time.

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