Crypto to the Rescue? Pornhub Model Payments Cut off by PayPal (Bitcoinerx)

Cryptocurrency may be the solution after PayPal blacklists Pornhub, shutting off payments to the site’s models.

One of the major debates ongoing in popular culture is that of deplatforming. This is when a person or company is banned from social media and other services. Some victims claim they are removed from the virtual town square due to politics. This deplatforming also extends to cutting off payment options, thus depriving an entity a way of earning money. Such blacklisting has occurred again as PayPal has cut off all payments to the models working on Pornhub.

URGENT: PayPal has stopped all Pornhub model payouts.

If you had PayPal as your payout method please change to direct deposit/SEPA, or payment by check in your settings. Read more here https://t.co/LQAKeMsHIu

— Pornhub Model Help & Updates (@PornhubHelp) November 14, 2019

Shutting the Bank Down

The official blog for Pornhub announced the PayPal blacklisting earlier today. In the blog, the adult entertainment website wrote:

We are all devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods.

This is a major blow to those who made a living on Pornhub. PayPal is the de facto bank of the internet with 286 million users and a total revenue of US$15.451 billion in 2018. Practically everyone online uses PayPal to send and receive money, especially as it is easily tied into bank accounts and credit cards.

Opportunity for Cryptocurrency?

Pornhub, through its blog post, is informing its models to update their payment methods. Such methods include checks, direct deposits, and the Verge (XVG) cryptocurrency. Pornhub began accepting Verge payments in April of last year.

Over the last 24 hours, the value of Verge has risen up to $0.004565, a total of 16.66%. Whether this upward movement is due to Pornhub users paying in XVG instead of through PayPal is unknown.

Verge (XVG)

Many comments in the official blog post are suggesting that Pornhub increases the number of cryptocurrencies it currently accepts as payment options. Some suggestions for payment additions include Bitcoin, Ethereum, and XRP.

This situation highlights how precarious it is to depend upon a traditional financial institution for your monetary needs. With just a press of a button, a credit card provider or payment processor can totally shut down your business and kill your livelihood. It is things like this that have spurred the massive growth of cryptocurrencies over the last few years.

Still, there is an impediment to increasing the use of cryptocurrencies on sites like Pornhub. A number of the models affected by the PayPal blacklisting say they have no knowledge of how virtual currencies work. Quite a few comments are along the lines of “can we exchange Verge for dollars?” and the like. Increasing awareness and ease of use are factors that need to be emphasized going forward.

The end result is that even more people have been woken up to the reality that banks can cut off access at a whim, leaving you high and dry. This is just another instance showing the importance and economic potential that decentralized cryptocurrencies offer.

Images courtesy of Twitter/@PornhubHelp, DepositPhotos, and Shutterstock.

The post Crypto to the Rescue? Pornhub Model Payments Cut off by PayPal appeared first on BitcoinerX.


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