Sex workers turn to Bitcoin during coronavirus lockdown

With the world in lockdown, the porn industry has witnessed a huge surge in traffic. Both Stripchat and Pornhub have seen traffic in the US rise by 25%, with Stripchat noting a threefold surge in daily sign-ups in coronavirus-hit areas, such as Italy. Pornstars, such as Brenna Sparks, have seen big increases in their number of subscribers. Business is booming.

But in meatspace, adult performers are struggling. Social distancing requirements make it harder for them to work. Many are going online to make a living—but it’s harder to get paid when they’re not using cash, with banks regularly closing down accounts. Many performers are turning to Bitcoin and cryptocurrency payments to survive the pandemic.

“Crypto payments are up 59% since March 1,” a Stripchat spokesperson told Decrypt.

Pornhub uses cryptocurrency in response to PayPal ban

Models on pornographic video site Pornhub can now accept the US dollar stablecoin Tether (USDT) as payment. In a statement, Pornhub said that adding the cryptocurrency was in direct response to PayPal’s decision to cut off payments to models in November 2019. According to Tron CEO Justin Sun, it will use the TRON variant of USDT, building on Pornhub’s existing partnership with TRON.  “This is a brilliant way to support the victims of centralized payment platforms like PayPal,” tweeted Sun. If y...

Adult streaming platform SpankChain has seen a similar rise in cryptocurrency use. SpankPay, the company's crypto payment processor, allows models to accept a variety of crypto, including Bitcoin and Ethereum.

"We saw a 40% increase in the number of payments through SpankPay for erotic media last month," said SpankChain CEO Ameen Soleimani. 

"The cam models and clip artists are largely doing OK, but many sex workers offering physical services (strippers, etc...) who were the most impacted are now going digital and offering content and companionship through online platforms," he said.

Pornstar Brenna Sparks agreed. She said that, while she is happy to use the US dollar, it’s not always the best option.

"When it comes to online models, the story is a bit different. Many of the models live in areas with an unstable currency, so accepting Bitcoin is an extremely important preventative measure they can take today to defend themselves from the inevitable—the collapse of their country's currency."

More Bitcoin adoption yet to come

“Iconic3ileen,” a model in the top 3% of creators on Only Fans, told Decrypt that business was "booming" during quarantine. However, when asked about crypto payments, she explained that they weren't practical enough to live off. 

EXCLUSIVE: The inside story of Spankchain

LOS ANGELES — Half-naked and humiliated, I knelt, cowering, on the shag rug. My first time as a cam girl, I’d say, had gone reasonably well. I was lodged at the “Spankhouse," a triple-storied Venice Beach apartment with a direct view to the Pacific Coast. Ameen Soleimani, the visionary whom I’d come to interview, was bunkered away, once more, in a “coding hole.” And William “Wills” de Vogeleare, his diminutive, cad associate and co-founder? He’d disappeared into some dusty corner of the house,...

I would accept crypto as a form of tip," she says, "but for actual content purchases, I'd rather use currency until I can pay bills and buy groceries with cryptocurrency."

While Chaturbate noted a modest uptick in new users, it didn’t see a particular increase in Bitcoin payments on the site.

But with Bitcoin mining porn now a thing, it might see Bitcoin adoption, just in another way.