While cryptocurrency has been massively adopted by several industries for payments, the adult industry has not been left out. A media outlet’s report on March 24 reveals that cam models have resorted to cryptocurrency in order to find freedom in what they publicize online.
Difficulty in Accessing Financial Services
Based on the account of Gabi, an online cam model, a lot of credit card and payment platforms have refused to process card payments that are issued to those working in the adult entertainment industry. As a result, some workers have to rely on third-party platforms to stream videos online. These websites will serve as middlemen between the entertainer and the customer.
However, some platforms demand high fees and even as high as 65 percent of the tip received by the entertainer. Likewise, there is a ranking system that ensures that only those who are getting tipped frequently get ranked higher. Whereas, those who receive tips occasionally may be ranked further lower which can affect their visibility and earnings.
Difficulty in Getting Featured on Popular Pages
Apart from the high fees and the possibility of not being featured on popular pages, certain platforms have requirements a performer must adhere to. Some actors have to agree to allow their pictures to be used in an advertisement and certain words or actions could be censored on such platforms.
For these reasons, cam models have resorted to cryptocurrency to enable them to receive payments from their online clients. One of such asset is offered on Spankchain, a payment processor that is based on blockchain technology. It allows funds to be received directly, cutting off middlemen while giving models the freedom to transmit whatever they dim fit.
According to Gabi:
With SpankChain, we’ll be putting more money into the pockets of talent and working hands — instead of payment processors and middlemen — leaving models with more power over their careers and options in how they want to build their legacies
Potential of Cryptocurrencies’ Massive Adoption
Furthermore, the industry revealed that it was at the forefront of the adoption of the internet and live streaming. Therefore, it can also foster the adoption of cryptocurrencies by promoting it to its workers who have little or no knowledge about the sphere. Greg, another cam model said: “We can get our clients who have never even heard of crypto to join it, and that is huge for mass adoption.”
Other industries are also adopting cryptocurrencies for payments and its decentralized nature ensures that people have full control over how their funds are stored, sent, and received. It also takes away middlemen which eats into the funds received and holds a promise of freedom.