Can Bitcoin Save the Adult Industry?

[darksoul]

Oversexed and underbanked? Chase Bank recently informed hundreds of porn performers that the bank will close their accounts by mid-May. Apparently Chase has a history of discriminating against sex workers and the adult industry.

When banks pulled the same thing on Washington and Colorado?s state-legal marijuana dispensaries, they quickly moved to bitcoin. Banks claimed to be concerned that though the dispensaries were legal to operate by state law, marijuana is still illegal to buy, sell, or own at the federal level. However, the problem with Chase and sex work appears to be reputational.

In Colorado, new cannabis vending machines accept bitcoin. And dispensaries have begun taking it in Washington as well.

Perhaps this is a viable solution for the sex industry. It?s doubtful that bitcoin exchanges such as Coinbase or Bitpay would discriminate against sex workers. And if they did, customers could just pay their wallets directly. In fact, many sex workers already accept bitcoin. The Girls Gone Bitcoin subreddit lets customers pay ladies directly in bitcoin for naughty pictures and videos. In the UK, at least one escort agency accepts the cryptocurrency.

Since the internet permanently disrupted the porn business model, the industry has been looking for new ways to monetize. Another way bitcoin could change the equation is through micropayments, which bitcoin makes profitable for the first time ever.

This is just one more example of the ongoing problem of too little competition in the banking sector. Whether for legal, reputational, or just risk management reasons, it?s estimated that up to a third of the US population is unbanked or underbanked. Government led consolidation in the banking sector, plus lending regulations limiting interest rates and fees make banking to certain populations unprofitable.

Bitcoin is a helpful alternative for many underbanked populations, and it grows more viable by the day as more merchants accept it.

http://bitcoinmagazine.com/12592/fir...dult-industry/

Enough with the hefty fees and chargeback overhead already, do the right thing.

[brassmonkey]

Originally Posted by darksoul

http://bitcoinmagazine.com/12592/fir...dult-industry/

Enough with the hefty fees and chargeback overhead already, do the right thing.

get back to work

[signupdamnit]

Originally Posted by darksoul

Enough with the hefty fees and chargeback overhead already, do the right thing.

It's shocking to me that Visa and Mastercard even allow porn these days given the card banging and crap like agamegirlz.com (search for it). We should be making more of an effort to keep our own house in order. But the fox runs the hen house.

[12clicks]

Originally Posted by signupdamnit

It's shocking to me that Visa and Mastercard even allow porn these days given the card banging and crap like agamegirlz.com (search for it). We should be making more of an effort to keep our own house in order. But the fox runs the hen house.

what's shocking is your continued pretending to be in this business.

your mom should have been sick of carrying you long ago.

[bob pitsone]

Bitcoin is going down man , wait and see

[Paul]

GoCardless

Third party direct debit company who are an Authorised Payment Institution.

Surfer is directed to their signup page, surfer enters their bank details and x amount is debited from their account and sent to your account within 24/48 hours.

GoCardless are the trusted third party and they charge you 1% for authorising the transaction and you have much better control of your cashflow! That's about as straight forward and simple as you could hope for from a payment company.

I have my doubts that this will take off because it's a disruptive technology and makes the payment process cheaper and more efficient for everyone involved.

Bitcoin? No Bitcoin is a great invention for sending money from point A to B quickly & cheaply, but widespread adoption by the general public as a currency? I can't see that happening.

[signupdamnit]

Originally Posted by 12clicks

what's shocking is your continued pretending to be in this business.

your mom should have been sick of carrying you long ago.

Wow look who appears!

[adultmobile]

Originally Posted by darksoul

http://bitcoinmagazine.com/12592/fir...dult-industry/

The problem with bitcoin magazine (or generic journalists who are not into adult sites) it is that they know nothing of adult industry, still they think they do know something because they do visit porn sites themselves.
Paypal could save the adult industry (as well as paysafecard and pre-paid vouchers) more than bitcoin.

[ruff]

Bitcoin is going up man , wait and see