Is It Time For Adult To Fall In Love With Bitcoin?

People love to talk about the adult industry's adoption of cryptocurrency, especially as Bitcoin prices surge to over $50,000, but the reality is that most adult content creators haven't begun accepting crypto as a form of payment. The question is, why?

Bitcoin jumped to $64,000 this week, reaching its highest level in more than two years. The highest value of Bitcoin was in November of 2021 when it hit $68,789.

When you look at the 5-year history, you can't help but wonder why more content creators aren't on board with accepting BTC as a form of payment.

• February 14, 2020: $10,259.10
• February 14, 2021: $48,599.97
• February 14, 2022: $42,586.90
• February 14, 2023: $22,222.06
• February 14, 2024: $50.432.42

As you can see, over the past five years, the price of a single BTC has gone up and down quite a bit, which scares most people. They tend to prefer stability in their currency.

If someone were to pay for content with Bitcoin, the value of that payment would go up or down depending on various factors in the market.

But we decided to sit down with a group of content creators to find out exactly what they think of cryptocurrency and what's stopping them from using it. As it turns out, a few reasons are given -- these are the top 4.

1. Lack of understanding of what it is and how it works.
2. There is no easy way to accept the payment method and exchange it for cash to pay bills.
3. Daily market fluctuations. In other words, they fear that the price might plummet if they accept BTC for payment because they can cash out.
4. Unknown fees for using Crypto, including trying to cash out.

Let's start with the big one—the fees. There are fees associated with cashing out Bitcoin for real money, and this is despite the fact that these fees are typically lower than the standard "high-risk" fees for traditional credit card payment processing. OnlyFans, for example, takes 20% of the money you make. Meanwhile, Bitcoin fees are as low as 0.5% to 4.5%.

Despite the concern, the reality is that Bitcoin has remained relativity stable over the past few years, with a few notable dips in the market.

And the best thing about using crypto is there aren't things like chargebacks with crypto. Once you pay someone, it's done. There is no way to force a refund like you can with cash.

But that being said, it's not all a bed of roses. The biggest concern about using crypto is the fact that you don't know what the value will be. Today, the cost of BTC might be $60,211.90, but when you go to cash it out in a few days, it could drop to $56,794.42.

Risk Factors

But then again, it could just as easily go up in value as well. And that volatility in the value is what makes it high risk.

Ultimately, the decision to use or invest in cryptocurrency should be based on carefully assessing how its benefits align with personal or organizational financial goals, risk tolerance, and the capacity to secure and manage cryptocurrency assets responsibly. It's also advisable to stay informed about developments in the cryptocurrency space, as both risks and benefits can evolve with technology, regulation, and market dynamics.

Unlike traditional money, Bitcoin is an investment; all investments come with risk.

Bitcoin is a risky investment with high volatility and should only be considered if you have a high-risk tolerance, are in a strong financial position already, and can afford to lose any money you invest in it.

Sure, you could make much money playing the market (buying low and selling high), but you could also lose money. And that's the real difference between accepting Crypto and cash.

How much are the fees?

The processing fees for Bitcoin vary, just like they do with credit cards.  But here are some examples.

• If you buy $100 in BTC, you get $97.01 ($2.99 in fees - 3%)
• If you buy $50 in BTC, you get $48.01 ($1.99 in fees - 4%)

The fees range from 0.5% to 4.5% of the transaction amount, depending on the cryptocurrency, transaction size, and payment method.

But then you have the cost of cashing out.  So, really, you pay those fees twice (if you buy and then sell it). But even paying double the fees to buy the BTC and to cash it out, is it still a better deal than cash?

However, compared to the 15-25% processing fees most adult processors take, the cost of using crypto is next to nothing.

So, even doubling the fees, you still come out ahead.

Now, if someone pays you in Bitcoin, you only have to pay the fees to "cash out," which means converting it from a virtual payment to actual real cash in your bank account, as the person who paid you is the one who paid the initial fee to buy the coin in the first place.

Fees are charged when you buy, sell, or convert cryptocurrencies on platforms like Coinbase. These fees are calculated when you place your order and can be influenced by factors such as your chosen payment method, order size, market conditions, jurisdictional location, and other costs we incur to facilitate your transaction.

So, how can a content creator accept crypto?

Lately, it's become much harder. Many cryptocurrency exchanges have banned anyone from the US from using their platform because they don't want to or don't have the ability to be compliant with US regulations which require the platform to verify the identity of the account holder (KYC regulations), much like we do in porn with 2257 documentation.

That means there are only a few places to buy and sell crypto if you are a US citizen, with Coinbase being the most popular.

How does it work?

1: Pick an exchange (i.e., Coinbase) and set up an account. From there, go through the long and often annoying process of verifying your identity and connecting your bank account. This is your back-end stuff where you jump through the legal hoops to satisfy all government requirements of proving you're a real person and not intending to launder money.

2: Make your first cryptocurrency purchase. You'll only want to focus on Ethereum (ETH) and Bitcoin (BTC).

Think of them like stocks. You'll be investing in ETH and BTC. You can purchase any amount - it doesn't have to be huge, you just want to establish your wallet. Once you make your purchase, you'll have a "wallet," but remember you'll have one wallet for ETH and one for BTC. This is why you'll want to purchase a tiny bit of ETH and a tiny bit of BTC so you can set up both of those wallets, which is also known as your crypto address.

3: Get your crypto address or "wallet".  If you are using Coinbase, you can do this under accounts.

And that's it. You now have a Bitcoin wallet and can give that wallet "address" to anyone who wants to send you Bitcoin.

Just remember that, like Paypal and other platforms, these Crypto exchanges aren't adult-friendly, so keep what you accept payment for on the down-low. They don't need to know why you are getting Bitcoin. All you want the exchange for is to be able to get your Crypto wallet so that you can accept Bitcoin from fans and then to be able to sell that Bitcoin for cash and deposit that cash into your bank account.