Cryptocurrencies became very popular among people who do sex work. Porn actors, strip dancers, models, and other vendors of various erotic services have been quite happy about an opportunity to receive payments discreetly and without any unnecessary governmental oversight. Another big advantage is that you can receive your payments without any questions.
Tightening regulations in this domain and many societal pressures make it harder for financial institutions to cater to the audience of sex workers. While many people like their services, many also do not enjoy the very idea of such services existing. We are here not to judge political disputes, but to highlight a very interesting trend that has been worrying many sex workers.
Many online sex show performers and artists on OnlyFans have been using different types of cryptocurrencies to receive tips and payments for their services. Now, many started noticing that the number of clients using these options has reduced dramatically. One sex worker told The Star in an interview that they see a massive drop in numbers and receive fewer payments in crypto compared to even mainstream professions.
For some workers switching to fiat is a very bad option. Many care about their security and the safety of personal information. Using banks or other conventional methods of payment is simply too dangerous for some people. Crypto feels safer. You don’t have to expose yourself and say openly why you receive payments, for which services, and from whom.
There is a good reason why many clients stopped using crypto. The first is that the whole crypto market is in a bearish trend. Many mainstream analysts say that investors should avoid crypto and focus on defensive market positions. It simply means that fewer people have crypto or want to use it before they can sell it off.
On another hand, crypto holders see this particular period as an opportune moment to buy and hold. Bitcoin lost over 60% of its value over the last quarter. While it seems catastrophic on paper, many crypto enthusiasts have been waiting for a moment like this for a long time!