Edward Snowden claims that Bitcoin could help OnlyFans to solve the problem related to pornography.
It all starts yesterday with the news that OnlyFans from October will censor videos with explicit sexual acts.
OnlyFans is a platform that allows you to publish videos and other content made available only to subscribers.
Each creator on OnlyFans can charge their fans a subscription fee to enjoy content that is not public and otherwise unavailable.
Many celebrities use it to monetize their followers, who are often willing to pay in order to watch videos that their favorites make available privately only to subscribers of their OnlyFans channel.
However, the platform is also known for another business, that of adult content. In fact, several creators on OnlyFans publish videos with explicit sexual acts on their paid channels.
Evidently, the platform’s managers don’t like this business, so much so that OnlyFans has announced that starting in October, it will prohibit creators from publishing material containing explicit sexual acts. Instead, nude photos and videos will be tolerated, provided that they are consistent with the platform’s standards.
The numbers of OnlyFans
OnlyFans last year managed more than $2 billion in sales and now has more than 130 million users, among whom pornography has been a big hit. However, the company would like to get out of this business and perhaps focus on musicians, fitness instructors, chefs, and celebrities, of course.
The platform is trying to raise money from various investors so that financial needs could dictate this choice.
It would be, to all intents and purposes, censorship, given that until now, this type of behavior has been tolerated and has contributed not a little to the growth of the company also and above all from an economic point of view.
Why Edward Snowden calls into question Bitcoin for OnlyFans
Edward Snowden, for his part, has always been a fierce opponent of censorship, so he can only be against this decision.
Bitcoin fixes this. https://t.co/W3ZGlAYJvo
— Edward Snowden (@Snowden) August 19, 2021
However, what is surprising is that he wrote that “Bitcoin fixes this” in commenting contritely on this news.
In fact, the tweet quoted by Snowden is one of the news sharing given by Bloomberg, which states that the cause of OnlyFans’ decision could be “mounting pressure from banking partners and payment providers.”
However, although, on the one hand, Bitcoin could sweep away the pressure coming from banks and payment services, in this specific case, it could not instead solve the problem related to the possible reluctance of investors to invest on a platform that to all intents and purposes sells pornography.
So one has to distinguish the two problems, namely the one mentioned by Snowden, which can be effectively circumvented using Bitcoin, and the other suggested between the lines by Bloomberg concerning potential investors.
To tell the truth, the company has not stated that the choice is related to the latter hypothetical problem. Still, it is plausible to imagine that this curious decision also has to do with this specific problem since it could even cause the platform to lose a large chunk of revenue. In fact, it’s hard to imagine that the company could accept severe losses just because the banks it works with turn their noses up at the pornography business.
Bitcoin and blockchain to help porn?
The fact remains, however, that the use of cryptocurrencies like BTC can really eliminate the need to rely entirely on intermediaries who, as in this case, might refuse to process payments that have anything to do with the pornography business. It’s not for nothing that Pornhub recently decided to accept payments in various cryptocurrencies precisely because Visa, Mastercard, and PayPal closed their accounts.
For some time now, Pornhub has also been paying its artists in cryptocurrency, using, for example, Tether Dollar (USDT) via the payment app Cosmo Payment or Tron Link.
So if, for example, OnlyFans were to allow those who sell pornography to be paid only in BTC, the platform could avoid using intermediaries to collect these “hot” payments.
Not just OnlyFans: cryptocurrency projects related to pornography
Several projects use only cryptocurrencies, such as the webcam hosting site Spankchain that uses its own cryptocurrency SPANK on SpankPay to pay actors, retaining only about 5% commission, compared to 50% usually kept by the most common platforms.