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PornHub Starts Accepting Verge (XVG) for Payments
On Tuesday, April 17th, possibly the most critical announcement in cryptocurrency history occurred. Major global pornography conglomerate PornHub stated that they will now accept the cryptocurrency Verge as a means of payment. By nearly all financial metrics, this is relatively middle-of-the-road development. The true power behind PornHub’s entry into the cryptocurrency world comes through the proven historic trend of pornography leading the way for technology’s ultimate adoption. if history once more repeats itself, this may be the moment that brought cryptocurrency to a mainstream audience.
As for Verge, the hints of a major announcement caused a spike in price – over 50% in the span of a few days. Any struggles that XVG may have faced in the immediate past are now a distant memory, as Verge becomes an anonymous, secure method of paying for PornHub content. There’s a saying in cryptocurrency investing; “Sell the news”. Proving true once more, the price of Verge tumbled after the official announcement. This is a known trend, and the price of Verge is likely to build in the face of an actual use case.
Technology Follows Pornography
This is not the first time, and unlikely the last, that porn drove a technological trend. Clearly, the average consumer wants to avoid any exposure when purchasing or even accessing pornography. The less interaction necessary to get what they want, the better they will view the business model. This has always held true, going back to the invention of film itself. To this end, adult theaters were always kept in out of the way locations, hidden from prying eyes. Patrons did their very best to avoid being seen in these theaters. The development of videotapes revolutionized pornography viewing, but more importantly, pornography decided the winner of the first format wars.
By all accounts, Betamax videocassettes were the better choice. They offered higher quality video and audio and a more stable image. Furthermore, even their tape players were of higher quality. Yet it was VHS that the pornography industry chose, and the ability to discretely purchase movies for viewing in one’s own home drove the VHS victory in the first format wars. The dawn of the Internet saw hopeful tech enthusiasts pushing lofty goals like better cultural appreciation, global communication, and research partnerships. Yet it wasn’t lofty goals that drew the public eye. Instead, it was porn that brought the average consumer to the web. No longer required to visit any physical location, users could simply buy their porn online. The last vestige of human interaction was cut, and the Internet boomed. The only remaining issues lay in the ability to track the purchase, and cryptocurrency solves this final problem.
Why Verge?
Unsurprisingly, the porn industry chose a cryptocurrency that focuses on privacy and anonymity. To this end, Verge augments their blockchain by integrating TOR and I2P, privacy networks touted for their ability to evade tracking. At no point can the user be identified, and their transactions are completely obscured from blockchain forensics. These facts make Verge unique, while also being the gold standard for pornography transactions. Users can purchase cryptocurrency, discretely trade it for Verge and buy porn without a trace. Their reasoning could be privacy, shame, guilt or even concern over what may show up on their credit card statement. The use of cryptocurrency alleviates all of these worries.
Mindgeek, the parent company of PornHub, is not the only recent partnership for Verge. Mobile gaming corporation MoreFun abandoned their own ICO in favor of integrating XVG. Instead of spending the time to develop their own proprietary blockchain, MoreFun instead plans to use Verge’s cryptocurrency as a means of making micro-transaction purchases within their games. Newcomer TokenPay helped Verge in their crowdfunding prior to the PornHub announcement, and now seem closely linked to the privacy coin. The two coin companies are now working together to produce real-world debit cards.
The Road to Adoption
Of course, adoption continues in other industries. Ripple’s progress with financial institutions brought it to a position in the top three cryptocurrencies by market cap. Legacy banking networks that suffered from slow transaction speeds increasingly look to Ripple to upgrade their systems. Meanwhile, the father of all cryptocurrencies, Bitcoin continues to dominate the real world payment sphere. Everyone is looking to incorporate blockchains, which is an excellent sign for the future of the technology.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Joel Johnson via Flickr