FansForX, a top-tier Onlyfans clone app, has launched the industry-first cryptocurrency payment in the subscription-based social media industry. This innovative move enables both business owners and adult content creators to continue selling adult content and monetizing from them.
This blog by FansForX is aimed to explain the current trend of incorporating cryptocurrency payments and some of the highlights of cryptocurrency itself.
- What is Cryptocurrency?
A cryptocurrency (or “crypto”) is a digital currency that may be used to purchase goods and services, but it is secured by an online decentralized ledger and powerful cryptography. The majority of interest in these unregulated currencies is for profit trading, with speculators driving values high at times.
Many businesses have created their own currencies, known as tokens, that can be exchanged for the goods or services that the business offers. Consider them to be arcade tokens or casino chips. To get the goods or service, you’ll need to convert actual money for bitcoin.
Blockchain is the technology that underpins cryptocurrency. Blockchain is a distributed ledger that handles and records transactions across multiple computers. This technology’s security is one of its main draws.
- Advantages of Using Cryptocurrency in the System:
Most organizations can benefit from using cryptocurrency because it has several advantages, including:
o Simple and Quick Transaction – A cryptocurrency transaction is usually a simple and rapid process. Bitcoins, for example, may be exchanged between digital wallets using only a smartphone or computer.
o Highly Transparent – Every cryptocurrency transaction is recorded in a public ledger known as the blockchain, which is the technology that makes it possible for it to exist. This allows people to follow the history of Bitcoins, preventing them from spending coins they don’t own, copying transactions, or undoing them.
o No Transaction Cost – Since blockchain efficiently and expediently eliminates intermediaries such as banks, financing institutions, and internet marketplaces, there are no transaction costs in using cryptocurrency payments.
o Wide Acceptance – Cryptocurrency payments are becoming increasingly popular among large corporations as well as in industries such as fashion, pharmaceuticals, real estate, online gaming, etc., and a lot of more industries are ready to accept cryptocurrency payments.
- Why are Adult Niches Switching to Cryptocurrency Payments?
The Onlyfans app, a popular subscription-based social media networking site, recently stated that it would no longer feature sexual content. The platform specifically stated that graphic and sexual content would be prohibited, while still permitting certain inoffensive nude content. Since sexual content is simply the Onlyfans app’s primary source of income, the change has sparked a lot of conjecture.
Later, the Onlyfans app stated that it had received assurances necessary to protect its diverse creator community and that the scheduled policy change had been withdrawn. However, the policy change, although later walked back, was surprising.
While the Onlyfans app, which plans to make $1.2 billion this year, gave in to payment processors and their pressures, Pornhub and other adult entertainment websites found an alternative to keep the money flowing by converting completely to cryptocurrency payments for its premium subscribers.
When it comes to adult content crypto-based competitors confront more than just technical obstacles and there could be some potential legal repercussions as well. Nevertheless, since cryptocurrency payments are safe and let adult entertainment websites continue creating content and transacting without any aggravation most adult niches, not just subscription-based social media platforms, are transitioning to crypto payments.
- Why are Cryptocurrency Payments Better than Conventional Payments?
Cryptocurrency payments are better than the existing conventional payment methods, which is why financial strategists describe cryptocurrency to be the future of payments. So here are a few tenets of how and why cryptocurrency payments as compared to conventional payments.
o o Crypto payments are similar to wire transfers or cash transactions wherein money is transferred directly from the sender to the receiver without passing through a third party or authorizing organization.
o Payments are processed over a private network of computers, and each transaction is recorded in a public blockchain thus the proof of transaction is absolute.
o Despite the fact that there are no third-party organizations monitoring the transactions, crypto payments are extremely secure since it is built on peer-to-peer technology and relies on the blockchain and cryptography.
o Personal identification information, such as your name and address, is not required when completing a crypto payment transaction, hence it maintains high levels of anonymity.
o With the conventional payment, Stripe and PayPal charge a commission of 6% for every transaction you make. However with Crypto payments you can save that amount as it does not charge any commission.
While the Onlyfans app has shied away from integrating cryptocurrency payments into its system, several other subscription-based social media apps including FansForX have already integrated crypto payments. The integration rate of cryptocurrency payments by numerous business enterprises, not just subscription-based social media platforms, is at an all-time high.
The current trend of cryptocurrency payments and the on-demand content sharing industry in relation is proof enough that crypto payments are indeed the future of transactions. If you are looking to launch an Onlyfans clone app in 2021 it is best for you to choose the one that already has crypto payments.