Tag: Cryptocurrency Payments

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Pornhub Adopted Cryptocurrency Payments But Less Than 1% Of Its Subscribers Pay In Crypto

Pornhub adopted cryptocurrency payments for some time now. However, less than 1% of the famous adult entertainment site’s subscribers make payments with crypto coins. The information was made public through a publication in the Hard Fork portal on September 28th where the company stated that after the implementation of the crypto payments system last April, via Verge (XVG), the expected results have not been obtained yet.

In this regard, the Pornhub plans to team up with PumaPay, a cryptocurrency payment processor based on the Ethereum (ETH) network with the possibility of accepting its token, PumaPay (PMA), as a means of payment, too.

While the official announcement about the partnership between Pornhub and PumaPay was made in August, until now the payment function is not available on the platform. In this regard, the integration will take place in Q1 2019, according to some rumors coming from PumaPay.

As regarding the already-implemented cryptocurrency payments systems, Pornhub said that only 1% of its premium subscribers pay with cryptocurrencies.

Pornhub adopted cryptocurrency payments, but less than 1% of its subscribers pay in the accepted cryptos

Pornhub introduced payments with the Verge (XVG) token last April because the cryptocurrency focuses on privacy and anonymity, which is considered the most convenient and safe for this market, according to Corey Price, the vice president of the famous adult entertainment platform. Since then, Pornhub also accepted TRON (TRX) and ZenCash (ZEN).

“Transactions with ZenCash and TRON will allow for flexible billing practices and popular scenarios within the adult entertainment industry, i.e., pay-per-use while ensuring user anonymity, as well as high speed and low transaction costs,” said Corey Price, Vice President at Pornhub.

At that time, Price again exalted the viability of cryptos as a means of payment in the adult entertainment industry, adding that payments with these two tokens would be made through CoinPayments.

However, although the expectations were higher, less than 1% of the Pornhub subscribers pay for their membership in cryptocurrency.

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Crypto News

eBay Could Add Cryptocurrency Payments As It Joined Enterprise Ethereum Alliance Along With Foxconn And PwC

The most famous association of companies focused on blockchain research, the Enterprise Ethereum Alliance (EEA), has just added 74 new members, including eBay, Foxconn, the Taiwanese multinational technology products company, and the international consulting firm PwC. Exciting is the addition of eBay which could finally add cryptocurrency payment method, hopefully.

Foxconn to work on smart supply chain contracts within the Enterprise Ethereum Alliance (EEA)

The Taiwanese technology company, a producer of equipment such as iPad, Kindle, PlayStation 4, among others, invested in the fundraising for the Abra Bitcoin wallet, which raised $35 million.

Also, it was chosen to develop the smartphone focused on cryptocurrency market and blockchain conceived by Sirin Labs. Foxconn’s addition to the EEA is likely to be oriented towards the use of smart supply chain contracts for its products.

eBay could finally add cryptocurrency payment method

The integration of eBay into the EEA marks a new milestone for companies interested in using blockchain in their operations. Already in the past, this online auction platform, which achieved a net revenue of $9.6 billion by the end of the last fiscal year, made public its interest in beginning to accept Bitcoin (BTC) as a payment method. And although at the moment it has not revealed its intentions within the EEA, it is very likely that these will be oriented towards facilitating the management of cryptocurrency transactions in its platform.

PwC has been involved with blockchain before

PwC’s history in the blockchain field is much longer and more diverse, and its reliance on cryptocurrency has reached the point of accepting Bitcoin (BTC) payments at its Hong Kong headquarters. Among its latest actions related to the crypto-verse, there is the testing of a tool to track the global footprints of crypto-actives issued in ICOs.

With its integration into the EEA, it accompanies Deloitte as two of the so-called big four consulting firms within the of the Enterprise Ethereum Alliance.

Including these three companies, eBay, Foxconn, and PwC, another 71 new members joined the Enterprise Ethereum Alliance, a network of over 500 members including Fortune 500 companies, startups, academics and technology experts, blockchain and Ethereum-based companies.

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Crypto News

Bank For International Settlements (BIS) Thinks Cryptocurrency Payments Will Collapse Everything From Mobiles To The Internet

The Bank for International Settlements (BIS) believes that cryptocurrencies are not yet ready to come to the forefront for logistical reasons because they do not yet have the characteristics to be a reliable means of payment. If cryptocurrencies were used with the same intensity as fiat money as a means of payment, mobile phones, computers and even the Internet could collapse.

In a large article within its annual economic report, the BIS states that Bitcoin and other such cryptocurrencies suffer from “a number of shortcomings” that would prevent the crypto coins from meeting the ambitious expectations they have generated. However, the BIS recognizes that there is a strong interest in these digital assets, the capitalization of which has soared in percentage terms in recent years.

The Bank for International Settlements (BIS) is an 88-year-old institution based in Basel, Switzerland, which serves as a central bank for other central banks. This prestigious institution believes that cryptocurrencies are too unstable, consumes too much electricity and are subject to too much speculation to ever serve as a reliable means of payment in the global economy.

Also, BIS has identified the decentralized nature of cryptocurrencies as a fundamental disadvantage and not as a key strength, because this type of operation would create logistical problems if crypto coins were to be extended as a method of payment.

Cryptocurrencies will be an environmental problem, Bank for International Settlements thinks

The BIS has analyzed what would happen to the blockchain software if it were to reach the size that traditional payment systems in each country currently handle. Accordingly, Bank for International Settlements believes the cryptos would eventually overwhelm everything from smartphones to servers.

But the problem goes far beyond storage capacity, and extends to processing capacity, as only supercomputers could keep up with the verification of incoming transactions.

The researchers say that the competition between the so-called crypto miners already consumes approximately the same amount of electricity as Switzerland.

“In short, the search for decentralization has quickly turned into an environmental disaster,” economists from the Bank for International Settlements said.

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Crypto

Litecoin (LTC), Bitcoin Cash (BCH), And DASH Accepted On CheapAir Flight And Accomodation Booking Platform

In response to clients’ demands, the travel and tourism agency CheapAir chose to broaden its payment methods with cryptocurrency by accepting Litecoin (LTC), Bitcoin Cash (BCH), and DASH, in addition to Bitcoin (BTC), for flight and accommodation bookings.

The announcement was published on the company’s website on May 23rd. The report clarifies that the top 3 most popular altcoins among CheapAir’s clients for the past half year have been incorporated into the service, thus becoming part of the few travel agencies that support cryptocurrency payments.

In addition, adding these cryptos as payment methods might also ensure cheaper fees and faster transactions. On the subject, CheapAir CEO Jeff Klee noted that the incorporation of these currencies has been a fairly straightforward process, given the prior experience with Bitcoin (BTC) payments which has been introduced by CheapAir in 2013.

CheapAir travel agency introduced Litecoin (LTC), Bitcoin Cash (BCH), and DASH cryptocurrency payments

The Litecoin (LTC), Bitcoin Cash (BCH), and DASH cryptocurrency payments started to be analyzed by the company in April when the Bitcoin (BTC) payment service became problematic as Coinbase’s suspended its custody services.

After that, the CEO of CheapAir, Jeff Klee, enquired with clients about their inclination to use BIP70 portfolios in order to be able to use the BitPay platform, as well as to begin to trial cryptocurrency payments with Litecoin (LTC), Bitcoin Cash (BCH), and DASH.

CheapAir, headquartered in the United States, is a part of a rapidly increasing group of travel agencies that welcome cryptocurrency payments. These agencies, to date, include TapJets, Destinia, Expedia, Travelforcoins, Abitsky, and BTCtrip, but the majority of these are only accepting Bitcoin (BTC).

The single exception is BTCtrip which also accepts payments in Litecoin (LTC) and Dogecoin (DOGE).

In short, from now on, CheapAir trave agency introduced cryptocurrency payments in Litecoin (LTC), Bitcoin Cash (BCH), and DASH.

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Crypto

OpenNode Is A New Bitcoin (BTC) Cryptocurrency Payments App Based On Lightning Network

Just a couple of days ago, a Bitcoin (BTC)-based cryptocurrency payments app for commercial customers, OpenNode, has been released. Its main features rely on the use of the Lightning Network protocol, which can process transactions faster and more secure, via channels parallel to the main Bitcoin blockchain.

As stated on the app’s site, this payment processor concentrates on simplifying the customers’ connections with blockchain technology and cryptocurrencies, in order to increase cryptos acceptance by the business sector, therefore enhancing the digital assets’ adoption as a method of payments.

All our tools and features are built around the idea that using bitcoin should be easy and empowering for both merchants and customers. This means moving away from traditional models that create an entry barrier with high transaction fees and complicated technical integrations.

OpenNode

The platform deducts only up to 1% in fees compared to other cryptocurrency payment apps such as BitPay, which, according to OpenNode, deducts fees of between 1% and 2% and centralized fiat money alternatives such as PayPal or Square where goes as high as 3%.

OpenNode cryptocurrency payments application based on Lightning Network hasn’t been well-received by the Bitcoin (BTC) community

This cryptocurrency payment application has not been very well received by the Bitcoin (BTC) community, which has been very critic regarding some aspects of this new project.

Nicolas Dorier, a developer and CTO at Metaco, a cryptocurrencies market platform for the banking sector, explained on Twitter that, “in addition to mistakenly claiming to be the first payment processor of its kind, OpenNode appears to be a centralized, non-open source project.”

Also, one Reddit user complained that even though OpenNode states to be “open, honest, ethical, and genuine” with their customer as they are following Bitcoin (BTC) ideals, there is no data about the people behind the project.

Other users on Reddit also showed disappointment regarding the fact that the OpenNode platform keeps customers’ cryptos, even though the Lightning Network doesn’t require this.

Additionally, others think that projects like this one are needed during the initial adoption of cryptocurrencies. However, apparently, OpenNode is still in its beta phase so many might change before the final release.

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