Since bitcoin is instantly converted into local currency for merchants when using a payment processor, taking this form of payment for premium content sharing platforms may be rather simple.
- OnlyFans made an executive decision to ban adult content in mid-2021, followed by an announcement that the decision will be reversed.
- OnlyFans model HayaX believes that blockchain and content creation have a bright future, and she has already begun constructing an alternative.
- With cryptocurrency payments, you have complete control over your funds, and no one can access them without your permission.
The growth of OnlyFans was inevitable because of its unique and highly profitable business model. This is evident even as numerous top celebrities including Cardi B and Blac Chyna have been a part of this leading subscription-based platform for a while now. That being said, in mid-2021 the company’s administration made an executive decision to ban adult content followed by an announcement of reversing the decision owing to a tidal wave of negative reviews from the users and content creators.
This decision was made due to the many restrictions placed by financial organizations since the mainstream financial institutions do not support payments and transactions made by creating and selling adult content. It is for this reason, the users, content developers, and critics felt the need OnlyFans and other apps like OnlyFans, such as Patreon, AVN Stars, Unlockd, Fansly, etc., to integrate crypto payments.
The idea of integrating crypto payments was deeply rooted in the versatile nature of blockchain and cryptocurrencies. Meaning, cryptocurrency, because of its decentralized nature, does not impose any kind of restrictions. This means adult content creators can continue to create sensual or even explicit content and monetize them without any apprehension.
FansForX, as an experienced and leading OnlyFans alternative and a forerunner in crypto payment-enabled on-demand content sharing platform, brings you the benefits of integrating cryptocurrencies in apps like OnlyFans through this detailed and comprehensive blog. Read along and lead the premium subscription-based social media industry.
What is Cryptocurrency in Adult Industry Apps Like Onlyfans and Fanzly?
Simply put, Bitcoin is digital money that is not controlled by any bank or government and is generated and used using encryption techniques. Every transaction is validated by network users, and in most cases, such transactions become public records to prevent the same user from spending the coin several times. Understanding that each coin is unique and that certain currencies offer more protection and privacy than others is fundamental to adopting cryptocurrency.
What do OnlyFans Models say?
HayaX, an adult content creator with OnlyFans, who recently switched to a similar platform named Fansly, said OnlyFans has a number of issues including inadequate website administration and incompatibility with crypto payments. She sees blockchain and content production as having a bright future, and she has already started developing an alternative.
She further stated, “I have a lot of experience with cryptocurrency.” It’s amazing, in my opinion. I’d much rather be paid and tipped in cryptocurrency, however not in Bitcoin because it has some of the highest fees. Nonetheless, they are insignificant when compared to the 12% that most card processors charge.”
“I’d accept only receiving payment in cryptocurrencies. If it didn’t mean I’d lose supporters. For me, converting cryptocurrency to cash is simple. I use both Coinbase and Kraken to convert between Bitcoin, Monero, and other cryptocurrencies. I intend to build my own personal paysite, and crypto will be the most requested and encouraged payment method, with a significant discount.”
Benefits of Cryptocurrency in Sites like OnlyFans
· Wide-ranging Market:
Accepting cryptocurrencies as a payment method on sites like OnlyFans will open up a whole new market of tech-savvy customers who have formed a community around the cryptocurrency market. Allowing customers to pay with a digital wallet or a credit card platform allows you to reach out to a wider audience and appeal to customers all over the world.
The inability of OnlyFans to integrate crypto payments has resulted in the mass migration of its users and content creators. This is one of the primary examples of the far-reaching market that crypto payments provide.
Unlike credit card systems, which take a few days to batch out and process, Bitcoin is handled instantly, allowing you to access payments much faster. Fast transactions can aid in the seamless operation of your company’s cash flow.
One of the most important aspects of sites like OnlyFans is transaction speed. The most efficient cryptocurrency is the one with the fastest transaction speed. This means that the faster the transactions are, the better its capacity to transfer data from one party to another and approve transactions.
It is worth noting that transaction speed is influenced by a number of factors, including block time, block size, transaction fees, and network traffic.
Lower Transaction Fees:
Lower transaction fees associated with each transaction is another advantage of using cryptocurrencies as a payment method for sites like OnlyFans. The fees will vary depending on whether you accept cryptocurrencies into your personal wallet or through a third-party source like Coinbase, but they will almost certainly be cheaper than what PayPal or credit card companies charge.
Having to deal with higher transaction fees is a huge discouragement to both users and models since a considerable amount of their hard-earned money is lost. However, since cryptocurrency has lower transaction fees than conventional payment methods, it allows the users and content creators to increase their profit margin.
Unless you have the content creator’s permission, it’s tough to reverse a bitcoin transaction once it’s been completed. This gives models more protection against fraudulent activities in business transactions because there is no middleman, such as a bank, who can withdraw or withhold funds from your account without your permission.
With cryptocurrency payments, you are in complete control of your funds and there’s nothing anybody can do without your authorization. This makes cryptocurrency payments that much more secure and irreversible.
How Onlyfans Accept Cryptocurrency Payments?
Accepting bitcoin on sites like OnlyFans can be done in two ways, i.e., through your personal wallet or a third-party payment processor. Both strategies will be discussed.
If you wish to accept cryptocurrencies through your personal wallet, you’ll need a virtual wallet. You can purchase a hardware wallet or download most wallets fast to your phone or PC. A hardware wallet is a physical safe that keeps cryptocurrency on a specific hard drive within the device. It’s essentially the only safe hardware device for storing a user’s private key.
Third-Party Payment Processor:
You can also use a third-party payment processor like Coinbase or BitPay, which will manage the full payment process for you, much like credit card payment processors. One of the main advantages of using a third-party payment processor rather than a personal wallet is that they will be able to convert cryptocurrencies into fiat instantaneously, thereby avoiding price volatility.
Cryptocurrencies you need to be aware of
New digital currencies are released on a weekly basis, and existing currencies lose and gain value on a regular basis. The following coins are the leading currencies by market capitalization, according to the most recent crypto-economy news.
The original cryptocurrency, Bitcoin, is where it all began. Satoshi Nakamoto, the project’s developer, first proposed the concept in 2008 in a paper titled “A Peer-to-Peer Electronic Cash System.” Through a digital transaction system, Nakamoto sought to decentralize the financial sector and return control to individuals.
Ethereum is a cryptocurrency that was formed as a result of the invention of bitcoin. Vitalik Buterin, the project’s inventor, intended to create a platform that would completely revolutionize the internet. He envisioned Ethereum as a platform capable of more than just financial transactions, as Bitcoin does. Without the use of third-party platforms, developers can now create decentralized apps such as contracts or codes on the Ethereum network.
Despite the fact that Bitcoin Cash and Bitcoin are fairly similar, there are several significant characteristics that distinguish them. By raising the size of the blocks, Bitcoin Cash allows for more transactions to be executed. Bitcoin Cash aspires to compete with industry heavyweights like Visa and PayPal by increasing transaction volume by a huge margin.
Prevalence of FansForX
Even before the OnlyFans’ irresolute announcements regarding adult content and the resulting backfire, FansForX incorporated crypto payments as an industry-first feature. Having been a major contributor in the on-demand content sharing industry for business entrepreneurs and investors, FansForX provides highly advanced and robust OnlyFans clone scripts and white label solutions.
So, if you are someone who is eager to launch your very own crypt-enabled on-demand content sharing sites like OnlyFans, then you can be assured that FansForX is the right fit.
Conclusion on cryptocurrencies on sites like OnlyFans and Fanzly
Accepting cryptocurrencies on sites like OnlyFans is absolutely worth it if you want to keep getting high returns on investments and the content you create. Especially since crypto processors like BitPay can shield your business from price volatility, ensuring that your efforts do not lose money as a result of fluctuating currency values.
OnlyFans may soon be replaced by decentralized platforms, which are more user-friendly than centralized websites, which can obstruct a creator’s work. The threat is very real and applies to other sites like OnlyFans as well; therefore, it is imperative for sites like OnlyFans to quickly incorporate crypto payments and prevent the business from becoming obsolete.
Third parties put immense pressure on centralized networks, which have a lot of power over content creators. Decentralized platforms, on the other hand, provide authors with a lot of independence and operate on their own servers.
Right now there is no confirmation that apps like Onlyfans and Fanzly accept payments in Crypto. But there is continuous news coming from trusted sources that soon Onlyfans will accept crypto payment.