Adult Industry Crypto Transactions in Place in COVID-19 Quarantine
Due to the current coronavirus quarantine, a lot of people (maybe even you, dear reader) are stuck at home these days. As such, online entertainment is on the rise – reports from China indicate that online games are more popular than ever; streaming services like Netflix have seen an increase in demand.
Naturally, that includes the adult industry: last month, Business intern reported that Pornhub saw its daily usage increase by 11.6% between February 24 and March 17.
However, the long-standing links between the porn industry and the cryptocurrency industry mean that the crypto has enjoyed an indirect benefit: cryptocurrency payment processor CoinGate said CoinTelegraph on April 6, it also saw an increase in crypto transactions processed in adult online stores throughout March compared to the previous month.
Specifically, ManyVids and LiveJasmin recorded respective increases of 17% and 8% in basket size; other adult stores reported up to 36% increase in sales.
CoinTelegraphthe report of Noted that while many of these adult online platforms are based in Europe, the customers of the products are spread across countries affected by the coronavirus all over the world: United States, India, Philippines, Germany, France, Netherlands, United Kingdom, and Italy.
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Crypto transactions plunged throughout March
Coingate has also reported an increase in the level of activity in the Forex markets since the spread of the coronavirus began to look more severe last month. In fact, some payment gateway merchants have reported a 240% increase in revenue from pre-quarantine. time. Meanwhile, BTC payments increased by 13%, Ethereum (ETH) payments by 14%, and Bitcoin Cash (BCH) payments by 12%.
Coingate said it is possible that an increase in this type of activity indicates increased use of crypto in the future: “… people could start using cryptocurrencies more often, especially when traditional markets show that they can be much more volatile than Bitcoin, “the company told CoinTelegraph. “And that’s definitely a positive sign for crypto adoption.”
However, while Coingate’s payment processor may have seen an increase in crypto transactions in some areas, the year has so far proven to be quite difficult for Bitcoin and other cryptocurrencies, both in terms of price than volume of transactions.
In March, the number of daily transactions on the Bitcoin network dropped dramatically. According to data from Blockchain.com, the 7-day average of Bitcoin network transactions on February 7 was equivalent to 321,880; today, April 6, that number has fallen to 273,000. At the end of March, the 7-day trading average fell to 251,630.