Why the entertainment industry is adopting cryptocurrency payments

Why the entertainment industry is adopting cryptocurrency payments
Various retail outlets have migrated to online resources in an effort to accommodate a market that longs for instant gratification. Today’s consumers use search engines like Google or Brave, to find products and services. A game changer for the internet is blockchain with its sophisticated payment platforms. The entertainment industry has been at the forefront of adopting cryptocurrency payment methods in an effort to extend its reach. Today we discuss why the industry is adopting cryptocurrency payments.

Contactless cryptocurrency payments – the new trend

When thinking of cryptocurrencies, a payment solution may not be the first thing that comes to mind. Cryptocurrencies like Bitcoin and Ethereum are mostly associated with investing and making crazy profits. However, there is so much more to blockchain and cryptocurrencies. They were originally created to offer a safer way of making and receiving payments. In doing so, giving the community more control over their money.

With the outbreak of the Covid-19 pandemic, the world quickly had to get on board with contactless payments. Cryptocurrency payments offered the perfect solution for those who needed to make and receive contactless payments fast and securely.

Why the entertainment industry is adopting cryptocurrency payments

Did you know that more than 200 billion smartphone apps are download every year? The entertainment industry is enormous! Billions of consumers trust that these apps are safe and secure. Thus, it should come as no surprise that the entertainment industry was one of the first industries to adopt blockchain technology and cryptocurrency payment methods.

The porn industry, for example relies heavily on the anonymous benefits brought on by blockchain technology. Thanks to blockchain’s peer-to-peer platforms, computers securely process transactions, without leaving paper trails. Two years ago, Pornhub announced they would be accepting payments in Verge (XVG). The strategy was very successful as the site showed exponential growth. In the latest news, Pornhub will also be accepting payments in Bitcoin (BTC) and Litecoin (LTC). Pornhub has more than 130 million daily visitors.

Gambling sites have also been at the forefront of offering gamers cryptocurrency payments. Depending on the site, gamers can pay directly with cryptocurrencies or via platforms like Neteller and Skrill. These e-wallets offer gamers various payment methods ranging from credit card and cryptocurrency payments. The same benefits of blockchain technology and cryptocurrency payments that apply to the porn industry, apply to the gambling industry. Namely fast and secure payments that guarantee anonymity.

Operators address cryptocurrency market volatility

However, the biggest challenge both the porn and gambling industry is facing is market volatility. The price of Bitcoin and Ethereum can change in a blink of an eye and the value of users’ funds may fluctuate. To address this concern, operators offer both cryptocurrency payments and conventional payment methods to customers.

In conclusion, other industries have also warmed up to the idea of cryptocurrency payments. Sports clubs and operators are selling tickets via the blockchain as it has advantages over traditional banking methods. The possibilities of blockchain technology are endless. In the near future, more operators will resort to this life changing technology for people signing up to websites and controlling access to various sites. Even content creators will have more control over their material and payments.

Remember to keep an eye on the AltCoinTrader site and YouTube channel for more educational and informative cryptocurrency content.