Wednesday, September 29, 2021
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OnlyFans is completely at the mercy of payment service providers – Bitcoin provides a remedy

  • In the course of the official review, payment service providers and banks have started to distance themselves from OnlyFans.
  • Edward Snowden says cryptocurrencies are democratizing the whole thing.

The subscription service OnlyFans is currently faced with allegations of promoting sexual abuse on its platform. On August 10, 102 members of Congress signed a letter to the US Department of Justice, citing data from the National Center on Sexual Exploitation (NCOSE).

The letter states that the NCOSE has identified OnlyFans as one of the primary culprits in Internet sexual exploitation in the United States. It goes on to say that OnlyFans has become “a major marketplace for buying and selling Child Sexual Abuse Material (CSAM) in the United States and for encouraging sexual activity with minors.”

As a result, several banks and payment service providers have started putting pressure on OnlyFans. These measures were taken because the payment service providers and intermediaries do not want to conflict with the regulators. OnlyFans has therefore announced that it will ban sexually explicit content on the platform from October 2021. The company said:

“To ensure the long-term sustainability of our platform and to continue to host an inclusive community of creators and fans, we need to further develop our content guidelines.”

This means that once again centralized institutions have taken control of an online business. But isn’t crypto there to solve this problem? The controversial whistleblower Edward Snowden said about this meddling of the middlemen that “Bitcoin solves the problem”. Further elaborating his point of view, Snowden noted:

“This story is not about anonymity, but about pressuring middlemen in the chain of transactions to block payments that any group morally rejects. Everyone knows that Bitcoin is not anonymous. “

OnlyFans growing in popularity

OnlyFans’ popularity skyrocketed during the pandemic last year. Many sex workers, musicians and online influencers took advantage of the platform by charging their fans for access to photos, videos and other material. OnlyFans has attracted more than 130 million users recently. The platform is also used as a forum for chefs, musicians and fitness trainers.

However, videos with sexual acts are particularly popular on OnlyFans. These include some well-known personalities such as Cardi B, Bella Thorne and Tyga. Interestingly, OnlyFans has also received praise for providing sex workers with a safe haven for their jobs.

Last year OnlyFans generated more than $ 2 billion in sales. The company is currently trying to raise $ 1 billion through fundraising.

On Thursday, OnlyFans announced that the providers can still post nude photos and videos, but they would have to comply with the company’s guidelines.

A great many actors who are active in this area deal with cryptocurrencies. By using decentralized platforms and currencies, such platforms can undermine regulations by the regulatory authorities. It will be interesting to see if OnlyFans will take such action.

Arjun Sethi
Passionate guitarist, gamer and writer. Lives for the perfect review, and scrapes texts until they are razor-sharp.


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