Adult entertainment supported by cryptocurrency buyers during quarantine


While many cryptocurrency holders around the world are practicing self-quarantine and other measures to limit social contacts, some are turning to the adult industry for solace.

Speaking to Cointelegraph, cryptocurrency payment processor CoinGate reported an increase in purchases from adult stores in March compared to activity in February. Sites like ManyVids saw a 17% increase in cart size. Other adult stores saw a 36% increase in turnover.

Most of these merchants are based in Europe, where measures are in place to prevent people from leaving their homes and many businesses are closed. However, cryptocurrency buyers are making their purchases all over the world. Those who used LiveJasmin in March were from the United States, India, the Philippines, Germany, France, the Netherlands, the United Kingdom and Italy, all of whom were particularly affected by the coronavirus.

What people are investing in during the crisis

In March, the number of daily Bitcoin (BTC) transactions fell by around 100,000, rivaling activity during the “cryptocurrency winter” when the cryptocurrency’s price dropped to around $ 3,000 in December 2018.

However, like investors in blockchain games and adult services, cryptocurrency holders on Coingate actually increased activity for Forex during the COVID-19 pandemic, with some merchants on the payment gateway reporting an increase in the 240% of turnover compared to the pre-quarantine period. times. Meanwhile, BTC payments grew by 13%, Ethereum (ETH) payments by 14% and Bitcoin Cash (BCH) payments by 12%.

Coingate comments on what this type of business means for the future of cryptocurrencies:

“… people may start using cryptocurrencies more often, especially when traditional markets show they can be much more volatile than Bitcoin. And that’s definitely a positive sign for cryptocurrency adoption.”

Visa fees and transactions drop

Before terms like self-isolation and social distancing became mainstream, the Northern Hemisphere was preparing for spring and summer travel plans, with credit cards used to book flights, hotels and tours.

In the U.S., Visa took a hit during the pandemic, with the credit card company forecasting only single-digit percentage revenue growth – as opposed to double-digit growth in Q1 2019 – for the second quarter. after a sharp decline in activity in March.

There is also a lack of online spending on travel-related services with a number of flights around the world being cut. With many people facing an uncertain economic future, the trend has been to hold onto their cryptocurrencies and other savings.

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