Due to the ongoing coronavirus quarantine, many people (maybe you too, dear reader) are stuck indoors these days. As such, online entertainment is on the rise: Reports from China claim that online games are more popular than ever; streaming services like Netflix have seen a surge in demand.
Of course, this includes the adult industry: last month, Business Insider reported that Pornhub recorded an increase in daily usage of 11.6% between February 24 and March 17.
However, the long-standing ties between the porn industry and the cryptocurrency industry mean that cryptocurrency has seen an advantage via proxies: cryptocurrency payment processor CoinGate said. CoinTelegraph on April 6 which had also seen an increase in crypto transactions processed in online adult stores throughout March from the previous month.
In particular, ManyVids and LiveJasmin recorded increases of 17% and 8% respectively in cart size; other adult shops recorded an increase in turnover of as much as 36%.
CoinTelegraphRelationship of noticed that while many of these adult online platforms are based in Europe, customers for the products are spread across coronavirus-affected countries around the world: the United States, India, the Philippines, Germany, France, the Netherlands, the United Kingdom, and Italy.
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Cryptocurrency transactions declined throughout the month of 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 merchants on the payment gateway reported a 240% increase in turnover compared to the pre-period. -quarantine. times. Meanwhile, BTC payments grew 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 could indicate greater use of cryptocurrencies in the future: “… people may start using cryptocurrencies more often, especially when traditional markets show that they can be much more. volatiles of Bitcoin, “the company told a CoinTelegraph. “And this is definitely a positive sign for the adoption of cryptocurrencies.”
However, while Coingate’s payment processor may have seen an increase in crypto transactions in some areas, the year so far has proved quite difficult for Bitcoin and other cryptocurrencies in terms of both price and transaction volume.
In March, the number of daily transactions on the Bitcoin network dropped dramatically. According to data from Blockchain.com, the 7-day average of transactions on the Bitcoin network on February 7 was 321,880; today, April 6, that figure dropped to 273,000. At the end of March, the 7-day transaction average dropped to 251,630.