Pornhub Subscribers Soft On Paying with Cryptocurrencies

Pornhub disclosed that “less than 1 percent of purchases [are] made” on the adult website with supported cryptocurrencies. The site started with the option to pay with Verge (XVG) in April 2018, as CCN reported. Pornhub then opened support for Tron and ZenCash (which has since been renamed to Horizen) in June. No other cryptocurrencies are supported besides these three.

Pornhub reported the finding in an email to The Next Web’s Hard Fork.

Altcoins Sell Off and Altcoins have Fewer Users in 2018: Coincidence?

Tron (TRX), ZenCash (ZEN), and Verge (XVG) all felt the wringer with the steep bear market of 2018 for bitcoin and altcoins. That only three, relatively new coins are supported may seem strange. However, all three paid Pornhub a significant sum of money for the listing. Pornhub’s statistics thus don’t serve as a complete guide to the status of mass adoption, especially since they do not accept bitcoin (BTC) or Ethereum (ETH). Combined, bitcoin and ethereum now dominate over 61 percent of the market.

Conversely, Tron’s market cap ($1,447,850,461) accounts for roughly 0.006% of the total cryptocurrency market cap ($225,295,329,288). Verge (XVG) has a market cap of $219,596,525, roughly 0.001% of the total. Lastly, with a marketcap of $80,282,193, Horizen (ZEN) respresents only 0.0004% of the total.

Additionally, the 2018 bear market thus far has witnessed a steep drop in altcoin usage and dapp visitors, as CCN reported.

For instance, Horizen’s marketcap has fallen steeply in the past 90, along with weak trading volume.

ZEN 90-day marketcap in USD. Source: CoinGecko https://www.coingecko.com/en/coins/horizen

ZenCash fell victim to a 51 percent attack in early June this year, as CCN reported. Afterwards, the team behind ZenCash decided to rename the coin to Horizen.

The other two coins supported on Pornhub — Tron and Verge — have followed a similar trajectory.

Verge 90-day marketcap in USD. Source: https://www.coingecko.com/en/coins/verge
Tron 90-day marketcap in USD. Source: https://www.coingecko.com/en/coins/tron

These charts are not unique for the overall cryptocurrency market trend. Pornhub could see an update in cryptocurrency payments if altcoins return to more bullish and sunny days. The timing for the launch of the coins could not have been worse. So we will see if this “less than 1 percent” stat grows with their next update.

Featured image from Shutterstock.

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