Litecoin Trading Volume Spikes 55% After Pornhub Adds LTC As New Payment Method
Nicholas Otieno Sep 05, 2020 05:01
The transaction volume of Litecoin spiked by 55% two days after Pornhub added LTC as a new mode of payment.
Data collected by Glassnode analytics provider shows a 55% spike in trading volume over the past 24 hours following Pornhub adopting Litecoin as a mode of payment.
Litecoin has seen a surge in trading just two days after Pornhub, the world’s largest adult website, added Bitcoin and Litecoin as payment options for its premium subscription packages.
Cryptocurrency Gaining Popularity
Glassnode data over the last 24 hours indicates that the value of Litecoin’s mean transaction volume (2MA) has risen by 55.8% - from 163.225 LTC to 254.255 LTC. Meanwhile, since yesterday’s early hours, Litecoin has declined from the $53 level to the $48 zone but then recovered.
Besides that, the 1d MA has seen a 5-month high and reached 249.767 LTC, up from the value of 245.656 LTC reached on 13 April 2020.
The reason for the current spike is clear as many Pornhub users are now paying for their one-time and monthly subscription fees using Litecoin cryptocurrency. Pornhub’s 130 million daily visitors want security and choice when it comes to payments. With an uptick in crypto adoption, adding Litecoin to the Pornhub platform allows the company to cater for the millions of crypto holders around the world.
Consumers can now spend their Litecoin at more than 2,100 merchants worldwide. Data collected by Cryptwerk indicates that in August this year, the number of firms accepting Litecoin for their goods and services increased by 500 compared to July.
On Wednesday 2 September, Pornhub accepted Litecoin (LTC) and Bitcoin (BTC) as a payment method for its premium services. The Canadian-based company has been accepting Verge cryptocurrency (XVG) as payment for subscription since 2018. Pornhub is the largest adult entertainment online site and one of the most visited websites in the world.
Crypto and Pornhub
Porn and cryptocurrency have always been mixed up in the subconscious of society. Such a relationship dates back to pre-Bitcoin days, as several cipherers believed that pornography would be one of the early adopters of non-government digital currency.
In 2010, Satoshi Nakamoto mentioned such similar views: “Bitcoin would be handy for people who don’t have a credit card or don’t want to use the cards they have, either don’t want the spouse to see it on the bill or don’t trust giving their number “porn guys,” or afraid of recurring billing.”
Cryptocurrency has been associated with porn industry on several occasions as it has been acting as a major payment method in this sector. Pornhub first made headlines in 2019 when PayPal stopped processing payments associated with the adult platform. This cut off payouts to several hundreds of thousands of performers who rely on pornographic activities for their livelihoods. PayPal cut off the scenes, but cryptocurrencies came to rescue.
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