An increase in purchases from adult stores comes from many crypto hodlers who are practicing self-quarantine

By Selena On Apr 6, 2020

The influx of new digital technology is drastically changing how users seek entertainment – and how they pay for it, a trend which shows no sign of slowing. While many crypto hodlers around the world are being blocked off and socially isolated, the number of visitors to adult websites has also increased. Recently, cryptocurrency payment processor CoinGate reported an increase in purchases from adult stores in March compared to February. In particular, sites like ManyVids and LiveJasmin increased by 17% and 8%, respectively. Other adult stores reported a 36% increase in sales.

Some crypto hodlers are turning to the adult industry for comfort

Most of these merchants are based in Europe, where measures are taken to restrict people from leaving their homes, and many retail businesses are closed. However, cryptocurrency shoppers/crypto hodlers are making their purchases around the world. People who used LiveJasmin in March came from the United States, India, Philippines, Germany, France, the Netherlands, the United Kingdom, and Italy, all of which were heavily damaged by the Coronavirus.

In March, Bitcoin’s daily transaction volume dropped by about 100,000, the equivalent of operating in the ‘crypto winter,’ when Bitcoin’s price dropped to about $ 3,000 in December 2018.

However, like investors in Blockchain games and adult services, the holders of cryptocurrencies on Coingate have increased their activity for Forex during the COVID-19 pandemic, with some traders on the Payment gateway reported a revenue increase of up to 240%, BTC payment increased by 13%, ETH payment increased by 14% and payment by BCH increased by 12%.

Coingate comments on what this type of activity means for the future of crypto:

“… people might start using cryptocurrencies more often, especially when traditional markets show that they can be much more volatile than Bitcoin. And that is a positive sign for crypto adoption.”

Spending and transactions decreased on Visa

Before terms such as self-isolation and social distancing became trending, the northern hemisphere was preparing for spring and summer travel plans, with credit cards used to book flights, hotels, and tours. Meanwhile, in the United States, Visa has been hit by the pandemic, with credit card companies only predicting one-digit revenue growth – as opposed to Q1 / 2019 double-digit growth – for the following Q2. when activity plummeted in March.

Elsewhere, Binance caused a stir by the online community this week when they introduced the payment card method with Visa. However, it seems that Binance has recently “quietly” removed all of Visa’s contributions to its Binance Card payment card products. Terms related to Visa have been removed from Binance’s March 26 post.

However, it appears that Binance has quietly scrubbed references to Visa from publicized digital content for the Binance Card product. Language about the Visa issuance has been removed from a blog post that Binance released on March 26.

The blog initially stated:

“The Binance Card is issued by Visa and accepted by more than 46 million merchants in 200 regions and territories, which makes shopping with crypto easier than ever before.”

That specific line is no longer in the blog post. However, one closely matching it can be found that reads:

“The Binance Card will be accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.”

The official Binance Card website has been altered to remove a key reference to Visa: a logo on a mock-up of the card. The Block’s original Binance Card report includes a screenshot that features the logo. Now, when you visit the website, the mock-up does not have a Visa logo on it. On the other hand, an affiliated website – GetBinanceCard.com – still includes the mock-up with the Visa logo.

The Binance Card website previously stated:

“Load up your Binance Card and pay with crypto at more than 46 million Visa merchants worldwide.”

The text below the logo-free mock-up has since been scrubbed of that Visa mention.

Additionally, a tweet from Binance’s official account that had similar language about Visa’s role as an issuer has been removed.

There is also a lack of online spending for travel-related services, with several flights worldwide being cut. With many people facing an uncertain economic future, the tendency has been to hold on to their crypto and other savings.

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