Cryptocurrencies such as bitcoin are now one of the investment and transaction tools of choice. Including by the adult stars at OnlyFans who now accept bitcoin as a form of payment.
Like Allie Rae, the creator of adult content at OnlyFans who so far has managed to earn USD 1.3 million in a year thanks to her content. Last year, Rae shocked the virtual world after switching professions from nurse to OnlyFans star.
Until August last year, Rae admitted that he knew nothing about cryptocurrencies. But he believes that bitcoin and other alternative tokens will be the future of payments because they are considered more secure.
Especially when OnlyFans announced it would ban sexual content on its platform due to problems with banks and credit card providers. Rae, who is one of the top stars in OnlyFans, said she was worried about her income.
"Cryptocurrencies are the only option for us. I don't think we will survive under the increasingly stringent rules of the banking industry," Rae said, as quoted by CNBC, Sunday (6/2/2022).
"For people like me who make millions of dollars, the 30 day anniversary from OnlyFans will be the end for us. Crypto feels like the answer, otherwise we will continue to be controlled and who knows what type of content they will continue to block."
From knowing nothing about crypto, Rae continued to learn and eventually hooked a group of developers to develop WetSpace, a cryptocurrency-based adult entertainment platform. Rae said with this platform, adult content creators don't have to worry about the limitations of the banking industry.
Apart from Rae, another OnlyFans creator who started accepting bitcoin is Allie Eve Knox. Unlike Rae, who only learned about crypto last year, Knox admitted that he had been interested in crypto since 2014 after payment platforms such as PayPal, Square, and Venmo closed his accounts because they were related to adult content.
So Knox started accepting crypto as payment from its clients. Knox says accepting payments in bitcoin has many advantages such as no chargebacks, commission-free, and transactions cannot be canceled by banks.
"I can melt it. I can hold it. I can see it going up and down. It's mine," Knox said.
When Knox first accepted bitcoin as payment in 2014, he didn't think about making cryptocurrencies an investment. He initially only accepted 2 bitcoins for a Skype session, and now one bitcoin can be worth around USD 40,000.
In addition to bitcoin, Knox is also starting to look at non-fungible tokens or NFTs. Knox says he sells his photos as NFT on OpenSea and SpankChain. By far, his biggest sale was $1,200 in ethereum.