A new adult videochat service is using Bitcoin to disrupt not only payments but the very mechanisms of the adult entertainment industry.
After almost 20 years of consumers using credit cards and PayPal to access online content, European platform Xotika.TV has developed an alternative – where everyone gives, receives and transacts entirely in Bitcoin.
Its creator Cristian Cora, who previously spoke to Cointelegraph about changing trends in adult entertainment, hopes that Xotika.TV will make a significant indent and ultimately shift attitudes and practices in the industry. What is currently commonplace, such as exorbitant commission taken from models’ earnings, delayed payouts and consumer fraud, can according to Cora be largely solved by using Bitcoin instead of fiat currency.
“Though retailers have begun to warm to Bitcoin, adult entertainment companies have nonetheless resisted accepting virtual currency — even as revenues at many studios have plunged in recent years,” he said. “At Xotika.TV, one of our goals is to help the porn industry overcome its Bitcoin shyness.”
While the advantages to viewers – anonymity, no contract, flexibility to tip models – are obvious, the entry of Bitcoin has been most effective for the models themselves. Under the service, Bitcoin is used to enable models to be paid customer tips and other revenue almost instantaneously, while the lack of fraudulent activity associated with credit cards guarantees that earnings pledged are actually received.
For Xotika.TV’s models, Bitcoin represents a turning point. Gone are the days where fees paid using fiat were paid out several weeks after a session, or not paid at all due to the ever-present risk of chargebacks by unscrupulous consumers.
“It was different because I started being paid instantly,” RoyalTiffany, who performs live webchats on Xotika.TV, told Cointelegraph. “As an independent model, it’s very important for me to be paid as quickly as possible, but the main issue was chargebacks – with those gone, even when Bitcoin is still quite unknown, I feel a lot more relaxed.”
While Xotika.TV is still in its beta phase and hosts only a small number of models and corresponding community, Cora has grand designs for the future of the project. Specifically, he sees Bitcoin’s empowering role as central to creating a new code of conduct for the homemade-style online adult entertainment sites which have become ubiquitous.
“Our intention is to spread Bitcoin adoption and also fix a lot of problems we see in the porn industry,” he explained. “At the moment, it’s the online adult industry which suffers the most from fraudulent consumer activity – Bitcoin technology will be key in delivering an entirely new experience for both models and consumers.”
Cora’s optimism may prove to be well-placed, as the knock-on effects of his entirely-Bitcoin ecosystem marrying crypto with a good time are more far-reaching than initially meets the eye. In her short time at Xotika.TV, RoyalTiffany has learned not only about how to basically transact in Bitcoin, but its uses, advantages and disadvantages, and the general debate around how it could shape the future of money.
“I actually had most of my questions answered for me during the shows,” she said. “Viewers are always eager to talk about Bitcoin, as using it to tip girls in a personal setting is a new thing for them. The mood is a lot more chilled than it otherwise would be on a site where people are billed by subscription, say, because here there’s a sense of community which for me and I guess for many of the girls makes the experience a lot more comfortable.”
“I’m not taking any wild chances with new currencies just yet,” she added when asked about how she uses her earnings, which in light of Xotika.TV’s ShapeShift integration can now include not just Bitcoin but a selection of popular altcoins. “I convert the majority as and when I need it, but in future perhaps they’ll be a chance to turn it into a source of earnings in itself, which would be great.”