LOS ANGELES — Since Porn.com began accepting payments in Bitcoin in December, it has reported an increase in sales by nearly a quarter and expects the digital currency will flourish as a result of its symbiotic relationship with adult entertainment.
The Guardian reported today that soon after its announcement, Bitcoin rapidly accounted for ten percent of Porn.com's sales, and even jumped to 50 percent when a post on Reddit’s Bitcoin subforum went viral, along with the news. The company says that Bitcoin currently accounts for approximately 25 percents of its sales.
The site owner’s have now put up the domain for sale for anyone willing to shell out $50 million worth of Bitcoin.
David Kay, Porn.com’s marketing director, remains staunchly in favor of the historically controversial currency, saying "I definitely believe that porn will be Bitcoin's killer app. Fast, private and confidential payments."
Kay explained, "Privacy and confidentiality are paramount when joining an adult service for the majority. In general you can surf Porn.com for free, anonymously, but if you want to upgrade to the premium services you have to enter a method of payment, which historically has been credit card. In order for the transaction to process you have to include your full name and address. This is not necessary with BTC."
While the Guardian report points out some the drawbacks of Bitcoin, such as its impracticality for subscription-based orders and polemics surrounding levied transaction fees and paying in Bitcoin fractions, Kay deflects all concerns.
"Our experience has been positive using BTC for smaller payments,” he said. “I think the general public as a whole doesn't yet know that you can spend just a portion of a Bitcoin on a purchase. Our customers are using Bitcoins to buy premium services and to tip our live performers.”
Porn.com became one of the most expensive domain names ever sold when MXN Ltd. paid $9.5 million for it in 2007.
