Recently, Bitcoin Cash enthusiasts were introduced to a new app that competes with the famous content subscription service OnlyFans. Focused on cryptocurrency payments, OnlyCoins is a service similar to OnlyFans, which contains adult content on the platform, but instead of dollars paid in BCH.
More freedom, more money
London-based OnlyFans basically allows influencers to earn money from their fans by offering access to their exclusive content. In addition, they can receive tips or even the opportunity to create personalized content for their closest fans. However, for the services provided, the platform gets 20% of all the value spent by customers. Gween Black, creator of adult content for 8 years and a cryptocurrency activist since 2018, keeping 80% of the earnings is “wonderful”, since on competing platforms she had 65% even adding all the benefits of exclusivity and website time.GweenBlack, one of the biggest producers of adult content on OnlyFans. In an interview with Cointimes, Black explains that the experience of working with OnlyFans is "very different from everything I had done before in the industry".
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“It's not just going online on a camera, it's not recording a video and cheering for someone to buy or watch it. The platform is a monetized social network, so you have to be active at all times and interact with fans as much as possible. Today I have 5,500 active fans on my homepage and I am top 0.3% among all the creators of the platform. ”
The new application called OnlyCoins replicated the functionality of OnlyFans, but with a unique integration with Bitcoin Cash and charging 10%, half the competitor's fee. As the table below reinforces, other adult content platforms tend to grab a significantly larger share.But it's not just a good rate that matters to content creators, OnlyFans still has the advantage of traffic. Black says that, until now, his experience with competing platforms has depended on bringing the audience to them. “I don't think that a platform has to depend on me to bring traffic, but rather to provide its own popularity,” he says. Even so, he explains that OnlyFans is a very popular and popular website and, because of that, depending on the day, the platform falls short of technical support or is down due to the high volume of accesses.
Cryptocurrency payments and censorship resistance
With easy registration and community outreach, OnlyCoins is already gaining its first members. Its main differential is the receipt and payment in cryptocurrency.
“I speak every day for support (from OnlyFans) to start paying in bitcoin or any other cryptocurrency – the bureaucracy to receive in dollars living in Brazil is huge – and I sincerely spend more time with the bank in the week than creating content . It is a huge burden to deal with paperwork, ”replied Gween Black about preferring to receive in crypto or dollars.
The use of cryptoactives for payments would also solve the chargeback problem, but Gween explains that his experience in this regard has been positive even at OnlyFans, with a 0.06% tax on chargebacks from all transactions. 50% of the chargebacks were caused by the bank itself and not at the user's request. If the customer makes several repeated microtransactions, the bank suspects that transactions are duplicated or tripled and blocks purchases, explains Black. “One of the things I do is always create values with different pennies every time, exactly to avoid this and it works very well , considering that I have a very low rate of chargebacks. ”OnlyCoins home page, where verified creator Yuwa published an open photo and an unlockable photo for $ 1 in bitcoin cash. Reproduction / Onlycoins.appOf course, like OnlyFans, the BCH-powered platform is packed with adult-themed entertainment. At the moment, by scrolling through the site feed, it is possible to see open and some blocked photos that cost from 20 cents to 40 dollars. The developers of OnlyCoins also note that, as development continues, the site can progress to a "more polished way" , when the commission rate may change. However, they emphasize that it is “absolutely our intention to remain cheaper than any relevant competition.” They also revealed future plans to allow the purchase of bitcoin cash by credit card directly on the website, in addition to allowing the conversion of other cryptocurrencies to bitcoin cash to interact with the models. Although the top creator 0.3% of OnlyFans agrees that credit card payments are partly responsible for the success of the platform, she has concerns about the fragility of this model.
“I don't have access to data on how many transactions are made by debit or credit but I believe that if an equal ban from Mastercard and Visa on PornHub happened it would be the end of the platform. That is why the crypto option for both payments and receipts is already a basic survival requirement for an adult website today. The credit card system has already proved to be fragile and flawed, and crypto fixes that. ”
Also watch the Satoshi Connection on Bitcoin, sex work and financial freedom that we recorded with GweenBlack: