Cryptocurrency is becoming better-known and more popular in the entire world. Bitcoin is one of the most famous cryptocurrencies accessible. Cryptocurrency may additionally seem like a technology of destiny, but It has, and will, revolutionise the manner we keep cash, pay for items and offerings, and do enterprise.
Allie Eve Knox, the Texas local, creates adult content and is also a major proponent of cryptocurrency. She makes sexually provocative video-themed content, sells subscription services on platforms like OnlyFans, performs through webcam, and works as a findomme – quick for a financial dominatrix, a fetish involving dominance-submission dynamics and coins.
In the last 12 months, Allie Rae made countrywide headlines after her OnlyFans became determined by using her friends in a top Massachusetts health centre’s neonatal intensive care nursing unit. Management demanded she takes down the page but instead gave up — taking a stand for herself and adult enterprise workers anywhere.
It grew to become a blessing in disguise, turning Allie Rae into a millionaire in a depend on months. Today, she is utilising her newfound economic achievement to take a stand for grown-up enterprise workers and pave the manner for a better financial destiny for others via crypto.
Knox describes herself as “one of the most outspoken sex workers, particularly for crypto.” Her interest kicked off in 2014, that is while she says several carriers, which includes PayPal, Square Cash, and Venmo, closed down her accounts due to red flags associated with sex work.
So Knox started accepting cryptocurrencies as an alternative. Her first change of bitcoin for content turned into quite casual.
Allie Rae is a prime illustration of what is frequently concealed behind the stereotype and is not only characterised by adult industry professionals. She is a naval veteran, a wife, a mother, a former nurse, and a business owner. She even purchased Dogecoin for a cent per coin.
It all started with a client on Skype. “He said, ‘Hold your QR code right to this camera here,’ and he sent it through the camera.’ I had a Coinbase account at the moment.” She went on to say, “And I got it.”
It took 15 minutes, and there were no chargebacks, website commission fees, or bank intermediates to reject the transaction, all of which are huge pluses in her profession.
“I could cash it out. I’d be able to hold it. “I could watch it rise and fall,” Knox remarked.
“It belonged to me.”
Like banks, credit card companies, and payment processors tighten laws around adult content, Knox is one of many adult workers who believe cryptocurrencies like bitcoin provide them with a sense of security and independence.
Allie Rae, the CEO of WetSpace
Allie Rae is the founder and CEO of WetSpace, a one-of-a-kind platform that enables content producers to make money and communicate with audiences in ways they’ve never done before.
WetSpace aspires to be an all-in-one adult platform with high-quality features that assist the creators’ long-term success while also improving the user experience for their viewers. WetSpace is a crypto-based platform that gives creators the security of payment processing and gives followers the anonymity they crave.
Content creators, for example, can use private DM conversations to mint NFTs or collect crypto tips.
Allie Rae and WetSpace want to disrupt established payment providers and take on significant banks to prevent other financial success stories like Allie Rae’s from being stifled.
An Interview With Allie Rae about Wetspace:
Allie was questioned if she ever imagined that her OnlyFans page could succeed with her own company and cryptocurrency platforms?
“No, not at all,” she said. “My Instagram and Chive followers told me all the time when I first heard about OnlyFans that I needed to start one. “There’s no way anyone is going to subscribe to me — I’m a 37-year-old nurse and hockey mom from Boston! So I used to think.”
She started her adult platform a year later and is now evolving into an advocate for sex workers worldwide.
“It’s no secret that the mainstream financial system for sex workers is discriminatory and broken.” -Allie Rae.
Allie was also asked about the issues that workers experience regarding payment providers and getting paid.
The actual issue for the makers, she feels, is maintaining stability. So, for example, how can you develop a reliable adult content business if you may be given a 30-day notice at any time that you’re being shut down due to new limitations; or that you won’t be able to get paid because the platform you supply content on has been suspended or lost the ability to do so?
As the stigma against sex workers persists, the extensive financial systems become increasingly tight with the adult entertainment space. While many strive to raise awareness, the already established system currently has the upper hand.
The Policy and OnlyFans Whiplash:
Anyone who engages in erotic labour, whether virtual or in-person, is classified as doing sex work. “In the United States, the majority of sex work is legal. It’s not dealt with fairly, but it’s still legal,” said Kristen DiAngelo, a Sacramento-based activist and sex worker who has worked in the sector for over four decades.
Performers on the popular subscription video site OnlyFans, who operate entirely online and have never seen their customers or fans in person, are also part of the sex work business.
OnlyFans was in the midst of a public relations catastrophe at the moment. OnlyFans revealed plans to remove sexually explicit content, its essential commodity, after banks began detecting and rejecting transactions on the site. However, OnlyFans quickly altered course after the decision was received with such backlash.
OnlyFans performers experienced whiplash as a result of the episode, with others realising they were just one corporate policy change away from financial collapse.
Rae, a well-known member of the OnlyFans community, was taken aback, telling CNBC that she felt “kicked to the curb” and that she never wanted to be in that situation again.
She began by learning the foundations of bitcoin before forming a team of coders to create WetSpace, a cryptocurrency-powered adult entertainment network. She has pledged to invest $1 million of her own money. As a result, WetSpace will be where creators won’t have to worry about “huge banking constraints and rewards,” as Rae defines it.
Adult entertainment, pornography, or whatever you want to call it, is a multibillion-dollar business. Adult performers rely on conventional financial systems to get compensated for their job, although mainstream financial institutions are gradually distancing themselves from the business.
That is a problem that must be addressed. Cryptocurrencies’ technical characteristics meet the sector’s needs because they are decentralised, quick, secure, and discrete exchange methods. WetSpace aims to demolish the monopolistic, predatory adult industry by empowering content creators and their fan bases as partners in an adult-friendly ecosystem.
For many sex workers, bitcoin is more than a way to reclaim financial independence — it’s an industry standard.
In 2018, the U.S. passed a federal law to eliminate online sex trafficking. The Fight Online Sex Trafficking Act and Stop Enabling Sex Traffickers Act, or FOSTA-SESTA, meant that websites owners could face criminal charges for content that promoted trafficking.
“It meant any site online, or any venue that does business online, that could receive profits for prostitution in any way could be indicted and do 25 years in prison,” explained DiAngelo, who is currently a researcher and lecturer at the University of California, Davis.
Some adult media companies have even used blockchain to create their digital currency and platforms.
SpankChain is a cam site based on the Ethereum blockchain that aims to make it easier for adult performers to get paid safely online, among other things. LiveStars, another ethereum-based adult streaming platform and social network promise users greater privacy and security, as well as similar payment solutions that aim to make transactions faster and more profitable for the performer – which is significant to workers who are used to paying 40% to 50% commission fees on traditional platforms that use fiat payment rails.
Developing ‘OnlyFans On Blockchain’ is a Massive, Underutilised Opportunity – Dfinity Founder:
Now that decentralised technologies have become mainstream, Dfinity creator Dominic Williams believes content creation platforms like OnlyFans are ripe for disruption. Williams talked about recent attempts by financial institutions to regulate pornographic material generation on OnlyFans, as well as the future of smart contract platforms, in an interview.
On the Internet Computer, Williams is actively encouraging developers to construct a more decentralised version of OnlyFans. Indeed, he praised the Dfinity Foundation’s $250 million grant programme as a solid place to start for such initiatives. Over 80 projects have already been awarded through the awards programme, which is meritocratic and geared to assist teams developing on the Internet Computer.
According to Williams, the initial money is limited but can be raised after the projects show results. The preliminary results have been encouraging.
OnlyFans was practically compelled to restrict sexually explicit content on its platform in August 2021 by major financial institutions, including Bank of New York Mellon, Metro Bank, and JPMorgan Chase. According to the Financial Times, CEO Tim Stokely stated that his company, which has become identified with the manufacturing of sexual content, “had no choice” except to comply with the banks’ requests. (According to reports, the banks threatened to break relations with OnlyFans due to the reputational risk of dealing with an adult content platform.)
Although Stokely subsequently reversed his decision to block pornographic content after receiving guarantees from banking partners, the entire episode ignited a public debate about censorship. OnlyFans, according to Dominic Williams, is a case study on why content creation systems require decentralisation.