David - Cryptocurrency Specialist
Recent troubles with payment and looming censorship concerns have prompted creators from platforms like OnlyFans and Patreon to seek refuge in the emerging Web3 space.
As the latest cryptocurrency news reveals, the decentralized landscape offers greater power to content creators, reducing reliance on middlemen. Leon Lee, the visionary behind Only1, a decentralized alternative to OnlyFans, highlights the significance of this shift. He remarked, "The influence of intermediaries is waning, and creators are now getting a bigger slice of the pie, thanks to advancements in Web3."
Recalling August's incidents, Patreon creators faced hurdles when banks flagged their earnings as potentially fraudulent, making it challenging for them to access their money. Furthermore, creators haven't likely erased the memory of OnlyFans’ temporary attempt to prohibit explicit content, a decision they promptly reversed.
Lee stresses the vulnerabilities creators face on centralized platforms, "As long as creators rely on conventional payment systems, they'll always face the risk of deplatforming and won't tap into their maximum earnings potential."
March 2023 saw the introduction of Only1 on the Solana blockchain, supported by Animoca Brands. But it's just one player in the expanding arena of startups aiming to blend the allure of adult subscription services with the power of decentralized cryptocurrency investment opportunities.
Allie Rae, an OnlyFans personality, initiated her crypto-empowered platform, WetSpace, in 2022 to counteract the payment challenges adult content creators often encounter on mainstream platforms. She noted, "Understanding that banks played a significant role in these platforms' decisions, the question was how to bypass them. And that's where crypto, especially secure cryptocurrency methods, emerged as the hero."
A newer entrant to the scene, Friend.tech, is built on Coinbase's layer 2 blockchain network Base and has quickly become a preferred choice for OnlyFans creators. Lee foresees a bigger exodus towards decentralized platforms, especially as creators aim for less interference and better crypto portfolio management.
"Creators are already discerning the truth and becoming more autonomous in their monetization strategies," observed Lee. Although TV producers and brands will continue to play their part in the creator economy, Lee envisions blockchain-based peer-to-peer payment systems as the foreseeable future. With the removal of traditional payment processors, platforms based on Web3 will have complete control over content curation.
Lee also pointed out the growing trend of creators forming 'backup accounts' after the OnlyFans controversy. Platforms like Proof of Peach, SEXN, and Keyhole are notable names in the adult content Web3 domain.
In Lee's eyes, a future awaits where creators gain "absolute autonomy" over their content and complete rights to their revenue. He believes, "Eliminating the gap between fans and creators is the glaring yet unexplored potential of blockchain."
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards