Only decentralized fans? Bitcoin allows users to escape censorship

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The Bitcoin and crypto community has been given another reason that could strengthen their beliefs about the sector. According to a Bloomberg report, content subscription service OnlyFans has decided to ban all pornographic content from its website.

The ruling will take effect on October 1, 2021, depending on reported complaints. The company apparently took this step after coming under a lot of pressure from partners, the bank and payment providers.

Based in London, OnlyFans was founded in 2016, its business model has brought it great popularity and success. The platform allows content creators, mostly made up of sex workers, to monetize their products. Users called fans buy content directly from the creators.

Despite its success, the company reportedly struggled to attract investors. A separate report from TechCrunch claimed that OnlyFans was seeking funding at a valuation of $ 1 billion. In a potential preamble to its decision to ban explicit content, the platform is launching a secure app for work.

The move grabbed the attention of the Bitcoin and crypto community, with many users calling the decision a scabrous move by the platform and a blow to the content that made it successful. The crypto industry has faced similar censorship from content platforms, banking institutions, and regulators.

Investors Alistair Milne said: Bitcoin is not closing anyone

legal content, a lifeline for some, effectively prohibited because it offends the sensitivity of financial controllers pic.twitter.com/sJDYKoHo3O

– Neeraj K. Agrawal (@NeerajKA) August 19, 2021

OnlyFans Version running on Bitcoin Lightning network?

Legal expert Preston Byrne said OnlyFans’ decision to ban explicit content creates an opportunity to launch an early crypto release. This could be taken care of by the bank and the corporate credit card rail. Byrne added:

He would immediately have millions of customers and would never have to face this problem again ().

Many platforms and projects, such as Bitclout, have taken the opportunity to promote their benefits. As Bitcoin advocate Matt Odell said, there is already a project based on the Sphinx.chat lighting network that already allows users to sell content in exchange for BTC.

Source: Matt Odell via Twitter

This platform allows users to chat, pay and stream podcasts on the Bitcoin Lightning network. According to their website, users are given a dedicated server and can choose their own node.

OnlyFans’ decision underscored the need for social media and content platforms to have decentralized alternatives, which the crypto community has been asking for for many years. Across all major platforms including Twitter, YouTube, Facebook, there has been an incident related to crypto censorship.

As the director of digital rights organization Fight for the Future Evan Greer said, OnlyFans’ decision could have a negative effect, especially among its most important source of income, content creators:

All it does is take a secure (r) source of income from many marginalized people who speak out consensually, legally and online. This is why we need an Internet with fewer choke points for censorship.

At the time of writing this article, Bitcoin is trading at $ 46,480 with a rate of 3.8% on the daily chart.

BTC with minor profits in the daily chart. Source: BTCUSD Tradingview

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