Wicked Pictures Plans to Accept Bitcoin

Jan 15, 2014 5:00 PM PST

VAN NUYS, Calif. — Wicked Pictures has decided to take bitcoin for online payments.

The company started testing bitcoin payments for online content last year and will offer the option to all customers in first-quarter 2014.

"There has been a lack of knowledge about what it really is," Avi Bitton, chief technology officer of Wicked Pictures, told CNBC. "I've been working to educate people in this industry. I see it as an electronic payment system first and foremost. ... Wicked is the biggest [adult] company that will be accepting bitcoin, and that's going to drive a lot of adoption."

Bitcoin has made some noise just recently. Internet payment service provider Verotel said last week that it is now accepting bitcoin payments through BitPay.com. Adult websites Porn.com, Grooby.com, ClassyCams.com and MetArt.com all take bitcoin.

Some of the hurdles online adult companies face with the payment format is the inability to do recurring billing and dealing with fluctuating values.

"[If you] speculate on your pile of bitcoins rather than cash it out on a frequent basis, you end up losing them," Bitton said. "If you've got some reasonable policy for managing your stockpile, I don't see a significant risk.

"If adult had jumped on early and been accumulating bitcoin, [the industry] would have made a fortune."

 But Tony Gallippi, founder of BitPay, said there is some hesitation for site owners.

"Some of these people have been burned before by new payment transaction companies coming in and taking their money," he said.

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