ReallyUsefulCash Removes Bitcoin: Has the Backlash Begun?

Feb 26, 2014 12:00 PM PST

PRAGUE — ReallyUsefulCash admits that its decision to accept bitcoin was a bust. Now, in light of accrued negative sales stats, the affiliate program has decided to remove bitcoin payment gateways from its sites.

According to the company, its acceptance of bitcoin followed shortly after its acquisition of the rights to Tube.xxx and Tubes.xxx. After witnessing what ReallyUsefulCash founder JT calls “very unhelpful results,” he hopes that his team’s experience can dissuade others from jumping on the cryptocurrency bandwagon. 

"Our average sales ratio on Casting.xxx went from 1:758 to 1:1720 during the seven days that bitcoin was live on our join forms and the cryptocurrency did not generate a single sale" JT explained. 

They then tested it for 24 hours on another site in their network, PublicAgent.com, with similar results, before removing it and witnessing improved ratios, he said.

JT added, “Maybe it's because 98 percent of the world have a negative view of bitcoin through what's been written in the media, and they temporarily lost confidence in my site when they saw bitcoin. We take consumer trust very seriously and see bitcoin as something that was diluting the value of our brands." 

ReallyUsefulCash’s announcement comes just one day after the sudden and startling disappearance of  Mt. Gox, the once-dominant trading platform for bitcoin.

Despite JT’s eschewal of bitcoin, bitcoin has gained wide acceptance in the processing of online adult transactions and is now accepted by MOFOs, Naughty America, Wicked Pictures, Porn.com, Grooby.com, DominicFord.com, ClassyCams.com and MetArt.com, as well as Internet payment service provider Verotel, among others.

Investors who used Tokyo-based Mt. Gox have been unable to withdraw funds from the exchange since the beginning of this month. And rumors have swirled this week that Mt. Gox had lost millions of bitcoin to theft because of a flaw in software, leaving many frantic and the fate of bitcoin in a precarious position. 

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