Backpage says “screw off” to squeamish credit card companies Visa and MasterCard by dropping fees for adult ads and announcing that it is going to accept all digital currencies like Bitcoin, Litecoin, and Dogecoin. Some estimates say Backpage’s acceptance could open up a $100m (£64m) opportunity for Bitcoin, since it is one of the site’s only remaining payment options.
This decision came as Visa and MasterCard cut off their services to Backpage, citing illegal or brand-damaging activities as the reason. Therefore, users who want to post ads on Backpage must now use Bitcoin, Litecoin, or Dogecoin to pay the posting fees. The decision by the company makes it the first mainstream resource of its type to experiment with a cryptocurrency-only payment model.
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Backpage has been under pressure from lawmakers and law enforcement for years to end adult-services advertisements. However, Backpage’s profitability has enticed the company to continue operations. The Cook County Sheriff’s Department says that in April alone, Backpage published over 1.4 million adult-services ads in the U.S. and earned roughly $9 million in revenue per month through that channel.
More...http://insidebitcoins.com/news/backp...embargos/33625
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