Hello everybody,

For a very, very long time we were super hesitant to abandon the third-party PayPal solution we used until April this year - despite the fact they charged us an atrocious 50% fee, despite the fact it started having random unannounced downtimes last year and even despite the fact it ceased working for members from many countries and we couldn't even tell which ones.

The reason we tried to delay our transition to 100% Crypto monetization for as long as possible was our belief at the time that nobody's willing to use Crypto, everybody's afraid of using it, and so if we forced everyone into Crypto we'd simply go out of business.

Because of that, even when we announced Vids going Crypto back in April - we were still focused on finding a more comfortable and easy alternative akin to PayPal. And we found that alternative in Binance Gift Cards. Our members like it because they can easily purchase Gift Cards from multiple sites and just give us the keys. And we like it because we are able to redeem those Gift Cards directly into Crypto, so from our perspective it is no different from receiving a Crypto payment.

Having analyzed the transactions for the past two months (since our upgrade to Vids 2.0) we realized that Crypto payments actually make up about half of all our transactions! (with the other half split between Gift Cards and the Bounty System). This is a major development, because we never really thought of Crypto as our primary payment method, but as we're nearing 2024 this is our reality. Even Binance Gift Cards are mostly being used for the reason of comfort - we project many of their users would be able to switch to Crypto, should that one day become necessary (like we speculated here).

So right now we are planning no changes to our payment methods - we will continue to rely on Crypto as our primary payment method, supplementing it with Binance Gift Cards and the Bounty System. However, the big news is that should circumstances force us to abandon Binance Gift Cards in the future - this should no longer have major implications for our operation. While there will certainly be a number of our members who will be unable/refuse to embrace Crypto no matter what (and who we unfortunately won't be able to accommodate as a result) - this number should no longer be significant.