Bitcoin is having a rollercoaster this year in its price charts and general public adoption. However, many merchants are opening doors to Bitcoin payments globally, and more are expected to do so soon. Recently, a recent ‘gentleman’s club’ in Las Vegas has also announced that it will accept payments in Bitcoin.
Crazy Horse 3 is a strip club in Las Vegas which has become the first major entertainment venue accepting Bitcoin payments. The club has also announced that OpenNode will manage the payment processes and infrastructure for the premier cryptocurrency. Moreover, the club will operate its payments on the Lightning Network. But, one might ask, why Lightning Network?
Major cryptocurrencies like Bitcoin and Ethereum face congestion due to high user traffic in their networks. Congestion leads to high transaction fees, which may not be suitable for everyone. Here, Lightning Network plays an essential role.
Since it is a layer-two protocol solution, this network can settle transactions off-chain, cutting down transaction time. This will reduce the time and fees associated with Bitcoin. Moreover, Lightning Network also provides a layer of transaction privacy through Tor’s anonymous communication network called onion routing.
Adult entertainment businesses are a ‘high-risk’ industry, so fees to payment companies through traditional methods are higher. Here, Bitcoin can save payment costs by a significant margin.
Bitcoin payments can be essential to international clients flying into Las Vegas since they don’t need to use their debit/credit cards to make payments. And even though the club only accepts Bitcoin payments for its bottle services, it plans to expand transactions to “admission, food selections, cocktails, etcetera.”