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World-renowned gentlemen’s club, Crazy Horse 3, located just footsteps away from the new Allegiant Stadium, has become the first major entertainment venue in Las Vegas to accept bitcoin payments using the Lightning Network.
This isn’t as crazy as it sounds. The adult industry has actually been at the forefront of technological changes. They tend to drive products and services that become mainstream – Ability to make videos (Betamax, VHS etc), ability to download video (faster internet speeds).
The privacy factor alone will make this very attractive to adult industry utilizers and guests. That said, a majority of adult businesses have to face several challenges when it comes to accepting payments since they’re usually termed as a “high-risk” industry and end up paying high fees to payment processing companies. Adult businesses have to pay significantly lower fees (1%) on transactions with bitcoin and international clients flying into Vegas can use their Bitcoin to make fast payments that do not require any cards.
Peter Jensen, the CEO of crypto/blockchain payment processing company RocketFuel, who has been in the tech industry for 30 years (former exec at Symantec/Oracle) believes that this announcement will result in more such adult businesses to start accepting payments in Bitcoin which will benefit customers in the form of increased privacy and ease of use while merchants will save a significant amount of money through lower fees as well as get new revenue streams with Bitcoin as BTC holders would have another place to spend their coins.