Las Vegas: ‘Bitcoin for a lap-dance’
Popular nightspot in Las Vegas, gentlemen’s club The Crazy Horse 3 has just announced it has started to accept Bitcoin by making use of the Lightning Network. The Crazy Horse 3 will become the first major entertainment venue in Las Vegas doing so.
In the announcement it is explained that Bitcoin payments can be accepted for admission, food selections, craft cocktails and the club’s signature “dance dollars” which are used for tipping entertainers. To make this possible, the venue has integrated BTC payment processor OpenNode which will initially allow guests to securely purchase VIP bottle packages using BTC through the venue’s website.
BREAKING NEWS! @Crazyhorse3lv is now accepting Bitcoin!! With the new stadium officially opening just steps away from our front door, this new crypto power move allows us to give all of our customers more purchasing power! #crazyhorse3 #bitcoin #vegasstripclubs pic.twitter.com/ddYx7RyIdo
— Crazy Horse 3 (@CRAZYHORSE3LV) July 14, 2021
Lindsay Feldman, the club’s, said that the club is eager for the opportunity to accept Bitcoin as a way to deliver convenience and an additional level of anonymity for its guests:
“The club’s partnership with OpenNode allows us to cater to our tech-savvy customers’ needs by offering an innovative form of payment that’s both seamless and secure.”
OpenNode is a Lightning Network-powered BTC payments platform that operates in 126 countries and has more than 8,000 users. BTC payments can be received directly without the involvement of third-party payment processors or associated fees.
What is Lightning?
The Lightning Network is an experimental Layer-2 solution for the Bitcoin and Litecoin networks using multi-signature wallets with integrated timers.
It is touted to drastically scale the base layer that can currently process, under optimal conditions, 7 TPS.
Through individual state channels anchored by peer-to-peer nodes, the layer-2 platform can theoretically process millions of transactions every second by porting them off the chain before closing and confirming on the primary chain.
Secure Peer-to-Peer Connectivity
At the core of the Lightning Network are state channels that connect direct nodes, allowing for the exchange of value—Bitcoin—without delays as typical when transferring transactions on-chain.
For this reason, the eventual widespread adoption of the Layer-2 solution will build a foundation effectively making Bitcoin both a layer-1 store-of-value and a medium of exchange when making payments via the off-chain option.
Sin City’s crypto adoption
Bitcoin and crypto acceptance in Vegas are showing significant growth. Regulars in town are known to be crypto proponents. For example, many poker professionals have switched to day trading. In May, Resorts World Las Vegas already allowed its visitors to make payments using BTC and cryptocurrencies using their exchange wallets, after partnering up with Gemini crypto exchange.
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Author: Peter Siu