The Las Vegas Strip Club Now Accepts Bitcoin Payments on the Lightning Network

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Las Vegas strip club takes first step towards accepting bitcoin payments on the Lightning Network with the goal of speeding up payments, lowering costs, and ensuring customer privacy.

Crazy Horse 3 says it became the first major entertainment venue in Las Vegas to accept payments with Lightning.

The Bitcoin payment processor and infrastructure provider OpenNode oversee the club’s new payment rail, which allows customers to make purchases on the club’s website.

Bitcoin’s Lightning Network is a layer two protocol system designed to settle off-chain transactions with the goal of reducing the time it takes to use the world’s oldest cryptocurrency and lowering fees associated with bitcoin payments.

When Bitcoin was unveiled in 2009, it could settle seven transactions per second (TPS). Now that the network and the number of users have grown, so has the demand on Bitcoin’s infrastructure.

The Lightning Network is trying to solve this problem by increasing the maximum throughput to 25 million TPS. This is an important point for companies like Crazy Horse 3 who accept bitcoin as a means of payment.

Lightning also offers an additional layer of transaction privacy. For example, its nodes use the anonymous Tors communication network known as Onion Routing. Routing allows nodes to send transactions to each other while keeping the processed bitcoin encrypted.

“We are taking the opportunity to accept bitcoin as a way to provide first class convenience, hospitality and an added level of anonymity for our customers,” a Crazy Horse 3 representative said in a statement.

Located just steps from the new Allegiant Stadium, home of the National Football League’s Las Vegas Raiders, Crazy Horse 3 isn’t exactly hidden away. Like most adult entertainment companies, the club faces financial judgment in the form of being labeled as a “high risk” industry, and therefore the fees it pays to payment processing companies through the. traditional rails are higher. The fees charged using bitcoin as a payment method are much lower.

Bitcoin payments can help international customers get to Las Vegas because they don’t need to use their debit or credit cards to make quick payments.

So far, the club accepts bitcoin payments only for bottle service, but plans to expand transactions to include “admission, dish selections, craft cocktails, retail, and” emblematic dance dollars ”of the club, valid for lap dances and tips for artists.

Tipping is where the Lightning Network has the potential to make a real impact. With privacy, lower fees, and faster payments, the ability to pay artists in satoshis or “sats” fractions of an entire bitcoin to those who receive can forge whole new local economies.

On-chain bitcoin microtransactions would be excessively slow and expensive. But payments on Lightning are ideally made in smaller increments, just for tips.

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