With all the news out there about cryptocurrencies growing by the day, NFTs exploding at ridiculous prices, and headlines screaming about the astounding amount of money that savvy investors are making from investing in the “right” crypto, it’s a compelling proposition for both online and brick-and-mortar business owners to consider crypto as payment.
In January, Crazy Horse 3, a Gentlemen’s Club out of Las Vegas, did just that by announcing they would be one of the first adult venues in the U.S. to accept Bitcoin for Lap Dances and tips. No newbie to crypto, Crazy Horse 3 started accepting Bitcoin back in July 2021 for champagne packages and decided to turn it up a notch. The company further said they have plans to build out their crypto offerings in the future to include admission, food and drinks.
For business owners in the adult industry, Crazy Horse’s success with implementing Bitcoin makes it enticing to jump in the crypto wave. But there’s risk and many decisions to be made. Of course, there’s also no shortage of adult entrepreneurs who have already taken the plunge, as well as numerous crypto firms that are entirely adult industry-focused, like Spankchain and Nafty, to mention just a couple.
So, for a decent portion of the adult industry, the question of whether to hop on the crypto train is moot, because they’ve already taken the plunge. But for the rest, who haven’t yet committed and might still have reservations, the question remains — along with other, more specific questions concerning which coins to accept and use.
Currently there are over 6,000 different crypto coins (more than all the flat currencies across the world) – do you take only Bitcoin because it’s your safest bet in holding its value (and even it is extremely volatile), or do you gamble on which ones will hit it big and champion new coins in hopes they’ll double, triple or quadruple your initial sales? What if crypto tanks and you lose money? Then there’s the daunting situation about taxes. Since the coin is fickle, owners need to know the value of the currency when it was received and sold. That can be a lot of crazy paperwork.
All of this makes it easy to “Just Say No” to Bitcoin and wait it out until it becomes more stable and mainstream in the real world. But, at the same time, there’s a strong argument for being an early adopter and beating the curve like Crazy Horse 3.
The fact is those first at the plate get a leg up. They learn how to collect and monitor the coin ahead of everyone else, can cater to a wealthier clientele (it could be argued that most who invest in crypto seriously have more money than those that don’t), beat their competition by offering a unique way to accept payment and get a little boost for appearing hip and relevant. It’s a strong power play.
Plus, crypto payments are anonymous and leave no paper trail. For the adult industry, it could be a real driver in attracting new customers who seek privacy for whatever reason, including those who live in fear their significant other could be upset they’re frequenting strip clubs or paying for content online.
It’s a lot to think about but learning as much as possible about the positives and negatives can help prepare a business for the inevitable. It’s not IF crypto will become mainstream, it’s WHEN. And if you look at things like the recent rebranding of the Staples Center in Los Angeles to “Crypto.com Arena”, you could say the mainstreaming has already happened.
Maybe, taking a cue from Crazy Horse 3 by starting out small, feeling the waters, offering a few things at a time rather than everything at once is the way to go. Whatever is decided, there will come a time that all businesses must hop on the bandwagon. Crypto is here to stay.
Crypto image by Moose Photos from Pexels
