Turns Out a Vegas Strip Club Is the Perfect Place to Spend Your Bitcoin Profits
Let me start by saying I am a bitcoin dummy. Some of my pro gambler friends have been talking about bitcoin for a few years now, and a few have made large and lucrative cryptocurrency investments.
They and half of Silicon Valley have huge cryptocurrency profits to spend.
Now, here comes Legends Room, Las Vegas’ first bitcoin gentlemen’s club. Legends Room has taken over the property that was formerly Striptease, Velvet Lion, and Eden in years past. But if you step inside you won’t recognize the place as it has been extensively—and tastefully—remodeled into a plush, dark space with lots of leather and glass, populated by porn stars and topless girls.
If, like me, you’re a bitcoin dummy, don’t worry about it. The club takes cash and credit cards just like all the other Vegas strip clubs. But you can also pay for admission, drinks, lap dances and private shows with bitcoin, ethereum, or LGD tokens (the Legends Room’s own cryptocurrency).
In fact, the crypto-curious may be tempted to make their first cryptocurrency investments ever in LGD tokens, because all goods and services you pay for with LGD get an automatic 20% discount. This makes a $20 lap dance $16 or a $150 fifteen-minute private-room dance $120—a spectacular deal in Vegas. And private-room dances at Legends Room require only a two-drink bar tab (at the club’s usual low price).
Legends Room is focusing heavily on special events and parties, including Monday Night Football viewing parties and UFC viewing parties hosted by UFC and porn stars. See our Legends Room review or read on for more information about cryptocurrency.
Not Quite Legal Tender but Getting There
Cryptocurrency is not technically legal tender in the U.S., which means you can’t put it in the bank or pay your taxes with it. But there are already U.S. businesses that accept bitcoin, including some major companies.
If you have Dish Satellite service, you can pay for it with bitcoin. If you use Expedia travel services—the largest online travel agency in the world—to book flights and hotels, you can pay Expedia with bitcoin. Overstock.com, a huge online retailer ($1.8 billion in sales in 2016) has been accepting bitcoin for purchases since 2014.
On July 1 of this year, Japan began recognizing bitcoin as legal tender. You can now pay your Japanese taxes with bitcoin. The country thus became the first nation to start regulating bitcoin transactions, requiring bitcoin exchanges to file financial reports with the government and requiring taxes to be paid on transactions. This makes the cryptocurrency less risky, but takes away the anonymity that initially attracted many bitcoin users.
Other countries, including China and Russia, are considering recognizing bitcoin as real money. I suspect a lot of governments are now looking at bitcoin as the marijuana of currencies. If you don’t regulate it, you can’t tax it.