You must have heard about Bitcoin being accepted as payment method in IT companies, Restaurants and property market but latest news from Nevada, United States is shocking yet interesting. World’s most famous legal brothel The Bunny Ranch is now accepting Bitcoin as payment from the clients.
The Bunny Ranch is probably the most famous legal brothel in the world, largely thanks to being featured on HBO’s Cathouse show and its owner Dennis Hof giving the Nevada-based business huge exposure through social media, books, as well as podcasts, and live streaming events. He has even done a speech at Oxford University about prostitution.
But for those who do end up visiting the brothel as a client, it’s likely they are looking for the utmost discretion when it comes to payments. This is where cryptocurrency comes into play. In a statement Hof said Bunny Ranch, which is one of the seven legal brothels he owns in Nevada state, has started to “explore” using bitcoin for payment for sexual services.
“We have some of the richest men in the world coming in and out of my brothels” said Hof. “Our high dollar clientele is accustomed to getting anything they want here, so when I started hearing requests from them to look into accepting bitcoin, I took those suggestions very seriously.
“Friends of mine like Heidi have been trusted with a lot of powerful secrets, and the anonymous nature of bitcoin is a natural fit for people who have much to lose if their private matters were to ever fall into the wrong hands,” Hof added before describing how clients would come into the brothel with duffel bags full of cash, which poses a security problem.
Bitcoin has been associated with the dark world and this aspect is definitely one part of that dark world, although there is no harm in accepting bitcoin but it would be interesting to see how legal authorities react to this situation.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share