Lucky bamboo is different from true bamboo. True bamboo cannot be used as it will tend to decay in water and eventually kill the fishes. Lucky bamboo also will survive only in fresh water tanks. It is widely believed that it absorbs the nitrates released by fish and helps to keep the water clean.
Lucky bamboo has been known to help a freshwater aquarium and also improve the conditions of the aquarium overall.
There has been a lot of talk about lucky bamboo saying that it tends to rot or even be poisonous to the tank but this is not true and it is in fact the complete opposite and something that would be very beneficial to your tank.