Bitcoins Starting to be Accepted in Vegas

The impact of accepting bitcoins on cheap traveloptions, such as cheapairplane tickets, discount hotel rooms, and cheap vacation packages, ishard to anticipate given that it value tends to fluctuate so greatly. Currently no airline accepts bitcoins forpayment, but guests at two downtown Las Vegas casinos can now use the onlinebitcoin currency to pay for rooms, food, and drinks.

In January the D casino and Las Vegas oldest casino, theGolden Gate, announced that they will accept bitcoins at their hotel frontdesks. While the cyber currency willalso be accepted at the Ds gift shop and two of its restaurants, U.S. dollarswill continue to be the only currency accepted on the gambling floor.

Both casinos are owned by Derek Stevens who says he hasbeen intrigued by bitcoins for years and has spoken to patrons who have askedif the casinos would use it.

Stevens says it is impossible to forecast just how manypatrons will pay for dinners and souvenirs with bitcoins, but predicts thatother casinos will follow his lead and adopt this currency. He is excited to see the eventual impact ofaccepting bitcoins.

State regulators have said that they are unlikely to allowcasinos to exchange chips for bitcoins any time soon. The gaming industry has not approachedregulators about approving the currency for gambling.

Regulators observed We would have to have an extremelyhigh level of comfort with virtual currency of this kind in order for that toever occur.

Bitcoins were introduced four years ago and have steadilygained momentum. They are no longerbeing viewed merely as an Internet oddity and are approaching the mainstream.

In January the Salt Lake City based retailer Overstockbecame the first major retailer to announce that it would accept bitcoins aspayment for its merchandise.

Unlike government issued money, the value of bitcoinsfluctuates considerably. Overstock andthe two casinos use a bitcoin broker to immediately exchange the digital coinsinto dollars, to reduce any potential risk.

Supporters of bitcoins see it as the foundation of aUtopian economy where there are no borders, no change fees, no closing hours,and no government to say what you can and cannot do with your money.

Conversely governments view bitcoins with seriousreservations, given that such currency could prove a way to launder drug moneyand other illegally gained funds, without any outside controls or monitoring.
Comments are closed