Until relatively recently, the bitcoin was something that very few people had actually heard of. The virtual currency has only been around for a short amount of time, but already it is starting be accepted as one of the new casino deposit methods that can be used at a number of destinations – there are already a couple of licensed and fully regulated online casinos which accepted, and now it seems that the bitcoin is going to Las Vegas, as two casinos in the downtown area are going to start accepting the currency starting from this week.
The D Las Vegas Casino Hotel and the Golden Gate Hotel and Casino are going to start accepting payments through the digital currency, which is increasingly starting to become accepted by merchants around the world. The two properties share an owner, and they will begin to accept the currency at five different locations, including both of the front desks and the gift shop inside the D. Guests will also be able to use the currency at the D Hotels American Coney Island hotdog shop as well as Joe Vicari’s Andiamo Italian Steakhouse. Unfortunately, for the moment they will not be able to gamble with the bitcoins, but this is a very big step in the right direction towards that becoming the case as well. The bitcoin purchases will be processed through BitPay, which allows merchants to accept payments just as they would with Visa, MasterCard, or PayPal. “I think we’re going to see all kinds of merchants beginning to accept payments using Bitcoins the same way as in the 60s when people only took cash and checks with them, and then credit cards became popular,” says Jerry Brito, a senior research fellow at the Mercatus Center, George Mason University. “And then PayPal came along.”
Bitcoins are not created or distribute it by traditional banks, but rather are bought through online exchanges and then stored in virtual wallet which can be accessed through the Internet. Users can make online purchases with the bitcoins at participating retailers, or they can use certain technologies to transfer bitcoins out of the virtual wallets in institutions which have this technology available. They may not yet be widely accepted in the travel industry, but Derek Stevens, the CEO of both of the downtown casinos, says he is willing to take a gamble on this new currency. “I’m proud that the D and Golden Gate will be the first casino properties to accept Bitcoin,” Stevens says. “We’re located in the growing high-tech sector of downtown Las Vegas, and like all things downtown, we’re quickly adaptive to new technology. The timing is right for us to launch this initiative.” He says that several patrons asked him to accept bitcoins, and so now they are going to be programming tablets with BitPay and having them available at each cashier. The Golden Gate may be the oldest casino in Vegas, having been built in 1906, but it was also the first drop it in the city to install a telephone.