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Bitcoins Starting To Be Accepted In Vegas

By Expert Author: www.cheapfares.com

The impact of accepting bitcoins on cheap travel options, such as cheap airplane tickets, discount hotel rooms, and cheap vacation packages, is hard to anticipate given that it value tends to fluctuate so greatly. Currently no airline accepts bitcoins for payment, but guests at two downtown Las Vegas casinos can now use the online bitcoin currency to pay for rooms, food, and drinks.

In January the D casino and Las Vegas’ oldest casino, the Golden Gate, announced that they will accept bitcoins at their hotel front desks.
While the cyber currency will also be accepted at the D’s gift shop and two of its restaurants, U.S. dollars will continue to be the only currency accepted on the gambling floor.

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

Stevens says it is impossible to forecast just how many patrons will pay for dinners and souvenirs with bitcoins, but predicts that other casinos will follow his lead and adopt this currency. He is excited to see the eventual impact of accepting bitcoins.

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

Regulators observed “We would have to have an extremely high level of comfort with virtual currency of this kind in order for that to ever occur.”

Bitcoins were introduced four years ago and have steadily gained momentum. They are no longer being viewed merely as an Internet oddity and are approaching the mainstream.

In January the Salt Lake City based retailer Overstock became the first major retailer to announce that it would accept bitcoins as payment for its merchandise.

Unlike government issued money, the value of bitcoins fluctuates considerably. Overstock and the two casinos use a bitcoin broker to immediately exchange the digital coins into dollars, to reduce any potential risk.

Supporters of bitcoins see it as the foundation of a Utopian 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 serious reservations, given that such currency could prove a way to launder drug money and other illegally gained funds, without any outside controls or monitoring.

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