In a landmark move, two downtown Las Vegas casinos will become the first gaming establishments to start accepting bitcoin as a method of payment for good and services. Although bitcoin will not be accepted as money for gaming itself, both The D and The Golden Gate casinos on Fremont Street have made the determination to allow customers to use bitcoin in exchange for anything “non-gaming” within the casinos.
Derek Stevens, the co-owner of both establishments, has stated that accepting the “cryptocurrency” known as bitcoin in lieu of fiat money will be a policy at the front desks, select restaurants and gift shops in the casinos. “I’m proud that the D and Golden Gate will be the first casino properties to accept bitcoin,” Stevens said in a statement. “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, and I’m happy to be able to offer this to our customers.”
The actual transactions involving bitcoin within the casino properties will be handled through the Bitpay service which will be accessed by customers through tablets and mobile devices installed at cashier stations. Bitpay is being used currently by internet businesses in more than 200 countries, and is currently the platform responsible for processing roughly six percent of all global bitcoin transactions.
Bitcoin itself is growing rapidly in popularity as more and more merchants begin accepting it as a form of payment. Very high profile merchants that have announced the intention to accept bitcoin as currency include Overstock.com and the Sacramento Kings. As more merchants get on board with bitcoin acceptance, they find themselves able to easily process transactions from areas overseas that were previously unable to be made effectively, and opening them up to a global audience for their products and services that was never before available due to country boundaries. Since the internet is a global marketplace connecting buyers and sellers without boarders, those who accept bitcoin as payment will open themselves up to a global audience that was never before able to be imagined. The internet has now become truly global in nature.
For more information about the legal aspects of bitcoin and how bitcoin can be utilized by you or your business, please contact Attorney George Greenberg at 702-796-5221 or through the contact form on the website www.attorneybitcoin.com