Bitcoin payments have been gaining more mainstream attention these days, as recent reports show that more casinos in Las Vegas are starting to accept bets in the cryptocurrency. The Golden Gate Hotel & Casino announced its acceptance of bitcoin in January this year, setting a precedent for other establishments in the area.
For now, digital currency transactions are processed by a third-party called BitPay, as each cashier is equipped with a terminal for converting the bitcoin payments. As it turns out, hotel owner Derek Stevens was approached by some casino patrons with the suggestion of accepting cryptocurrencies.
Bitcoin Payments Acceptance to Boost Prices?
Increased acceptance of bitcoin payments have previously provided support for the cryptocurrency’s value, as more and more merchants and customers appreciate the ease and convenience of transactions. There is no need to bring cash or swipe credit cards in order to make payments while companies enjoy lower overhead costs compared to other forms of payment.
“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,” explains Derek Stevens. “I’m proud that the D and Golden Gate will be the first casino properties to accept Bitcoin,” he added.
In fact, other companies such as Coin Cloud have created alternative means for boosting bitcoin acceptance by installing ATMs all over the Las Vegas strip. The company plans on installing more bitcoin ATMs even across the U.S. as volume and interest have grown.
According to Coin Cloud CEO Chris McAlary, they have met with a couple of casino owners who have expressed openness to the idea of accepting bitcoin payments. However, he pointed out that the biggest challenge was how to get the legal and compliance teams on board.