Will Las Vegas build Bitcoin?
Unless you've been living in a cave for the past five years, you've probably heard of Bitcoin, the digital cryptocurrency that has completely changed the way we do business online. With an initial value of just a few cents, Bitcoin has quickly grown to a value of USD 1 000.
Today, it sits around the $1,700 mark with no signs of slowing down. For those unfamiliar with alternative currencies, Bitcoin was a bit of a mystery, an intangible, almost mythical energy that was somehow objective. People asked why it was worth money and how was its price determined?
Bitcoins to cash
At all times, all questions have been answered, and the general public has embraced Bitcoin as just another way to pay for goods and services on the internet, like online banking or online wallets. As is usually the case, Las Vegas quite quickly found ways to hijack the Bitcoin revolution and pack some of these cryptocurrencies into casino tables.
It wasn't long before visitors were able to spend their Bitcoins in restaurants, hotels and shops in the main Las Vegas resorts. Nowadays, spending Bitcoins in Las Vegas is as convenient as withdrawing cash at ATMs.
Although Bitcoin is not yet fully integrated, it can be used or withdrawn from specific Bitcoin ATMs in Vegas, where it is converted into US dollars for use in tables. The good news is that these ATMs are quite widespread and are only minutes away from many casinos and resorts around the city.
Unfortunately, it's not yet possible to go to a Las Vegas casino and request a bitcoin wallet address, transfer funds and start gambling. However, this scenario could be sooner rather than later. If you make your way downtown Las Vegas or Old Vegas you'll find yourself in the most Bitcoin-friendly area in Vegas.
Derek Stevens, the man responsible for the transformation of Fremont Street, was also the first to see the future of Bitcoins. He was the first, and certainly not the last, to adopt the cryptocurrency for direct casino use. Stevens owns both the Golden Gate Casino and the D, both of which now accept BCT directly. The casino also has a number of Bitcoin ATMs for players to collect cash. If you want to play on the casino business, you still have to get cash from Bitcoin ATMs. Payment for hotel stays, dinners or groceries can be made directly with Bitcoin. All you need is access to a Bitcoin wallet and your transaction is a breeze.
Changing Bitcoins into cash at ATMs in Las Vegas does carry a higher rate of exchange compared to most online companies. That being said, having a Bitcoin ATM on the casino floor is a convenience that is simply unmatched. The owners of the Bitcoin ATM's know this and will charge players for the service. The fees are not niaganis though, in fact they are in line with ATM frees worldwide. Like all other products and services, as the landscape for Bitcoins changes and the market becomes more competitive, we should notice that exchange fees have dropped significantly.
Betting with Bitcoins
While it is unlikely that your debit card will accept a 5% fee, Las Vegas Bitcoin ATM machines will eventually become more accessible and competitive. As we have seen with Bitcoins themselves, the world is ready to believe in cryptocurrency and treat it as a conventional form of money. The question now is, will Las Vegas ever accept Bitcoin on the casino floor?
In other words, will we get to the point where you can walk up to a cashier, pull out your Bitcoin wallet and transfer funds to a casino? Of course, the answer to the question is yes, Bitcoin will eventually get to the point where it can be accepted as regular money, even on the casino floor.
There are already two casinos that accept Bitcoin for use on the premises. There is no casino floor yet, it is only a matter of time before the conversion takes place. We have to realise that new bitcoin casino software always takes some getting used to. Think about mobile technology. It has been a long time since smartphones were unknown and Internet access was done at home or in an Internet café.
Suddenly, there was an explosion of technology and almost everyone had access to a smartphone or tablet. Today, you would be hard-pressed to find a single person who carries their smartphone or tablet with them wherever they go. The same scenario can be predicted for Bitcoin. It may not be long before everyone has a Bitcoin wallet installed on their mobile device for day-to-day transactions, but then again, it could be one of those digital trends that are simply passed on.