When in Vegas, cash in your bitcoins

Comment on this story
iol scitech jan 22 bitcoin atm REUTERS Romanian entrepreneurs envision a future where the bitcoin is as common as grocery shopping. But they say it needs a legal framework to gain credibility.

Las Vegas - Two Las Vegas casino hotels will become the first known US commercial gambling houses to allow the use of the unregulated digital payment system, bitcoin, casino officials said on Tuesday.

The co-owned Golden Gate Hotel and Casino and The D Las Vegas Casino Hotel will begin accepting bitcoins on Wednesday as payment for hotel rooms and related purchases, casino officials said in a statement.

Bitcoin is an online currency bought and sold on a peer-to-peer network that is independent of central authority.

The D will also accept the virtual currency at its gift shop, the American Coney Island restaurant and Joe Vicari's Andiamo Italian Steakhouse.

“Downtown has really become a technology hub for all of Las Vegas,” Derek Stevens, co-owner and chief operating officer for both casinos, told Reuters. “I think it is fitting that the Golden Gate and The D are the first hotels to offer (bitcoin).”

Stevens said patrons increasingly had requested to use bitcoins over the past year. By becoming the first known casino hotels to accept the virtual currency, he hoped to attract customers unable to spend bitcoins at other local businesses.

“I think that this is a technology where early adopters have an advantage,” he said.

The casinos will install iPads at cashier stations and use the online platform BitPay to process the currency, which can be loaded into a virtual wallet and used with a mobile device.

Since its launch in early 2009, bitcoin has gained popularity with people who lack confidence in conventional banking. Bitcoins have a value determined by the demand for them.

This month, the Sacramento Kings basketball team became the first US professional sports franchise to allow purchases with bitcoins, and Overstock.com reported being the first major retailer to accept the online currency.

BitPay, which enables merchants to allow bitcoins as payment by converting them into US currency, processed more than $100-million worth of transactions in 2013.

The currency has also raised concerns about its potential use in laundering money and for other illegal purposes. Last week, Bitcoin forfeited roughly $27 000 worth of the currency to federal authorities because the funds belonged to the anonymous online black market Silk Road. - Reuters

Hungry for more scitech news? Sign up for our daily newsletter



sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.