Will the Travel Industry Propel Bitcoin Into the Mainstream?

The D Las Vegas Casino Hotel and Golden Gate Hotel & Casino became the first casino properties to accept the digital currency Bitcoin last week. 

It's the first step into the mainstream of big-time travel destinations for the burgeoning currency. And if you believe the experts, this is only the beginning. 

The biggest obstacle to its growth? Explaining what this thing actually is to the masses.

Bitcoin, a peer-to-peer payment system, has been garnering more and more publicity in the last few months.

David Woo, Bank of America Merrill Lynch’s head of global rates and currencies research, said in December that the currency had "clear potential for growth.”

Bitcoin digital wallet Blockchain hit one million users to start off the new year. Heck, billionaire Sir Richard Branson is even accepting Bitcoin as a means to pay for his new commercial space flights.

Adam B. Levine, Editor-in-Chief of the show “Let’s Talk Bitcoin” and Bitcoin news platform The Daily Bitcoin, certainly sees the value in the new form of currency. He’s seen “Let’s Talk Bitcoin” take off since he founded the show in April 2013, noting that it has gone from being a personal project to “being a major voice.”

Explaining what Bitcoin actually is in layman’s terms may be the biggest obstacle to the currency’s growth. The technical explanation can be a bit overwhelming to the average Joe. That’s why Levine started his show, and developed a course curriculum consisting of a series of informative videos.

But once you get through the technical jargon and begin to understand Bitcoin, the advantages of it become quite clear.

The fact that it’s a new form of currency marks a great opportunity in itself, Levine said. Those on the cutting edge could benefit greatly from joining the movement when it is still picking up steam.

“While there’s no telling where the future of Bitcoin is headed, we want to be ahead of the trend so we’re able to adapt quickly as needed,” said Derek Stevens, co-owner of The D and Golden Gate. “We’re excited to be taking the first baby steps with Bitcoin by integrating the currency into several elements of the properties.”

But the big value in Bitcoin is the freedom it offers to exchangers, as well as its relatively cheap exchange fee. There is no bank in the middle controlling what you can and can’t do. It’s up to you what rules and restrictions are put in place for the exchange.

No company owns Bitcoin, either. Bitcoin is simply a system that people can use to their advantage. Various companies and organizations have sprouted from the system, but no single entity controls it.

In that sense, you don’t have to worry about a controlling company setting rules that only benefits itself and its partners. If you don’t like what one company/person offers, just move on to what works for you.

Transferring Bitcoin is also generally quicker than transferring money. In a lot of instances, exchanges will go through in about 10 minutes.

Then there’s the fact that you don’t have to convert different currencies from around the globe. If you have one Bitcoin, you have one Bitcoin. You don’t have one euro or 1.37 dollars.

In that regard, it makes sense how it would be a much more efficient way of doing business for casino properties like The D and Golden Gate. That’s not even mentioning the other sector of the population you reach by accepting Bitcoin.

“Our guests who prefer to pay in Bitcoin will now be able to do so easily and conveniently,” said Stevens, who decided to implement the “Bitpay” payment processors into the casinos after guests continued to ask if Bitcoin was accepted.

“Since Las Vegas is an international destination and our properties are in close proximity to the city’s tech hub, we attract niche customers who are interested in Bitcoin as not only a virtual currency, but as a currency without borders.”

And while the value of the Bitcoin has certainly fluctuated in the last few months, that is to be expected from anything associated with transactions. The difference with Bitcoin is: If it’s broken, it’s solely up to the people to fix it. No banks or institutions can get in the way.

So, the question is: Is Bitcoin just some fad that the hip kids currently find exciting, or will it take on a life of its own and become a signature way of doing business?

One thing’s for sure: Stevens and Levine both seem to think it’s the latter.

“We’ve gotten a very positive reception so far,” Stevens said. “The day we announced, we had many guests requesting to pay in Bitcoin at the various locations. In response to the demand, we decided to begin accepting Bitcoin at our casual American restaurant, D Grill, as well.”

 “We’ve never seen anything like this before,” Levine said.

He added, “It’s going to change the way we do things on the Internet.”

Follow me on Twitter @RyanRudnansky.