For the bitcoin movement to succeed, then user adoption needs to continually gain momentum. The more people that use bitcoin to purchase goods and services, then the more businesses will accept the cryptocurrency and strengthen the digital currency ecosystem.
Some of the most prominent early adopters of bitcoin are online casinos. The success of the gaining players has made traditional offline casino businesses take note because gamers feel comfortable playing and paying with bitcoin.
Early Bitcoin Casino Adoption
In 2014, a couple of traditional Las Vegas casinos began accepting bitcoin to the praise and support of the bitcoin community. The benefits to the casino operators were quickly evident and, soon thereafter, other businesses took notice.
One of the added benefits reported by accepting bitcoin payments was the bottom line. Hotels reported rising profits due to the reduced fees in the bitcoin payment network compared to traditional payment processing.
Quite simply, accepting bitcoin is cheaper than Visa or MasterCard so owners keep more money!
Due to the win-win environment, many business owners began to install bitcoin ATMs throughout the downtown area. Most notably, Mike Tyson’s Bitcoin ATM was installed.
“Several other businesses in Las Vegas added Bitcoin to their supported payments, and this yields positive effects, which only encourage more people to use Bitcoin. To date, bitcoins can be used for payment for various services and activities within the state, including haircut, car repairs, shopping, kart racing, and even office rentals.”
Advantages of Early Adoption
Early adopters have received significant advantages and these benefits are moving into areas beyond the Las Vegas borders. Reports indicated that there has been a 42% increase in merchants accepting bitcoin throughout the United States.
This includes JM Bullion, which is a Dallas, Texas-based precious metals dealer. JM Bullion joined other precious metals dealers in a sign that bitcoin adoption is moving past the online casino market and into the metals market.
If bitcoin continues on its current path, then additional use cases need to emerge. The online casino market showed the advantages to other business owners are universal.
From increased safety and transparency to the speed of payments, the benefits are applicable across the board. In particular, small business owners lose significant margins working with traditional payment processors. Bitcoin optimists should thank online casino operators for paving the way and demonstrating bitcoin’s value is universal.