Chat GPT 5 graphic
It has taken 20+ years for basic cashless gaming to being accepted on our casino floors. It really hasn’t happened yet and seems a bit distant to reaching the tipping point, yet the even newer financial instrument, cryptocurrency, has already arrived in Las Vegas.
Well, maybe not in all casinos, but certainly two (the Venetian and Palazzo). Well, that’s also a slight exaggeration, since not a single one of these new coins or tokens hit their gaming floors. But right in the shared space between those two resorts Bitcoin 2025 took over the Sand Expo Center from May 27-29. The event drew 35,000 attendees, including the vice president of the United States (that’s 10,000 peeps and one Veep more than G2E ever attracted). You may not recall that last year’s Bitcoin 2024, held in Nashville, was attended by Republican presidential hopeful candidate Donald Trump.
The organizer’s press release this year said, “Bitcoin takes over Las Vegas, a city built on bold ideas and relentless energy. From open-source developers and miners to founders, institutions, and everyday Bitcoiners, Bitcoin 2025 unites the people building the future on the world’s most decentralized and resilient monetary network. This isn’t just a conference—it’s a mission-driven summit fueled by conviction, innovation, and a belief in a better system.”
So, if you’re like me and missed this spring’s event, maybe we all need to step back a bit and simply ask, “What the hell is Cryptocurrency, the blockchain and Bitcoin anyway?”
Below is a basic primer, not from the friendly computer-generated guy shown above, but rather from “Perplexity,” one of the newer artificial intelligence Large Language Model programs.
Just like every high school senior today does with their term papers, I have stolen its work and placed it under my byline with just a few edits:
Introducing Bitcoin
Bitcoin is the world’s first widely-adopted cryptocurrency—a form of virtual money designed for secure, peer-to-peer transactions on the internet, outside the control of any one person, group, or authority. Launched in 2009 by the mysterious Satoshi Nakamoto, Bitcoin has captured imaginations with its promise of financial freedom, transparency, and global reach.
Think of Bitcoin as digital gold. You can’t touch or hold a physical Bitcoin. It exists solely in the digital realm as an entry on a communal ledger called the blockchain. Anyone with internet access and a digital wallet can buy, sell, or send Bitcoin.
How Does Bitcoin Work?
Bitcoin transactions occur on a decentralized network. If Alice wants to send Bob some Bitcoin:
- She uses a digital wallet to create a transaction, stating Bob’s wallet address and the amount.
- She signs the transaction using her private key—her secret digital password—proving she owns the Bitcoin she’s sending.
- The transaction is broadcast to the Bitcoin network, where computers (called “nodes”) verify the details.
- Once verified, the transaction joins other validated transactions in a block.
- Computers called miners compete to solve complex math puzzles—a process called “mining”—to add the new block to the blockchain.
- With each added block, the transaction becomes permanent, transparent, and secure thanks to Bitcoin’s clever cryptographic design.
A single Bitcoin is divisible into 100 million small parts called Satoshis. This divisibility lets people own tiny fractions of Bitcoin, making it accessible to everyone.
What is the Blockchain?
At the heart of Bitcoin, and indeed all cryptocurrencies, is the blockchain. Simply put, blockchain is a digital ledger—like a global digital spreadsheet—distributed across thousands of computers around the globe. It records every transaction ever made, so anyone can verify the flow of funds at any time.
Blockchain Basics
- Blocks: Data about transactions are grouped into blocks. Each block contains details of transactions, a unique fingerprint called a cryptographic hash, a timestamp, and the hash of the previous block, chaining them together.
- Chain: The blocks are linked in chronological order, so the blockchain becomes a historical record that anyone can inspect but no one can easily alter.
- Decentralization: Unlike bank ledgers, which are controlled by a central institution, a blockchain is public and decentralized. No single person or group controls it—the entire network collectively safeguards its integrity.
- Immutability: Once data enters the blockchain, it’s extremely difficult to change. To tamper with a single transaction, a hacker would need to alter every subsequent block and gain control over the majority of the computational power in the network—a virtually impossible task.
The blockchain thus makes data transparent, secure, and trustless: you don’t need to trust a specific company or authority. The technology itself ensures all parties play by the rules.
Beyond Bitcoin: The World of Cryptocurrency
Cryptocurrency is a broad term for any form of digital or virtual currency that uses cryptography for security and operates independently from central banks or governments. While Bitcoin was the trailblazer, thousands of other cryptocurrencies have since emerged, each with unique properties.
What Makes Cryptocurrency Unique?
- Digital-Only: Cryptocurrencies exist solely as digital entries on blockchains. You own a “key” that lets you move units of currency—there’s no physical coin or bill.
- Decentralization: Most cryptocurrencies, like Bitcoin and Ethereum, run on decentralized blockchain networks. This means anyone can participate, verify transactions, and view the history.
- Peer-to-Peer Transactions: You can send crypto directly to anyone else, anywhere in the world—no bank, no intermediary, no gatekeepers.
- Cryptography: Advanced coding and encryption ensure that your funds and transactions remain secure. Every move is mathematically verified.
- Supply Limits: Some cryptocurrencies like Bitcoin have a maximum total supply (21 million coins), which creates digital scarcity, a critical factor in their value.
Now that you’ve all absorbed all the above, does it seem practical that casinos will soon be using Bitcoin? That’s very questionable. Does anyone recall the recent multi-million-dollar money laundering fines for failing to identify the source of funds and details behind several shady bookies out of Las Vegas?
How on earth would we ever meet the “Know Your Customer (KYC)” requirements of Title 31 in a crypto world that prides itself on anonymity and a lack of paper trails? As Chat GPT 5 said to me, “Excellent question.”
Open AI’s Chat 5 went on to say:
“What’s the Buzz in the Casino Pit?
Imagine a casino floor: slot machines humming, cards shuffling, chips clacking. Now slip in crypto—no cash counter, no chip-counting. Players can buy in using Bitcoin or other coins—or even place bets directly with them. Instant, near-anonymity, and no need for cash or chip exchange.
Online gaming platforms were faster on the draw than brick-and-mortar casinos:
- Speed & Accessibility: Crypto deposits and withdrawals can be near-instant, no “clearance” delays from banks or payment processors.
- Global Reach: Someone in a jurisdiction where gambling or banking is restricted can still play—if they have crypto.
- Provably Fair Games: Using blockchain’s verifiable transparency, players can check that each roll of the digital dice or shuffle of the deck wasn’t rigged.
Brick-and-mortars have been skeptical. But they’ve started dipping their toes:
- Crypto ATMs and Loyalty: Some now let you buy chips with crypto, or earn tokens as rewards.
- Cross-Platform Promotions: Loyalty points linked to your crypto wallets… talk about evolution.
Who am I to argue with this leading AI app that casinos may someday welcome Cryptocurrency? Don’t forget that the President of the United States continues to push these products (including his own meme coins) and is easing all federal regulations on the subject.
While online gaming might adopt Cryptocurrency first, this old gambler will still place his money on the “Over” on the O/U proposition of “a five-year casino adoption of Bitcoin.”
If you want another opinion, Bitcoin 2026 will be back in Las Vegas at the same place next year from April 27– 29.
