01 Mar More People Are Using Bitcoin to Book Their Private Jet Flight
More People Are Using Bitcoin to Book Their Private Jet Flight
The age of cryptocurrency is upon us. Introduced in 2009, Bitcoin has since experienced exponential growth, overcoming obstacles and winning over the hearts of skeptics. Sometimes misunderstood, often ‘over-hyped’, this crypto coin has broken records year after year, establishing itself as the de facto leading cryptocurrency in the market.
Capitalizing on inequities, inefficiencies, and flaws in our traditional banking systems, Bitcoin has succeeded where traditional banking has failed.
This has led more people to not only invest in Bitcoin, but to use it for transactions, including booking private jet flights and private travel accommodations.
Just How Impactful Has Bitcoin and the Cryptocurrency Market Been?
- As of Jan 2021, Bitcoin’s market cap hit a record $1 Trillion
- The global blockchain market is expected by analysts to hit $23.3 billion by 2023
- Bitcoin itself accounts for more than $6 billion in daily online transactions
- The Cryptocurrency market has a projected CAGR (compound annual growth rate) of 56.4% through 2025.
Considering the infancy of the industry, these stats are nothing short of breathtaking, and a key indicator as to why more private jet travel (among other industries) have been quick to adapt to what can no longer be dismissed as a ‘trend’, but a new way of doing business and conducting transactions.
Bitcoin Holders Leverage The Cryptocurrency to Fly More Often on Private Jets
Capitalizing on newfound crypto wealth, privacy, efficiency and other benefits, more cryptocurrency users are taking advantage of private jet charters that take Bitcoin and other cryptocurrencies as payment for booking travel.
Some private jet companies have released data showing that crypto payments represented a shocking 20% of overall private jet bookings, with 13% of that being Bitcoin.
At BitLux we have always been a ‘crypto forward’ company, catering to the evolving needs of our clients. As an early adopter in the crypto space, BitLux led the way in bringing Bitcoin into the private jet market, empowering it’s clients to book and charter jets leveraging the efficiency, security and anonymity afforded with crypto transactions.
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Private Jet Travel: early adoption of cryptocurrency
As one of the largest industries in the world (sitting at well over $1.7 trillion per annum), the market is ripe for innovation. Travelers are always interested in ways to make planning and paying for travel more secure, private, fast and efficient. With crypto transactions checking off all of these boxes, its no surprise that an increasing number of travel-related companies are adopting Bitcoin and other crypto payment options.
Companies from airport shuttle and parking services, to hotels and private jet charter services, are making moves to keep pace as more consumers demand the ability to pay using Bitcoin. Companies that have made the transition stand to win big, catering to the unique needs of their customer base, improving the booking experience from start to finish, and saving big on transaction costs, among other benefits.
Yet despite this growing trend towards adoption, large commercial airlines have been slow to take the plunge, leaving consumers with limited options when flying.
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The Advantages of Paying with Bitcoin for Private Charter Flights: key drivers behind the movement
Cryptocurrency transactions have significant advantages as compared to paying with traditional fiat when booking prAs a decentralized ‘peer to peer’ system, Bitcoin runs on blockchain technology. Blockchain enables the processing of digital transactions using units of exchange (in this case, Bitcoin).
Payments are processed through a network of public computers linked through a shared program (decentralized), with each transaction simultaneously recorded in the blockchain on every computer in the network.
This process offers several advantages.
Anonymity / Privacy
Privacy and discretion are among the top priorities for discerning private jet passengers. With Bitcoin, neither the client’s balance, nor purchases, are associated with their personal identity. In this way, booking private jet travel with Bitcoin is akin to paying cash.
Reduced Risk of Third-party Interference
Financial intermediaries, banks and even governments are shielded from prying into Bitcoin transactions. This reduces the risk of having any transactions interrupted, funds frozen, or records tracked. Payees experience unprecedented freedom to make transactions 24/7/365 with zero delay or the traditional lengthy transaction times of banks.
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Extremely Low Transaction Fees
Although saving a buck isn’t always a top concern for those with the funds to fly private, paying antiquated banking systems hefty fees for little service or added benefit rubs a lot of affluent flyers the wrong way.
For others, such as international travelers, hefty bank fees and unfavorable exchange rates on currencies can eat into budgets.
Flexibility, Reliability and Speed
Of notable benefit when using Bitcoin for bookings is the flexibility of use. At home, on the go, and on any device with internet connectivity, transactions can be made. And they can be done so in near real-time with no delays for processing, currency conversion or bank authorization. This level of reliability is appreciated, especially by business travelers with tight deadlines where any disruption of service could have serious and costly consequences.
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The Future Looks Bright for Bitcoin and Travel, As Passenger Demand for Crypto Payments Continues to Rise
While the majority of major commercial airlines lag behind the times, reluctant to adopt Bitcoin as a form of payment, savvy travel companies and private jet charters are stepping up to the plate.
As an innovator in the space, BitLux has demonstrated how the move to accept Bitcoin for booking flights is one that can have an impressive impact on operational efficiency, client support, and more. Offering a myriad of benefits to consumers, adopting Bitcoin for transactions is a natural move for businesses in the travel and tourism industry. With Bitcoin having gone mainstream, those companies that fail to adapt to the changing times stand to lose big, while doing an incredible disservice to their customers.
If one thing is certain, its that the future of Bitcoin as the gold standard of cryptocurrencies for transactions is bright. While large commercial airlines fear the potential instability and lack of governance associated with crypto, innovators and leaders within the industry are taking charge and leading the way into this new and exciting frontier.
BitLux is committed to providing you with the best travel accommodations. While we don’t charter jet’s as big as the 767, we can help you travel in style and luxury while providing a safe and unforgettable experience. Explore the World’s Busiest Airports
We reach many luxurious destinations worldwide providing best in class service for travel on a global scale. Offering everything from Private Jet, Cargo Jet, and Helicopter Charters to Aircraft Management and Placement, BitLux is a leader in traveling indulgently.