With the increasing availability of cryptocurrency for common transactional processes, it should come as no surprise that there has been a recent push for crypto-based payments in the travel marketplace. As such, demand has grown for private air travel to become just that: private.
BitLux, one of the first private jet charter services to accept payments for flights with cryptocurrencies, reported that 52% of all booked private jet flights during 2021, domestic and international, have been paid in crypto. The company currently accepts Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, in addition to standard payment options.
Furthermore, with its clients serviced all over the map, geographically and financially, it should come as no surprise that 78% of all international booked flights with the firm have been paid in crypto during 2021.
The Palm Beach-based company led by CEO Kyle Patel has been accepting cryptocurrencies since 2018 and projects and upward trend thanks to the clients’ desire for speed and security when booking a private flight, usually, a high-volume transaction, which are precisely the main assets cryptocurrencies bring to the table.
“We’re looking forward to a bright 2021 in the cryptosphere and aviation”, Kyle Patel, BitLux’s CEO said. “The excitement we have about a crypto-centric philosophy grow more widespread where people can take pride in the complete ownership and control of their own finances without intermediary interruption is in the clouds. We can see a shift in financial awareness where people take pride in the complete ownership and control of their own finances without intermediary interruption; a very cool thing to see,” said Patel.
Cryptocurrencies are emerging as a transactional system of the future. Via blockchain technology, many of the criticisms of standard payments are alleviated or eradicated. There are many reasons why BitLux has decided to pioneer cryptocurrencies as payment for private air charters. Currently, transaction processing, administrative and merchant fees for the process of debit and credit card transactions can be anywhere from 4% to 7% or more, transfer fees for banks are typically astronomical, especially compared to the minimal fees with crypto transactions and cryptocurrency transaction fees will typically be under US$1 for each transaction, a wonderful choice for the financially conscious.
The private jet market has the potential transaction volume to justify its implementation, hence it is not an understatement to project a steady growth in flights booked through crypto throughout 2021. Additionally, cryptocurrencies’ digital scope is aligned with today’s online charter booking ecosystem, allowing to click your way to your next destination in minutes and without an intermediary.
“Currency as we know it, the idea and concept itself, is changing for many people and we’ve been working for years to develop the proper infrastructure and internal processes to facilitate exactly that,” said Patel.