With the increasing availability of cryptocurrency for common transactional processes, there has been a recent push for crypto-based payments in the travel marketplace. Demand has grown for private air travel to follow this trend. BitLux, one of the first private jet charter services to accept payments for flights with cryptocurrencies, has reported that 52 per cent of all booked private jet flights during 2021, both domestic and international, have been paid in cryptocurrency. The company currently accepts Bitcoin, Ethereum, Litecoin and Bitcoin Cash, in addition to standard payment options.
Furthermore, with its clients located globally, 78 per cent of all international booked flights with the firm have been paid in cryptocurrency since the beginning of 2021.
The Palm Beach, Florida-based company led by CEO Kyle Patel has been accepting cryptocurrencies since 2018 and projects an upward trend thanks to its 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,” he says Kyle Patel, BitLux's CEO. “We are excited about a crypto-centric philosophy growing more widespread as it enables clients to take complete ownership and control of their own finances without intermediary interruption. We can see a shift in financial awareness.”
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 four to seven per cent or more. Transfer fees for banks are typically high, especially compared to the minimal fees with crypto transactions. Cryptocurrency transaction fees will typically be under $1 for each transaction.
The private jet market has the potential transaction volume to justify its implementation, and BitLux says it is not an understatement to project a steady growth in flights booked through cryptocurrency throughout 2021. Additionally, cryptocurrencies' digital scope is aligned with today's online charter booking ecosystem, allowing clients to click their way to their 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,” Patel concludes.