In the last few years, cryptocurrencies like Bitcoin and Ethereum have been on a meteoric rise. Not only have their values risen significantly, but more and more, businesses have started accepting Bitcoin for payment – including charter yacht brokers like Worldwide Boat.
For charter guests, Bitcoin offers a number of advantages for paying for charters. The digital currency, for one, is peer-to-peer, meaning that transactions remain private. It’s like a cash transaction – but with the ease of digital processing. Plus, digital payments are fast, they’re free from third-party interference, and have little-to-no transaction fees.
Are you considering booking your next trip with Bitcoin? We’ll highlight some of the advantages, the risks, and what you can expect when using Bitcoin for yacht charters in this short guide.
Bitcoin sounds a lot like making a credit card purchase or making a wire transfer. So why use it for paying for your charter booking?
Well, as a cryptocurrency, Bitcoin does offer a few advantages over traditional payment methods. There’s the ease of use, fewer fees, and many prefer the privacy Bitcoin offers. Here’s a look at a few key advantages:
Once you own Bitcoin, it’s not controlled by a traditional bank. Instead, it’s much more like having cash in your pocket – but cash you can transfer to anyone, anywhere in seconds. This means payments can be made discretely and privately. The peer-to-peer blockchain network makes payments untraceable, which is important for people who want to keep their travel expenditures private.
2. Fast Set Up
You can set up a Bitcoin “wallet,” purchase coins on an exchange, and make a payment in a matter of a couple of minutes. Setting up bank accounts, on the other hand, requires a lot of paperwork, and may even require approvals and documentation.
3. Favorable Exchange Rates
Bitcoin – much like any fiat money – is valued against other global currencies, and in the past six months, Bitcoin’s value has risen significantly. It was as high as $20,000 per Bitcoin in late 2017. Therefore, a stronger Bitcoin is advantageous for yacht charterers – as they may be able to part ways with fewer Bitcoin to book a charter.
4. Few Transaction Fees
Wire transfers and credit card processing fees can be very expensive, adding additional expenses onto the cost of booking. An advantage of Bitcoin – there are little-to-no fees. You can transfer money internationally, without having to exorbitant rates.
5. Fast Transfers
Finally, Bitcoin transfers can take as little as a few seconds up to 10 minutes (if you wait for approval). That’s a key advantage for charter bookings. No need to wait for bank approvals, or to call your bank to authorize a transaction. You can transfer money to your Advance Provisioning Balance or your yacht broker almost instantly – helping to alleviate any third-party delays.
Starting in February 2021, we accepts Bitcoin as a payment method for yacht bookings. Whether you’re off to the Caribbean for a winter charter, or you’re planning your summer in Croatia, now you can use Bitcoin for fast processing, greater privacy, and fewer processing fees. Contact us now to learn more