Being able to pay your groceries in Bitcoin, this is the world we are heading towards.
Bitcoin is a digital currency that is decentralised and has been growing in the last few years. Bitcoin is the most popular cryptocurrencies is billions of market capitalisation and millions of holders.
You must have heard about Bitcoin by now. It has been in a lot of headlines, for good and bad reasons. We are living in a world that is driven by innovation, connection and digitalisation. With the coming of Web 3.0, Metaverse, and other disruptive ideas, this will change forever the way we live.
What type of companies are ready to implement Bitcoin as a payment method ?
A lot of companies are still hesitating to treat Bitcoin and other cryptocurrencies with interest as they do not see the opportunity. However, there exist right now organisations that are revolutionising their industry. For example, the company AEROAFFAIRES,a private-jet rental service, allows its clients to rent a private jet by using Bitcoin as payment. This is quite an innovation in this industry, and in broader business as we know it today.
What is Bitcoin and its advantages for business travels?
First of all, we should probably start by giving a simple definition of cryptocurrencies such as Bitcoin. Cryptocurrencies are digital currencies that use cryptography in order to secure transactions and investments. The particularity of Bitcoin compared to traditional currencies is that there are no central issuers or regulating authorities. Instead, it relies on a very innovative concept that is called decentralisation. These digital assets are built on the blockchain technology that is at the core of Bitcoin’s success.
The main use of Bitcoin nowadays is as a digital asset. Indeed, people trade Bitcoin and other crypto currencies on platform exchanges such as Binance or Coinbase. Bitcoin is the most known cryptocurrencies as it was the first to really explode with its groundbreaking technology.
However, investing in Bitcoin can bear a lot of risks. Indeed, cryptocurrencies are known for having a very volatile fluctuation that could lead to impressive gains in short or long term, but also heavy losses if the market crushes. This is one of the main criticisms about crypto, is that it is only a “bubble” and that it will eventually crash entirely. However, this is very unlikely as there are a lot of uses of Bitcoin and cryptos that are not going to evaporate.
The big interest behind cryptocurrencies is to not be tied by a government or regulators, thus to be “free” from the actual system. Being decentralised offers more flexibility and liberty. This could be seen as an act of rebellion against the traditional system or a way of life. Also, one key point is the technology that Bitcoin relies on : the blockchain. With this technology, it makes every transaction anonymous and allows everybody that wishes to keep track of every transaction. It ensures the viability of the coin, total transparency of use and safety .
On the downside, there are a lot of controversies with Bitcoin. Indeed, there are claims that Bitcoin is mainly used for money laundering, or to buy illegal products and services on the DarkNet. However, this could have been a point in the early days of Bitcoin but now it is not so valid anymore. Another controversy is its energy consumption and the total pollution Bitcoin generates.
There are multiple advantages of using Bitcoin for business travels. Companies that decided to invest in Bitcoin can have a lot of interest in renting a private jet for business trips. Indeed, as we have seen, Bitcoin is a safer way to handle transactions online. There are no interferences and because of Blockchain it is one of the safest ways to make purchases online. Moreover, it is a very simple way to rent a private jet online, rather than flying commercial. You lose a lot of time by boarding one by one all of your employees. The other way is to simply rent a private jet in order to fly your team to conventions, seminars, important meetings and other professional reasons. Additionally, your team will remember what a premium experience it is creating a strong bond between them and your organisation.
Why are companies allowing Bitcoin as a payment method ?
Staying at the top means using up to date and ground-breaking technologies. This is why companies have made the choice of allowing cryptocurrencies as a payment method. It offers an even more advanced detailed and personalised experience as customer satisfaction is the number one priority in most of the companies today. Allowing your products or services to be purchased with a variety of payment methods will increase the willingness to pay from customers.
Also, Bitcoin is a major business advantage for companies.
Indeed, for example, one of the advantages of renting a private jet using Bitcoin is the transparency and security it offers using the digital asset. Bitcoin is a very safe, if not the safest, way to handle important transactions online. Putting your credit card information on a website always bears a risk of data leaking. Bitcoin is a very interesting alternative in that manner. Moreover, as security is one of the core values at most companies nowadays, it is starting to become normal to offer this for customers in order to always be at the top of innovation and consumer satisfaction. As Bitcoin relies on one of the safest technologies, blockchain, it is more than interesting to promote its use.
Another interesting advantage that Bitcoin has is its low transaction fees. Contrary to the usual payment method, there are hardly any fees while paying with Bitcoin. With other cryptocurrencies it could be the case.
Finally, if you had previously invested in Bitcoin it could be very interesting to use your profit directly rather than converting to fiduciary currencies. In most countries and regulations there are heavy taxes on gains related to Bitcoin. However, if they are not converted to Dollars, Euros and others for example, there is no tax. So, it could be an interesting opportunity to pay while using cryptocurrencies directly as a company for your business travels.
Nicola Holder 