How cryptocurrencies are changing private jet travel?
For private jet passengers, time and reliability are paramount when booking a flight. Flexibility and safety is also within the coveted traits of this market. During the past few months, a new payment method, the cryptocurrencies, have propelled this market to new heights, granting clients with a swifter, secure and universal transaction system.
Speed and security when paying for a private flight, usually worth thousands of dollars, are the main assets cryptocurrencies like Bitcoin and Ethereum bring to this market. This provides a win-win situation for business aviation providers and clients; the charter company doesn’t have to rely on business hours to receive a transaction and the passenger will have its payment processed in no more than 30 minutes.
Monarch Air Group, the Fort Lauderdale based private jet provider, recorded a Bitcoin transaction just weeks after announcing the addition of this payment method, in a move aimed towards customer service, accessibility and customization. The route connected Allegheny County Airport, near Pittsburgh, PA with a small airport in Massachusetts, on the single-engine piston Cirrus SR-22.
The company has noticed a trend regarding the use of cryptocurrencies for booking private flights, especially during the last three months. “It’s been an interesting development to see how our clients are starting to experience this new payment method. Traditional transactions still account for the vast majority of our flights; whether by card, check or wire, and will continue to do so in the upcoming years. Our clients asked for this possibility and we delivered, now it’s up to them to continue driving the record growth of the cryptocurrencies”, stated David Gitman, Executive Director of Monarch Air Group.
As stated by Cointelegraph.com, Bitcoin’s transaction volume in 2017 raised to $260 million per day - or $180,000 per minute, according to the latest statistics; up 55% from the previous year. This demonstrates that only continued growth should be expected this year. And although considered as one of the must-haves during 2018 and beyond for private jet providers, it would be wise to view the development of this system with an open mind, especially considering the high fluctuation in the crypto coin prices; its unstable nature will prevent some clients to continuously use it as the primary paying method.
The private jet market has the volume, needs and transaction size to support its ascending use, therefore it’s not an understatement to project a steady growth in flights booked through Bitcoin, although there’s hardly enough data to decisively support the statement since the whole ‘movement’ is still on a developing curve. But one thing is certain, cryptocurrencies’ digital nature cope very well with today’s digital charter booking systems, allowing to click your way to your next destination without a middleman in the process.
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