Currently, Bitcoin’s usage as a method of commercial payment has been vastly declined during the year, while the cryptocurrency is seen to be going steady. Moreover, Bitcoin failing to be received as a functional payment form in the travel industry, crypto players are concentrating on a better framework to empower the digital currency to be the best payment method for the travel sector.
The latest tweet about the Bitcoin and travel Industry can be read-
Bitcoin continues to be on a slow burn as the payment option in travel
When people consider purchasing tickets for a flight or making other journey related buys, they may venture into their wallet for their credit or debit card. Moreover, individuals may pay with digital currency such as Bitcoin. Bitcoin is a kind of cryptocurrency that serves the same function, similar to US dollars.
One of the significant differences is that Bitcoin is not attached to any national bank, and is not managed by a regulatory body, in this way offering a level of privacy to its users. The method of paying with Bitcoin is fundamentally the same as paying with a debit or credit card. In case the user is purchasing online, he needs to choose Bitcoin as a method of payment.
Cryptocurrency in Travel Industry
Earlier, the companies accepting the payment in the form of cryptocurrency are CheapAir, Expedia and airBaltic, and the Technology for travel system provider is Ypsilon. Later, it quietened because of the bad exposure enclosing Bitcoin, discussion about the Dark Web and the fluctuations in the value, Intimidated the organizations to take off.
In 2014, Expedia began accepting Bitcoin for hotel payments and quite a while they were the primary example of standard cryptocurrency usage. Sadly, in the mid-year of 2018, this reached a sad completion when the organization chose to stop accepting Bitcoin.
The most exciting part about the “Expedia case” is, it not only relates directly to the travel sector but, more extensive blockchain network as well. This is due to the similar issues which are predominant in travel and other areas. It is revealed that even though Expedia dropped the payment over a year ago, others have continued to use it.