Wednesday, February 19, 2020

Cryptocurrency Holders Can Now Spend Their Bitcoins on Flight and Hotel Bookings

Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

Bitcoiners can now spend their funds to book a flight, hotel room, Airbnb rentals, etc. TravelbyBit, a travelling website makes this possible, allowing users to book a trip and pay using Bitcoin. The Binance-invested platform also enables travellers to earn Bitcoin while making payments with credit cards, according to Cardrates report on February 12, 2020.

Cryptocurrency Users Can Spend Bitcoin to Travel

Per the report, cryptocurrency users have been provided one more way to spend Bitcoin. In this case, they can book hotels, flights, Airbnb rentals, etc. for vacations or business trips on TravelbyBit using Bitcoin. Also, users can earn Bitcoin as a reward when they pay for their bookings using a visa or master card. As a consequence, those who do not have the asset, or would rather speculate with it can still earn rewards.

To that effect, users are rewarded with TravelbyBit Status Points, and depending on the number of Points gathered, they can advance to different Status Tiers. These Status Tiers are Bronze, Silver, Gold, and Platinum. And depending on the Tier, they can get discounts such as 1%, 2%, and 10% in Bitcoin for hotel bookings worth $2,000 or $90,000.

Travel Site Promotes the Use of Blockchain for Donations

What’s more, the travel site also promotes the use of blockchain for donations. It encourages users of its platform to make a donation to charity during check out. And it uses the blockchain to allow donations to get directly to the charitable organization. One of its donations funds lunches for less privileged children in Uganda to encourage them to stay in school.

TravelbyBit, launched in 2017, helps to facilitate point-of-sale cryptocurrency payments in travel destinations in Australia. According to Caleb Yeoh TravelbyBit’s CEO and Co-Founder, the Australian government invested in the platform to boost tourism.

“Australia went through a phase where it said: ‘We really envy what Silicon Valley has, and we want to create our own startup ecosystem. And we’re going to provide some funding and support and mentorship to a bunch of fintech startups,” Yeoh said.

Binance Invests Over $3.5 Million in TravelbyBit 

TravelbyBit also revealed that Binance cryptocurrency exchange has invested over $3.5 million in the platform. In line with that, the exchange encouraged the travel site to foster Bitcoin’s adoption, and its real-life use case. Furthermore, TravebyBit has partnered with non-profit organization Binance Charity, which it says discovers the most pressing need of the locality to be invested in.

Of recent, there has been a surge in the number of businesses accepting Bitcoin for goods and services. In the U.S., for instance, 36% of small and medium-sized businesses are accepting the virtual asset as payments.

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