Bitcoin is ruling the world with its increasing demand and spread across the continents. Nineteen countries worldwide are already using this decentralized online money (cryptocurrency). However, with more than 90,000 businesses having a presence on the bitcoin network, few industries aren’t paying attention.
The travel & mobility industry is one of those non-crypto currency industries. However, this industry requires a lot of money to run its business, especially regarding transportation services. With this in consideration, there are a few reasons why the travel & mobility industry should pay attention to bitcoin uses and Pattern Trader System and should start using it as a payment method:
1) Security:
As you know that cryptocurrency is decentralized, and you’re the sole owner of your private keys. This makes it more secure than any other payment method since security is one of the significant factors that the Travel & mobility industry requires.
2) Cost:
Bitcoin transaction fees are meager compared to other payment methods. Therefore, it saves money for both the customer and the merchant, paying the transaction fees.
3) Time:
Bitcoin transactions are faster than any other payment method. These are currently processed within 30 minutes or less. Try doing that with wire transfers or credit cards, and it might take days in some cases. It’s the same case with cash, where the merchant has to wait up to 48 hours to receive money.
4) Transparency:
The transaction history of bitcoin is publicly available and traceable, which makes it more transparent and reliable than any other payment method. This feature might be a significant turning point for this industry since they can quickly review each customer’s transaction.
5) Privacy:
Since the blockchain network is decentralized, not even on any servers of payment processors know about transactions. No government or business can track or spy on your transactions history. Your identity is always kept anonymous.
The above-stated points are a significant reason why bitcoin will be highly used shortly for various purposes, and it’s worth mentioning that the number of bitcoin transactions is increasing with each passing day.
More than $92,000 per day is now being transacted using this decentralized online money across the globe. It just might take some time before the Travel & mobility industry starts using it as a payment method. Once the time comes, bitcoin might replace cash.
How is bitcoin impacting the Travel and mobility companies in the USA?
1) Uber launched its website, which accepts bitcoins for payments. The reason might be due to low transaction fees for both parties, where there are no third-party companies involved in between. Also, it’s safe & transparent to use bitcoins rather than carrying cash everywhere you go! This industry needs something like this now, at least around the world.
2) A few other players like Expedia, CheapOair, and Surf Air might start accepting bitcoin as a payment method soon for low transaction fees and quick response time. This will attract more customers since they will receive bitcoins in real-time rather than wait 2 to 5 business days for credit card payments.
3) Blockchain technology will disrupt this industry by tracking & sharing public transportation data, where all can easily use it and review the performance of their services.
This might completely change the way how you travel around now from booking your tickets to commuting, and everything will be transparent and traceable so that you’ll know about the status of your journey, where your public transport is right now, how long it will take to reach the destination, etc.
The future of Bitcoin might be brighter in Travel & mobility industry if these three major players start implementing blockchain technology on their platform.
Conclusion:
Although it’s still a small number of companies accepting bitcoin as a payment method, you might see an increase in the number by the end of this year, and definitely, it will continue to rise.
The question is whether Travel & mobility industry should start using bitcoins as a means of transaction or not? Of course, it would be great to do so since it’s secure, transparent, and reliable. But, like the bitcoin price speculation, this industry might take some time before accepting bitcoins as their payment method. As they say, “When you’re ready to accept change.”
