The vision of blockchain technology believers is to replace fiat. With no third party to confirm transactions, it is a great idea that made a difference in today’s world of finance.
Mass adoption is something that the entire crypto market is waiting for. The good news is that it seems that a lot of businesses today are looking to improve their payment options by allowing cryptocurrencies. Despite the bearish trends today in the crypto market, there are companies that are working towards accepting cryptocurrencies.
Litecoin recently announced their campaign that invites small and medium-sized businesses to accept the cryptocurrency. And why not? Litecoin offers fast transactions, not to mention lower fees compared to Bitcoin. It also has the leadership of Charlie Lee that gives the cryptocurrency the direction it needs in order to stay competitive in the world of digital currencies.
Cheap Air Accepts More Cryptos
For quite some time now, CheapAir has accepted Bitcoin. This made CheapAir as the very first travel agency in the US to allow travelers to pay for their hotel and flights via Bitcoin.
But this Californian online travel agency that started in 2013 isn’t stopping there. It has moved towards solidifying its position as among the leading merchants for cryptos. Now, it has newly supported digital currencies including Bitcoin Cash, Dash, and Litecoin. This isn’t the only travel-related business that accepted Litecoin recently. You also have TapJets that are looking closely at Litecoin and Ripple.
According to Jeff Klee who is the CEO and founder of CheapAir.com, he mentioned that “Right now we are in the early stages, but at CheapAir.com we see a future where travellers and travel companies are more accepting of digital currencies and one where blockchain technologies play a larger role in payments from consumers and with our business partners”.
Accepting Other Cryptos Makes Sense
Accepting other digital currencies make sense at this point. Though Bitcoin is the most popular digital currency, it is undeniable how it has a number of problems. For instance, you have the low transaction speeds and the scalability issues. And because of customer demands, the travel agency has looked into cryptocurrencies that offer faster transaction times and lower fees.
Jeff Klee mentioned that “Our cryptocurrency customers tend to be very vocal about what they want, something we appreciate very much” He added that “over the last six months, we’ve seen a huge upstick in the number of customers requesting alternative currencies, so we’ve worked hard to integrate the three that were most requested”.
There are challenges that CheapAir has to face when it comes to accepting digital currencies. For instance, airlines and their hotel suppliers are insisting on getting paid in fiat currencies. Now, when you have price swings into play, things can get tricky.
Will there be more companies accepting cryptocurrencies in the future? Could this be a trend? Of course, there are many issues that the cryptocurrency world needs to solve first. You have the lack of consensus of regulators worldwide, not to mention the number of cryptocurrencies.
But on the part of consumers, this is a good move by CheapAir. It allows them to reap their profits and make use of cryptocurrencies for different things.