CheapAir added support for more cryptocurrencies on May 22, as it looks to provide digital currencies enthusiasts a variety of payment option for flight and hotel bookings. The online travel agency is now accepting bitcoin cash (BCH), dash (DASH), and litecoin (LTC) payments for its offerings.
CheapAir Expands Cryptocurrency Support
The three additions will strengthen the travel agency’s cryptocurrency community support hold that has been growing over the years.
In 2013, CheapAir became the first travel agency to accept bitcoin (BTC) as a payment option for booking hotel rooms and Amtrak train seats. The company, later on, added support for Dogecoin (DOGE) and Litecoin (LTC), on bitcoin sales surging to $1.5 million.
CheapAir‘s support for cryptocurrencies payments has seen it cement its reputation when it comes to adoption of the new payment option. The addition of new cryptocurrencies was triggered by growing customer demand for such payment options. The travel agency also added the new digital currencies to address the shortcomings of current currencies and the challenges that have come to be, with the usage of bitcoin.
Adding support for other cryptocurrencies will seek to address the shortcomings of bitcoin. Network congestion and higher transaction fees have seen most people shun the popular cryptocurrency, with the focus now shifting to the likes of bitcoin cash and litecoin.
“Our cryptocurrency customers tend to be very vocal about what they want, something we appreciate very much. Over the last six months, we’ve seen a huge uptick in the number of customers requesting alternative currencies, so we’ve worked hard to integrate the three that were most requested,” said CheapAir CEO Jeff Klee.
Cryptocurrencies Payments Proliferation
Cryptocurrencies bookings are also backed by the agency’s Price Drop Payback, a price guarantee that gives customers up to $100 in travel credit in case a flight fare drops.
Accepting cryptocurrencies payments on behalf of hotel suppliers and airlines has had its fair share of challenges given the constant price fluctuations. However, CheapAir insists it has solved a good number of the problems and should continue offering support for the foreseeable future.
While CheapAir was the first to accept cryptocurrencies payments for hotel and flight bookings, it is no longer the only one offering such services. Integration of such payments into the mainstream sector has gained momentum in the recent past. ABitSky, BTCTrip, and Destinia are examples of other travel sites that allow people to purchase flights using bitcoin.
Since Madrid-based Destinia started accepting bitcoin payments, the agency claims to have registered a spike in such payments in contrast to credit card payments.
Cryptocurrency Merchant Adoption
There needs to be real merchant adoption if cryptocurrencies are to compete with fiat currencies in future. Very few merchants accept such payments and those that do, do not account for a considerable chunk of market share in their respective fields of operation.
Cryptocurrency merchant adoption is still lagging even with bitcoin’s meteoric rise to become one of the most sought-after investment. Accelerated adoption has been stiffed by the fact that cryptocurrencies are incredibly volatile, something that affects their value, unlike fiat currencies that are relatively stable.
Merchants have shied away from adopting such payment on concerns that they could affect their returns, given their constant value fluctuation. Regulatory concerns have also had a catastrophic impact on the adoption of cryptocurrencies as there are areas and countries where dealing in cryptocurrencies is banned. For instance, banks and other financial institutions in India are prohibited from providing support for cryptocurrencies payments.