Rent a Yacht in Dubai using Bitcoin
Additionally to Cash and Card payments, Elite Sensation Yacht Rental Dubai decided to provide a crypto payment option following requests from several customers.
Cryptocurrencies such as Bitcoin and Ethereum have skyrocketed in popularity in recent years. Not only have their values increased significantly, but an increasing number of businesses, including charter yacht brokers like Elite Yensation Yacht Rental Dubai, have begun to accept Bitcoin as payment.
Bitcoin provides a number of benefits for charter guests when it comes to paying for charters. For example, digital currency is peer-to-peer, which means that transactions are kept private. It’s similar to a cash transaction, but with the convenience of digital processing. Furthermore, digital payments are quick, free of third-party interference, and have low to no transaction fees.
Do you want to book your next yacht rental with Bitcoin in Dubai? In this short guide, we’ll highlight some of the benefits, risks, and what to expect when using Bitcoin for yacht charters.
What Exactly Is Bitcoin?
Bitcoin, in its most basic form, is a type of digital currency. There is no central bank because it is decentralized and peer-to-peer. Anyone can instantly transfer Bitcoin from their wallets, aka “accounts,” to businesses or other users, and the transaction is recorded in a centralized transaction record.
Bitcoin is a relatively new currency. It debuted in 2009 and has steadily gained fans and users since then. In fact, there are currently over 16 million Bitcoins in circulation.
How do you get your hands on Bitcoin?
There are several coin exchanges where you can buy Bitcoin with your own money. Buying Bitcoin is similar to exchanging currencies in that you trade dollars (or Euros, or whatever currency you use) for Bitcoin at the current exchange rate.
Once you’ve added Bitcoin to your wallet, it’s yours; there are no banks. And you can use it to send money or pay for goods and services. In fact, Bitcoin has made its way into the yachting industry, with a number of yachting businesses already accepting the currency for bookings and even yacht sales.
Why Should You Use Bitcoin to Rent a Yacht in Dubai?
Bitcoin sounds similar to making a credit card purchase or a wire transfer. So, why use it to pay for your charter reservation?
Bitcoin, as a cryptocurrency, does, however, have a few advantages over traditional payment methods. There’s the ease of use, the lower fees, and many people prefer the privacy that Bitcoin provides. Here are a few of the key benefits:
1. Personal privacy
Once you own Bitcoin, it is no longer under the control of a traditional bank. It’s more like having cash in your pocket – but cash you can send to anyone, anywhere in seconds. This means that payments can be made in a discrete and private manner. Payments are untraceable on the peer-to-peer blockchain network, which is important for people who want to keep their travel expenses private.
2. Quick Setup
In a matter of minutes, you can create a Bitcoin “wallet,” buy coins on an exchange, and make a payment. Setting up bank accounts, on the other hand, necessitates a significant amount of paperwork, as well as approvals and documentation.
3. Favorable Currency Exchange Rates
Bitcoin, like any fiat currency, is valued against other global currencies, and its value has risen significantly in the last six months. In late 2017, it reached a high of $20,000 per Bitcoin. As a result, a stronger Bitcoin is beneficial to yacht charterers, as they may be able to part with fewer Bitcoin to book a charter.
4. Minimal Transaction Fees
Wire transfers and credit card processing fees can be exorbitant, adding additional costs to the cost of booking. One advantage of Bitcoin is that there are few to no fees. You can send money internationally without paying exorbitant fees.
5. Quick Transfers
Bitcoin, as a new, burgeoning digital currency, remains volatile, which may be the most significant risk. In mid-December 2017, for example, the currency was valued at just under $20,000 USD per 1 Bitcoin. By mid-October 2021, the exchange rate for one Bitcoin was around $67,000.
In other words, the cryptocurrency market can experience rapid fluctuations. Security can also be an issue, but by using a reputable coin exchange provider, you can avoid many of the security risks.
Overall, the currency – while new – is simple to use and understand, and it is highly secure due to the blockchain structure. You can reduce your risks by following the market and using reputable currency exchanges.