Bitcoin Payment For Charters
What are the advantages of paying with Bitcoin for a Private Charter Flight?
Due to the unique nature of virtual currencies, there are some significant advantages to paying for private charter flights with Bitcoin that users of other currencies do not have. Digital currencies are a new novel medium of exchange and users must weigh their benefits and risks. That said, Bitcoin offers some unique and significant advantages.
What Is Bitcoin?
Bitcoin is a decentralized, peer-to-peer, “cryptocurrency” system designed to allow online users to process transactions through digital units of exchange called Bitcoins. Started in 2009 by a mysterious programmer, Bitcoin has generated plenty of interest and controversy as a “third” type of currency and an alternative to government fiat currencies like the U.S. dollar or the Euro or pure commodity currencies like gold or silver coins.
Bitcoin payments are processed through a peer-to-peer public network of computers linked through a shared program that is installed and running on all computers that have Cryptocurrencies stored on them. Each transaction is simultaneously recorded in a “block-chain” on each and every computer on the “block-chain” network that updates and informs all account holders.
Bitcoins are either “mined” by a computer through a process of solving increasingly complex mathematical algorithms or purchased with standard local national money currencies and placed into a “Bitcoin wallet” that is accessed through a smart-phone or computer on the network.
Bitcoin purchases are discrete and completely private giving it its unique advantage by not showing an account “balance” in an account, like that of a Bank account. Unless a user voluntarily publishes his Bitcoin balance and transactions, his balance and purchases are never associated with his personal identity, much like cash-only purchases, and cannot be traced back to any individual. In fact, the anonymous Bitcoin address that is generated for user purchases changes with each transaction, so the transactions can never be traced back to any individual or even a country.
No Third-party Interruptions
One of the most widely publicized benefits of Bitcoin is that governments, banks and other financial intermediaries have no way to record, track, delay or interrupt user transactions or place freezes on Bitcoin accounts. The system is purely peer-to-peer and users experience a greater degree of freedom than with national currencies. Also transactions can occur 24/7/365 as no business entity like a Bank has to be available to process the transactions and there are never any “Banking Holidays” to create delays.
Purchases Are Not Taxed
Since there is no way for any third parties or taxing authorities to identify, track or intercept transactions that are using Bitcoins, one of the major advantages of Bitcoin is that sales taxes are not added onto any purchases.
Very Low Transaction Fees
Standard wire transfers and foreign purchases typically involve heavy Bank fees and currency exchange rates. Since Bitcoin transactions have no intermediary institutions or government involvement, the costs of transactions are very low. This can be a major advantage for private charter flyers. Additionally Bitcoin transfers are very quick, eliminating the inconvenience of typical authorization requirements, delays and wait periods for the transactions to be settled by the institutions involved.
Like with many online payment systems, Bitcoin users can pay using their digital “coins” anywhere they have Internet access. This means that purchasers never have to travel to a bank or a store to buy a product. However, unlike online payments made with U.S. bank accounts or credit cards, personal information is not necessary to complete any transaction.
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