The team at Berkeley Travel always seeks to be at the cutting edge of evolving trends. We see it as our job to ensure we are aware of all the latest evolutions in the travel market.
But beyond this, we also want to ensure we are meeting all our clients’ needs, which evolve along with Technology. Recently, this has involved a number of requests regarding whether we accept the payment option of bitcoins.
How do bitcoins work?
So what are bitcoins? Invented in 2009 by an unknown person using the alias Satoshi Nakamoto it is now the best known of several digital currencies. It conducts transactions with no middlemen and no transaction fees and with no need to disclose your identity.
Bitcoin is in essence one big ledger shared by all the users: When you pay for something with bitcoin, or get paid, then your transaction is recorded on the ledger. Computers then compete to confirm the transaction by solving complex math equations, and the winner is rewarded with more bitcoins. The process is known as “mining.”
Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.
Therefore, in order to purchase and trade in bitcoins, you have to install a “bitcoin wallet” app on your phone or computer, then buy them from a bitcoin exchange.
What are the benefits of paying with bitcoin
Although the market is relatively new, bitcoin has a number of specific advantages in the way it can be transferred using just mobile phones, thus potentially being the ideal currencies in developing countries without a large network of retail banks. In addition the currencies anonymity may suit some holders.
It is however volatile and bitcoins have in their short history been subject to large jumps and falls in their value although over time the trend has seen the value soar to the equivalent of thousands of dollars per bitcoin at its current valuation.
Bitcoins now accepted at Berkeley Travel
Certainly the team at Berkeley, open as we are to innovation and technological advancement always seeks to embrace an opportunity where we can further meet our clients’ needs. We are now proud to be the first luxury travel company to accept bitcoins as one of our payment methods.