How Cryptocurrency are Changing the Private Jet Travel

Cryptocurrencies have become an alternative to traditional forms of payment. Most notably, Bitcoin’s popularity has increased over the past few years, benefiting from the SEC’s new approval for crypto ETFs, which has increased its volatility.

Florida-based private charter company Bitlux is revolutionizing private jet travel by allowing charter fee payments in cryptocurrencies such as Bitcoin and Ethereum.

Bittrax

The company revealed that one in three private jet flights are booked using cryptocurrencies. Private charter companies have conducted more than 1,700 takeoffs and touchdowns starting in early 2021. Furthermore, on March 20, 2024, we achieved sales of over $32 million (approximately 510 Bitcoins).

According to the firm, one out of every three private aircraft bookings was made using cryptocurrency. Beginning in early 2021, the private charter firm completed over 1,700 takeoffs and touchdowns. Furthermore, on March 20, 2024, it made about $32 million in income, or about 510 Bitcoins.

In October 2023, Bitlux CEO Kyle Patel explained the company’s approach to cryptocurrency payments and refunds, highlighting the service’s efficiency and easy-to-manage usage. Patel highlighted the benefits of cryptocurrencies with “global, near-instant peer-to-peer payment processing.” This reduces the challenges of traditional payment methods, which can lead to delays and other downsides.

On the airline’s official website, Bitlux explains its reasons for adopting cryptocurrencies. The company’s motto is “put the private back in private air travel.” Cryptocurrency is based on blockchain technology and is known for enabling encrypted and decentralized transactions. These fundamentals of cryptocurrencies make them more private and secure. The company is one of the first private jet companies to use cryptocurrency payments for flights.

As cryptocurrencies accelerate their growth and viability on a global scale, this concept creates a space for investors to use cryptocurrencies for luxury real-world experiences. Combining aviation and cryptocurrencies while deftly integrating core values ​​such as privacy, efficiency, accuracy, and security.

To charter a jet, Bitlux offers an online quoting tool where customers can send details of their desired flights to the charter department. After making a request, the company can check availability and create a plan that meets the passenger’s needs.

Kyle Patel, Bitlux’s CEO, spoke to his Airport Technology about Bitlux and its position in the industry: As far as I know we are the only people in the brokerage position that have regular structures, industry-specific training on logistic handling, and networking,” and adds, “Our guys are specifically trained on international logistics, but our sweet spot is on heavy cabin international trips, which is one of the big things that separates us from other companies,”

Boca Raton-based company Bitlux has logged over 1,000,000 air miles to date and is one of the ARG/US Registered Brokers, awarded to vetted charter aircraft companies with high safety standards. This is the status that can be used.

Bitlux specializes in medium- to large-cabin private jets, with half of its business conducted domestically and internationally.

The company accepts the top 10 coins listed on CoinMarketCap, including Bitcoin and Ethereum. Bitlux is not the only company to accept cryptocurrencies as a payment method. Airlines such as airBaltic and Vueling accept cryptocurrencies as payment for travel. Additionally, two airlines, Cryptoturismo and Destinia, accept cryptocurrencies as payment.

airBaltic introduces cryptocurrency

The first airline in the world to accept Bitcoin for ticket payments was airBaltic, which offers service to 60 locations around Europe and the Middle East. Martin Gauss, the CEO of airBaltic, said in a news release released on July 22, 2014, “airBaltic has been ranked among the TOP 10 most innovative airlines globally.” Adding the option to pay with Bitcoin is a part of our creative customer-centered approach to service.” On their website, airBaltic lists cryptocurrency as a payment method. They joined forces with Bitpay, an independent processor that exchanges Bitcoins for euros.

Impact of Bitcoin and Cryptocurrency Market on Private Jet Companies

Bitcoin was introduced in 2009 and has enjoyed rapid popularity and enormous market value since then. A safe and discreet option. Some people call Bitcoin and the virtual currency market a “trend” or “overhyped.” But it has gained legitimacy over the years.

Benefits

Provides privacy and discretion. Your purchases and balances, including your identity, will be kept confidential. Additionally, cryptocurrency trading reduces the risk of third-party risks such as: B. Freezing Funds or Records. Payments can be processed 24 hours a day, 7 days a week, without the delays that occur during traditional banking hours.

Furthermore, there are no losses resulting from the exchange to various currencies, transaction fees, or bank fees.

The CEO of Bitlux, Vivek Patel, responded, “From my position, I don’t think that the use of cryptocurrency in the private jet industry is unique or philosophical,” when questioned about his views on cryptocurrencies.

Patel mentioned a customer who was flying from the Caribbean to Europe but was unable to make a bank transfer. He implemented this Charter into Bitcoin, thereby solving the problems caused by traditional payment methods.

Patel also mentioned the benefits of such payment methods. “I believe that the introduction of crypto in aviation is what aviation is about – being able to provide a level of freedom, security, and control over where you are, and when you are there. The concepts of crypto aren`t foreign or unique.”

How AI will impact the private jet industry

When asked about AI in the aviation industry, Patel suggested that the primary focus will be on planning: “That’s going to be communication between consumer and aircraft. It’ll be able to understand schedules, not take the place of scheduling but understand schedules.” AI supervisors could help improve the quality of an already sophisticated service in the future.

Regarding Bitlux, the CEO also indicated when they anticipated implementing it in their scheduling system: “I see this happening in the next five years. Hopefully, some of our vendors and counterparts will take a step forward in the scheduling aspect.”

Patel did, however, also voice concerns about the addition of AI because of safety issues. “I think there’s a long way to go, mostly because of regulations. I will certainly say that the last place you want to have any kind of issue or mistake is in aviation. That is not a good place for a testing ground.”