How Bitcoins work and how you can use them to charter your private jet flight.

Thursday 23 April 2020 Blog

The reasons to switch now to Bitcoins and charter your private jet flight.

Bitcoins, which ones you can use to pay for your private jet charter, are coins deposited in computers. They are not physical and exist only in the digital world! That's why Bitcoins and other crypto currencies are often called digital coins.

But how do Bitcoins work and why use them for chartering a private jet?

How Bitcoins work

Bitcoin is a digital currency, a decentralized system that records transactions in a distributed ledger called a blockchain.

The basics of blockchain technology are fairly simple. Each block chain consists of a single block of information-rich blocks, arranged chronologically. In principle this information can be any string of 1 and 0, which means that it can include e-mails, contracts, property titles, marriage certificates or bond exchanges.

This versatility has caught the attention of governments and private companies; indeed, some analysts believe that blockchain technology will ultimately be the most impactful aspect of the cryptocurrency craze.

In the case of Bitcoin, however, blockchain information is mostly transactions. Bitcoin is actually just a list: person A sent X bitcoins to person B, who sent Y bitcoins to person C, etc. By comparing these transactions, everyone knows what individual users do, who however identify themselves with an alphanumeric code and are therefore almost unrecognizable by us.

This system is also very secure. Here, for example, what would happen if a hacker controlled 51% of the blockchain's nodes and tried to change a block:

  • The hacker changes the data in the block so that Bitcoin is sent to his public key.
  • Since the data in the block has changed, there is a new mathematical problem that the hacker needs to solve.
  • The electricity the hacker needs to solve the problem costs more than Bitcoin is worth in the block.
  • The hacker can continue and solve the problem, but he will loose money.
  • As you can see, it is almost useless for a hacker to complete an attack on the blockchain to steal bitcoins. That's why this system is very secure.

But why use Bitcoins to pay for a private charter jet?

What are the advantages of using Bitcoin to pay for booking a private jet.

Here's why using Bitcoins to pay for your jet flights:

  • International payments are much faster than those made with banks.
  • Rates are low.
  • The Bitcoin system is based on the Blockchain, almost impossible to hack.
  • It's an anonymous system, so you don't necessarily have to use your name.
  • Taxes are shared and do not go to a single recipient (e.g. a bank or PayPal).
  • No verification for new users: anyone can use it.

With this system anyone, anywhere in the world, can send money to others.

There is no KYC (Know-Your-Customer) process, there is no need to use the ID to open a Bitcoin wallet.

Not to mention international payments and taxes, aspects that are decidedly advantageous compared to bank payments or other systems such as PayPal.

International payments and taxes with Bitcoin

If you want to send an international payment through your bank, it will normally take more than 3 days and you will have to pay a high fee. The system is different for each country, but it is still expensive and time-consuming.

If you make an international payment using Bitcoin, it will take around 10 minutes. Sometimes it takes longer (up to an hour or more), but it is still much faster than the 3 or more bank days.

In short: if you are in London and want to book a private jet you do not have to make a payment by international bank transfer days before your departure. You can pay it in Bitcoin even a few hours before!

Bitcoin is also cheap because there is no intermediary (bank, PayPal or other) to pay. Even if PayPal provides for instant payment, you will have to pay taxes, which are very low with Bitcoin.

In conclusion

A large number of people use Bitcoin to pay for private jet flights and find it a very advantageous and simple system.

To book your private jet with this digital currency, just use the BitPay intermediary (you can use the site but also download a convenient app on your mobile phone) and create your virtual wallet.

Here are some examples of the Bitcoin prices of a return flight in a private jet:

  • London-Paris-London price 0.85 Bitcoin
  • Geneva-Nice-Geneva price 0.77 Bitcoin
  • Milan-Ibiza-Milan price 1.39 Bitcoin
  • Lugano-Olbia-Lugano price 1.08 Bitcoin

Fill out the booking form to immediately know the price in Bitcoin of your next trip!

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