Bitcoin For Miles Allows Users To Convert Their Miles Into Bitcoins.
Many people consider airline miles to be a kind of shadow currency which has no rules governing its use, with there being serious concerns regarding its fondness among hackers.
This is a result of airline miles and loyalty program points being easily tradable for cash and goods.
Recently, another currency has entered the scene of exchanging airline miles, bitcoin. Advocates of bitcoin believe that the best way to protect your money is to remove money from the equation completely.
Bitcoin For Miles, which is owned by Bitcoin Brands Inc, suggests that travelers convert their unwanted flyer miles, and other reward points, into bitcoin using a transaction that Bitcoin For Miles describes as “fast, discreet and now even more private.”
While that seems a bit ambiguous, the site’s FAQ does a reasonable job of dispelling any confusions.
While there has been some doubt on whether it is legal to sell flier miles, Bitcoin For Miles has tried to clarify its legality.
Speaking on this matter, a Bitcoin For Miles said: “There is no federal or state law restricting the sale or barter of frequent flyer miles (Utah being the exception), but it is against airline policy.”
According to reports, customers who use Bitcoin For Miles will get 0.017 bitcoin per mile. This is a unique case as bitcoin companies do not usually purchase gift, and bonus points and instead sell them.
The owner of Bitcoin For Miles, Peter Klama, assured everyone that the conversion of miles to bitcoin is in fact very fast.
“Once the points leave your account to get your bitcoin. For transactions over a certain amount and we can involve an escrow agent until transfers are complete,” he explained.
Bitcoin can already be used on some airplanes. Guestlogix announced that starting March 31st, bitcoin will be added to its retail platform for in-flight ancillary sales.
As a result, airlines will now be able to accept bitcoin. This gives passengers the opportunity to use their bitcoin to purchase items sold onboard the planes.
AirBaltic, a Latvian airline, is the first airline to accept bitcoin onboard and Guestlogix expects other airlines to soon follow suit as well.
Whenever that happens, Guestlogix will be ready to carry out bitcoin transactions onboard the planes.
Airlines accepting bitcoin payments may become widely popular sooner than anyone currently imagines.
Recently, Universal Air Travel Plan, Inc. signed a deal with Bitnet which allows over 260 international airlines to accept bitcoin payments.