As of December of 2017, the market cap of cryptocurrencies such as Bitcoin has been valued on average at over $600 billion US dollars. Furthermore, crypto-markets are currently raking in over $500 billion US dollars every day solely due to Bitcoin transactions.
With stats like that, it’s easy for anyone to start wondering how they can take advantage of this growing and thriving economy. We’re left wondering how the hospitality industry could make use of these thriving market conditions and benefit from them.
Today, we’re going to go over things such as how and why the hospitality industry could make use of this, as well as the benefits that come along with it.
Can Hotels Make Use of Cryptocurrency?
The first and foremost method in which hotels could make use of cryptocurrency would be to start accepting payment for bookings and rooms from customers in the form of the more popular cryptocurrencies such as Ethereum, Bitcoin, and Litecoin.
Many of the big-name brand hospitality organization aren’t very likely to see the benefit of using this type of never technology due to some of the risks that are involved in using it. However, cryptocurrency and its underlying technology offer an opportunity for newer and more progressive hotels to work with the technology to create a more flexible business plan and gain an edge on the competition.
Fortunately, there are several technical solutions that have been put in place for companies to be able to receive payments through cryptocurrencies such as Bitcoin or Ethereum on stable platforms such as BitcoinPay, Coinify, and Coinpayments
The Unforeseen Opportunities
In the end, it’s important to never underestimate the value of being the first to offer something that is different from the norm. Even today, there are still people who are talking about the Waldorf Astoria Hotel in New York City which has been the first to accept cryptocurrency for rooms and other services.
Being one of the first to onboard ideas such as new technologies or cryptocurrencies can provide your company with great publicity and endless opportunities. This can provide you with an edge that can easily be picked up by local news organizations and provide you with the publicity that can drive more sales to your hotel.
Also, by establishing yourself in a new and emerging market, you will be able to gain first-hand insight and knowledge as to how to deal with the complications related to the new technology and how you can implement it properly into your business model. As a result, this will give you a head start on the competition and might just be the publicity that you need.
In the end, cryptocurrency holders are always looking for new ways in which they’re able to spend their crypto-coins. And, for hotels who set themselves up to accept this form of payment, they will be able to benefit from a new wave of consumers who are already ready and willing to take advantage of it.