Air Lituanica is now accepting bitcoin for flight tickets as part of its ongoing bid to embrace new and innovative methods of serving customers. With the news, the two-plane, Lithuania-based airline becomes the second airline, and second in eastern Europe, to add bitcoin payments following airBaltic’s July announcement.

In a blog post, Air Lituanica director of commerce Simonas Bartku illustrated the benefits bitcoin can bring to travel businesses, writing: “Bitcoin payments are highly beneficial for the aviation market – this currency helps to attract more buyers from abroad as bitcoins can be used anywhere in the world.”

News on Bitcoins

Air Lituanica’s statements provide the latest evidence that bitcoin is gaining traction beyond the airline industry in the wider global travel industry, and that a growing number of consumers and businesses in this sector are looking to tap digital currency as a solution.

Long term, digital currency proponents believe the technology can provide real convenience to travelers due to the hassles and high fees associated with currency conversion as well as the high risk of fraud international travelers face. Further, it seems a growing number of businesses are looking to help the community test its prediction.

In addition to appealing to existing travel companies like Air Lituanica, bitcoin is also helping savvy entrepreneurs gain a foothold in the space. For example, just last week, Bali-based travel booking agency BitcoinTour launched with the goal of making it easier for travelers to use bitcoin to visit the popular island.

Bitcoin News Video

Watch this video for more “News on Bitcoin”.

Continue reading “Bitcoin Now Used Increasingly For Flight Tickets”

Multinational bitcoin exchange igot will today launch the first bitcoin exchange in the United Arab Emirates (UAE), to capitalize on the unique opportunity posed by the market.

The Australia-based company’s founder Rick Day told the new exchange will operate with a Commercial Brokerage License, approved by the local government. It has also secured local banking partners for direct deposits and withdrawals in UAE dirhams (AED).

Igot has hired a small team for business development and customer support for its Dubai office. Day added that igot will continue to offer the same flat 1% trading fee to all its customers worldwide, with no additional fees for deposits or withdrawals in either bitcoin or fiat currencies.

News on Bitcoins

The exchange is aimed more at consumers than professional traders, with a simple buy-sell interface. However, it recently implemented a feature called ‘Future Trade’ which functions like limit orders on a more advanced exchange, giving customers the option to set their price and wait for bitcoin’s value to rise or fall to that level before executing the trade.

As well as bank access, igot is also working with local payment processors to give users more options in the coming months. As well as having a concentration of high net-worth individuals among its citizens, about 60% of the UAE’s workforce consists of expat Indian workers, both professional and manual, who often send their money back home.

In fact, foreign citizens make up a staggering 91% of the UAE’s population of 9.2 million, with 1 million Indians representing the country’s largest overall group. Day said that, given that India is currently igot’s largest market outside Australia, its presence in the UAE puts the company in a very interesting position. “Our strategy to expand igot is based on a pairing system. India is one of our best performing markets. In terms of trade volumes, I think we’re the biggest local exchange there. Indians sent $70bn home in 2012.”

Bitcoin News Video

Watch this video for more “News on Bitcoin”.

Continue reading “Bitcoin News: UAE Gets First Bitcoin Exchange”

Bitcoin service provider Xapo has launched a new feature that enables users to purchase bitcoins directly from the company. The company announced the new service, Xapo Deposit, via its blog earlier this week. According to Xapo, users can now send euro and US dollar payments via wire transfer and receive bitcoin in return.

Xapo’s blog post pointed to its bitcoin debit card, wallet and insured vault storage as evidence that it has “come full circle” in offering customers the ability to secure, transact and now acquire bitcoins. Now that Xapo users can reload their accounts without much hassle, it is evident that the company is positioning itself as a one-stop service for bitcoin.

From start to finish, Xapo’s buying process takes just three steps. Firstly, a user must log in to their Xapo account and click the ‘deposit’ button on their wallet homepage. Next, a page will open with all the relevant details for the wire transfer, including a personalised ‘Xapo reference code’. Once the wire transfer has been completed, the user will receive a confirmation email. Xapo claims the funds will arrive in their bitcoin account between two and five days later.

News on Bitcoins

Fidor Bank has partnered with Xapo to enable the wire transfers, though Xapo representatives have not been contacted to confirm this. Fidor is known for its cryptocurrency-friendly approach, recently becoming the first bank to integrate Ripple’s payment protocol.

Xapo will charge a fee of 1% for this conversion and adds that banks may charge additional fees to wire these funds. With regards to the conversion rate the service uses, Xapo’s website states: “Deposits will be converted using market rates applicable at the time of the conversion (including any third-party fees we are required to pay, which will not exceed 0.3%). Xapo does not guarantee a particular conversion rate.”

Bitcoin News Video

Watch this video for more “News on Bitcoin”.

Continue reading “Bitcoin Breakthrough: Buy Bitcoins via Wire Transfers”