Bitcoin and similar altcoins have significantly impacted Bedfordshire’s hotel business. In particular, Bitcoin and other crypto-currencies have allowed hotels to reduce costs and improve efficiency. For example, many hotels now accept Bitcoin as payment through https://bitiq-app.com/ for rooms and services, which eliminates the need for traditional payment methods such as credit cards. This reduces costs for the hotel and allows customers to pay for services more conveniently and securely.
In addition, the use of bitcoin and other crypto-currencies has allowed hotels to reduce their reliance on third-party booking platforms such as Expedia and Booking.com. By accepting bitcoin directly, hotels can avoid paying commission fees to these platforms, which can be significant.
Finally, the use of bitcoin and other crypto-currencies has allowed hotels to reduce their exposure to currency fluctuations. For example, if a hotel accepts payment in bitcoin, it will not be affected by any changes in the value of the bitcoin versus local currency.
7 Ways How Bitcoin Affected the Hotel Industry of Bedfordshire
The Bedfordshire hotel industry has been dramatically affected by the advent of bitcoin and other cryptocurrencies.
1. Increased demand for hotel rooms
Since bitcoins are easily converted into cash, they have become a preferred means of payment for hotel rooms.
2. Increased prices
As a result of the increasing need, lodging accommodation costs have risen. In some cases, the prices have doubled or even tripled.
3. More options for payment
Hotels in Bedfordshire are now accepting payments in cryptocurrencies.
4. More tourists
The increase in prices has not deterred tourists from visiting Bedfordshire. On the contrary, tourists have increased significantly since bitcoins became popular.
5. Increased revenue
The higher prices and increased demand have resulted in an increase in revenue for the hotel industry in Bedfordshire.
6. Increased investment
Hotels in Bedfordshire are now investing in new facilities and equipment due to increased revenue.
7. Improved image
The increased adoption of bitcoins and other cryptocurrencies has helped to improve the image of Bedfordshire as a leading tourist destination. As a result, more people are now aware of the excellent facilities and services offered by hotels in the region.
Many hotels, lodgings, and restaurants are in the hospitality industry, and if you’re not, then you’re in for a rude awakening. Everything from inns to backpackers accommodation to business hotels and even hotel chains have seen the advent of bitcoin, and the demand for it is immense.
6 Negatives of Bitcoin that Affected the Hotel Industry of Bedfordshire
1. Bitcoin’s price volatility has caused businesses, including hotels in Bedfordshire, to lose money. For example, in December 2017, the price of a single bitcoin reached almost $20,000, but by February 2018, it had fallen to less than $7,000.
This considerable price swing has made it difficult for businesses to forecast revenue and plan for the future.
2. Bitcoin’s peer-to-peer network is slow and can’t handle large numbers of transactions. This has caused hotels in Bedfordshire to delay or cancel reservations, as there is a risk that the bitcoin payment won’t be processed in time.
3. Bitcoin payments are irreversible, so if a customer disputes a payment made with bitcoin, the hotel cannot recover the funds.
4. The energy needed to mine bitcoins is vast and is increasing. This has led to concerns about the environmental impact of bitcoin mining, leading to increased electricity consumption and carbon emissions. Organizations that take bitcoin as payments assume several concerns.
5. The tax treatment of bitcoin is unclear, which has confused businesses. For example, is bitcoin income or a capital gain?
6. The anonymous nature of bitcoin transactions makes them attractive to criminals.
These are some issues that businesses in Bedfordshire have faced due to bitcoin. While there are some advantages to using bitcoin, such as global and can’t be controlled by governments, the disadvantages outweigh them.
The hotel industry in Bedfordshire has been affected by bitcoin positively and negatively. The positive effects include increased revenue, more jobs, and improved image.
The adverse effects include price volatility, slow network, irreversible payments, environmental concerns, tax uncertainty, and bitcoins for criminal activities. While bitcoin has certain benefits, the drawbacks outnumber them.