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In the last few years Bitcoin has been on a meteoric rise. Not only its value has risen significantly, but more and more, businesses have started accepting Bitcoin for payment.
Are you considering buying a yacht with Bitcoin?
We’ll highlight some of the advantages, the risks, and what you can expect when using Bitcoin for yacht buying in this short guide.
Well, as a cryptocurrency, Bitcoin does offer a few advantages over traditional payment methods. There’s the ease of use, fewer fees, and many prefer the privacy Bitcoin offers. Here’s a look at a few key advantages:
Once you own Bitcoin, it’s not controlled by a traditional bank. Instead, it’s much more like having cash in your pocket – but cash you can transfer to anyone, anywhere in seconds. This means payments can be made discretely and privately. The peer-to-peer blockchain network makes payments untraceable, which is important for people who want to keep their travel expenditures private.
2. Fast Set Up
You can set up a Bitcoin “wallet,” purchase coins on an exchange, and make a payment in a matter of a couple of minutes. Setting up bank accounts, on the other hand, requires a lot of paperwork, and may even require approvals and documentation.
3. Few Transaction Fees
Wire transfers and credit card processing fees can be very expensive, adding additional expenses onto the cost of booking. An advantage of Bitcoin – there are little-to-no fees. You can transfer money internationally, without having to exorbitant rates.
4. Fast Transfers
Finally, Bitcoin transfers can take as little as a few seconds up to 10 minutes (if you wait for approval). That’s a key advantage for charter bookings. No need to wait for bank approvals, or to call your bank to authorize a transaction. You can transfer money to your Advance Provisioning Balance or your yacht broker almost instantly – helping to alleviate any third-party delays.
Are There Risks?
Bitcoin remains volatile, and that might be the most significant risk.
In other words, there can be swift fluctuations in the cryptocurreny market. Also, security can be an issue, but if you choose a well-regarded coin exchange provider, you can avoid many of the security risks.
All in all, the currency is easy to use and understand, and thanks to the blockchain structure, it remains highly secure. By following the market, and using reliable currency exchanges, you can minimize the risks.
Today Global Yacht offers a wide range of boats that can be bought for Bitcoin or for another cryptocurrency.
Stunning, immensely capable yachts that sail to far-flung places, allowing you to experience life at a different level. Explore our new yachts and boats for sale.
Use Bitcoin to buy a boat or yacht through Global Yacht !