Determining the use of cryptocurrencies is not as straightforward as one would think. It has become apparent that most cryptocurrency users do not rely on Bitcoin or altcoins as an effective payment method. As such, it is also normal a lot of companies who initially accept BTC overturn that decision sooner or later. For Travala, however, it seems things are heading in the right direction across the board.
Overall Increase in Bookings
The success of cryptocurrency payments for a specific merchant or service provider hinge on that company’s own success. For Travala, there has been a notable increase in the number of room nights bookings throughout July of 2019. It is an increase of nearly 50% compared to May of 2019. This is in line with the Bitcoin price rise, which started gaining momentum around the same period.
At the same time, the average room night price has decreased significantly. It is not necessarily a bad trend when the number of overall bookings increases, but it is something worth keeping an eye on. Even in July 2019 the average room night price is still $136, which is on the more expensive side of the spectrum. It wouldn’t be too surprising to see this price come down even further as the year progresses. Higher Bitcoin prices don’t make consumers spend more money on such luxury expenses.
Crypto Payments are on the Rise
The more interesting statistic for users is how the overall amount of cryptocurrency payments through Travala remains very high. Over 70% of all bookings in July were paid in various cryptocurrencies. As one would expect, Bitcoin is still the most popular option, followed by the AVA token, Dash, and Ethereum. No real surprises there either, although it confirms the company’s own native token continues to attract a lot of attention.
The more worrisome aspect is how Litecoin, Bitcoin Cash, and Tron do not seem to get much support at all. All of the other currencies accepted by Travala are performing even worse, as they represent less than 3% of payments per individual token. Cryptocurrency users only care about the most prominent asset, which is also evident when looking at their spending patterns.
More Growth Ahead?
One can only hope these statistics will inspire other companies and service providers to experiment with cryptocurrency payments in the future. Bitcoin has not seen much success in this regard, as numerous companies have tried to work with cryptocurrency yet ended supported due to a lack of transactions and overall interest. Combined with Bitcoin’s technical limitations that situation might not necessarily change in the near future.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.