Jaroslava Kaňková

15 March, 2023

The Benefits of Accepting Cryptocurrency for Aruba Vacation Rental Owners

in Cryptocurrency

Aruba has long been a popular vacation destination for travelers from around the world. With its stunning beaches, warm weather, and vibrant culture, it’s no wonder why so many people flock to this Caribbean paradise each year. And with the rise of cryptocurrency, owners of vacation rentals in Aruba have a new opportunity to attract even more visitors and boost their bottom line.

Accepting cryptocurrency as payment for vacation rentals offers several benefits for owners. Here are just a few of the ways that cryptocurrency can be advantageous for vacation rental owners in Aruba.

Faster and Cheaper Transactions

One of the main advantages of accepting cryptocurrency payments is that they can be processed faster and more affordably than traditional payment methods. With traditional payment methods, such as credit cards or bank transfers, it can take several days for transactions to clear and fees can add up quickly. Cryptocurrency payments, on the other hand, can be processed almost instantly and typically involve lower fees. This means that vacation rental owners can receive payments more quickly and without as much overhead cost.

Attract New Customers

Accepting cryptocurrency can also help vacation rental owners attract new customers. Cryptocurrency enthusiasts are always looking for new ways to use their digital assets, and by accepting cryptocurrency payments, vacation rental owners can tap into this market. Additionally, many cryptocurrency users value privacy and security and may prefer to use cryptocurrency for transactions rather than traditional payment methods.

ALSO READ: What Does Crypto Insurance Offer?

International Transactions Made Easy

Aruba is a popular destination for travelers from all over the world, and accepting cryptocurrency can make it easier to process international transactions. Cryptocurrency is a decentralized currency that can be used across borders without the need for conversion, making it an ideal payment method for international transactions. Vacation rental owners can accept cryptocurrency payments from customers around the world without worrying about currency conversion or international transaction fees.

Avoid Chargebacks

Chargebacks can be a major headache for vacation rental owners, as they can result in lost revenue and increased administrative work. By accepting cryptocurrency payments, vacation rental owners can avoid the risk of chargebacks altogether. Once a cryptocurrency transaction is completed, it cannot be reversed, which means that vacation rental owners can enjoy greater financial security and peace of mind.

Conclusion

In conclusion, accepting cryptocurrency payments for vacation rentals in Aruba offers several benefits for owners. From faster and cheaper transactions to attracting new customers and avoiding chargebacks, cryptocurrency can help vacation rental owners streamline their payment processes and increase their bottom line. As cryptocurrency continues to gain popularity, vacation rental owners who embrace this new payment method stand to benefit in a big way.

28 November, 2022

What Does Crypto Insurance Offer?

by Jaroslava Kaňková

in Cryptocurrency

Since Bitcoin’s creation, there have been 60 exchange hacks that have stolen more than $75 billion worth of crypto. How can one protect oneself from such a loss? What opportunities does the market currently offer?

Fortunately, corporate insurance has been around for a long time. Much like how accident insurance works (where you might want to get the cheapest SR22 Bond you can find), if your exchange loses money due to a hack, it (and hopefully you) will be compensated. However, the situation is different for private individuals. Since cryptocurrencies are not legal tender or traditional assets, they are not secured in the same way as cryptocurrencies.

Crypto Shield recently launched insurance that compensates crypto owners for a loss of assets on popular crypto exchanges such as Binance, Coinbase, and Gemini. An important caveat applies: Only qualified crypto product providers are insured. So if you want to insure your Ledger or Trezor wallet, you can’t do that withCryptoShield. However, there are already providers who specialize in cold wallets. More on that later.

Crypto insurance for retail investors

Crypto According to the developers, Shield is said to be the first insurance product on the market designed specifically for retail wallets. “It’s designed specifically for those who are involved with crypto but don’t have institutional accounts,” said Alex Maffeo, CEO, and founder of Boost Insurance.

The insurance covers 20 different cryptocurrencies, including Bitcoin, Ethereum, Ripple, Solana, and Dogecoin, as well as stablecoins such as Tether or the USD Coin. A value of up to one million US dollars can be insured. According to Boost Insurance, larger sums fall into the category of “institutional investor”.

Maffeo went on to explain, “We’re really trying to appeal to retail investors, from those who are just starting out with crypto to individuals who own up to $1 million.”

The insurer offers a dashboard that you can use to update and manage your insurance account. The insurance also covers an increase in value of up to 50%. In addition, insurance also applies to new investments. You can invest up to 150% of the current value of your coins. However, you cannot pay the insurance premium in crypto.

Exchange hacks are relatively rare. Nevertheless, there were 6 officially reported hacks last year alone, in which crypto worth almost 4 billion US dollars were lost. That’s why insurance could be worthwhile. But what about insurance for hardware wallets or offline wallets (“cold wallets”) if you don’t want to keep your coins on an exchange?

ALSO READ: Adding Cryptocurrency as Payment Option in Your Online Store

Cold wallet insurance is in the works

Evertas, a Chicago-based insurance platform, received approval this month to call itself a “coverholder” at Lloyds of London, one of the world’s leading insurance providers.

Coverholders are specialized, Lloyd’s approved insurance providers that offer policies for niche areas. Evertas is the first cover holder of its kind to specialize in cryptocurrency insurance, namely digital wallets. The insurance of cold wallets is also on the company’s agenda. However, it will still be some time before the company launches insurance for these.

According to Evertas, of all crypto assets that have a total market value of around $2 trillion, only 0.25% are insured. So the crypto insurance market is pretty big. As adaptation progresses, the crypto insurance market will continue to grow and new crypto insurance providers will appear on the market. Whether cold wallet or exchange insurance: The possibilities and potential of the crypto insurance market are far from exhausted and the market is ripe for new products.