Why does Evolution Travel accept three of the main cryptocurrencies as forms of payment for holidays purchased? What are cryptocurrencies? How can they be useful to us in daily life?
You have probably already heard of cryptocurrencies. In the past few months, the subject has been explored on TV, during newscasts and via numerous online newspapers.
It is being discussed and yet very little is known about it.
Try and ask your friends and family: do any of them know what we are talking about?
For many, this is an unknown topic, and for others it is comparable to electronic money. Nothing could be more wrong. So what is it?
Cryptocurrency is a virtual form of money whose main characteristic is that it is decentralised.
This means that there is no banking institute or body that issues it or decides its price.
To exist, circulate and be used safely, cryptocurrency is based on a cryptographic system.
This means that every single transaction is encrypted and codified using software that guarantees its security.
Cryptocurrencies and blockchains: a tight link
The foundation is the blockchain, a sophisticated mechanism that “monitors” and simultaneously strengthens systems of exchange.
We can compare the blockchain to a database made by PCs spread all over the world: every PC has the same “weight”, and is not part of a centralised system.
This archive preserves the story of every single virtual coin, from the moment of its creation.
Being shared by all participants in an equal manner, it is impossible to modify it autonomously at any time: it is like having a register that cannot be altered.
In this way, all the “elements” of the blockchain can have access to it (and therefore “read” it, as a kind of logbook) without being able to overwrite or delete anything.
This is a route that is always developing, and never moves backwards.
Operations cannot be modified, deleted or tampered with.
Even if a hacker were to attack a single PC, the blockchain would remain intact.
The reason? An attacked PC cannot tamper with the whole community, and is unable to modify documents generated as a whole.
This ensures stability, security and transparent operations for everyone.
Indeed, every PC contributes to the stability of the system and to the continuous functioning and regulating of the algorithm that generates new money and/or transactions.
It therefore becomes part of the whole, like a solid community.
Normally, the introduction of new money into the system has a limit, to avoid hyperinflation: for example, BitCoins – the most renowned of cryptocurrencies – will cease to be created once they have reached 21 million units.
If this, then, is the system that is at the basis of exchange and the creation of virtual money, where, “materially”, can cryptocurrencies be found?
The cryptocurrency deposit
To possess cryptocurrency, you need a ‘wallet’.
This is a virtual wallet that resides on the PC or smartphone of every user.
The wallet consists of two keys: one that is public and one that is private.
The public key functions in a similar way to an IBAN, giving the coordinates needed to receive a payment, for example.
This is what happens when you pay Evolution Travel in cryptocurrency: you receive a code that corresponds to the “address” of Evolution Travel’s wallet.
Then there is the private key: this is like the PIN used on an ATM or online current account.
It must never be lost, being absolutely confidential.
Evolution Travel’s first wallet was opened 4 years ago.
Put very briefly, this is the basic functioning of virtual currency.
Why has Evolution Travel chosen to implement Bitcoins (BTC), Ether (ETH) and Dash (DASH)?
Evolution Travel has decided to use these three cryptocurrencies as they are very common and because they allow especially fast transactions compared to other cryptocurrencies in existence.
Speed is essential, because over the course of just a few seconds, important fluctuations can take place.
The criterion was, therefore, that of guaranteeing our clients the maximum advantage possible in the use of cryptocurrency to pay for their holiday, without losing time and money.
Paying for Evolution Travel holidays in cryptocurrency: now you can.
This innovation allows us to satisfy the needs of the most advanced clients who already use cryptocurrency.
Virtual money is generally seen as a speculative means of investment rather than as a real form of payment. This is due to the fact that BitCoins etc cannot commonly be spent during day-to-day life.
This is not the case with us: we adopted this practice more than 4 years ago, in order to offer our clients and online Travel Advisors the best in technology.
Evolution Travel is a company that was born online in 2000, and immediately adopted a forward-looking perspective: today, our main inspirations remain the same.
The use of cryptocurrency is therefore absolutely natural for us, and will become increasingly so over the coming months.
If you use one of more forms of cryptocurrency and love to travel, you can be confident that with Evolution Travel you will find the right interlocutor to help you discover the world and pay in the way you prefer.
By Stefania Bochicchio