TJB Super Yachts are proud to be accepting all the major cryptocurrencies as payment for superyacht charters and purchases. As the meteoric rise in these safe, efficient and immediate payment options continues, we felt it was imperative to offer this service to our clients. The result means a more stream-lined, no-holds-barred payment process at any time of the day or week.
What are Cryptocurrencies?
Cryptocurrencies – Bitcoin being the most well-known – are a form of digital currency which allow the sender and receiver to transfer money between them without using a central bank. The system was launched in 2009 and has rapidly grown in popularity across the world since, allowing business (and personal) transactions to flourish in a world where centralised banks or credit cards are no longer needed.
To use cryptocurrencies, you use a coin exchange and purchase your chosen cryptocurrency with your own money. The exchange is similar to exchanging foreign currencies and is based on the current exchange rate in the same way. Once you have your chosen cryptocurrency in your wallet – there are many to choose from and TJB Super Yachts accept all the major ones including Bitcoin, Ethereum and Litecoin – it is yours to spend as you wish, when you wish.
With no bank acting as middleman, you can pay for goods and services immediately, from your account to another business account. The transaction is immediate and a record will be kept on a centrally viewable transaction record.
So, what are the major advantages of using cryptocurrencies over traditional payment methods?
Fast, Immediate Transactions
In just a few minutes you can set up an account, exchange your own currency for a cryptocurrency and make a payment. The transfer is immediate from one account to another, with no need to wait for banks to be open, for transfers to be made, and for documentation or identification procedures to be undertaken.
Within the superyacht industry, it is this immediacy and indeed spontaneity which TJB feels is the most advantageous to our clients. “We have found that many of our clients like the freedom to book a last-minute superyacht charter” explains Tim Johnson, CEO of TJB Super Yachts. “By using a cryptocurrency they can send us their payment in a matter of moments, and be enjoying their charter within a few days. I am excited about being able to offer this fast, safe and convenient payment option, and feel we are paving the way for more simplicity not only in superyacht bookings, but in the sales of yachts too”.
Whether charterers wish to pay the deposit or balance of their charter, or to fund their Advanced Provisioning accounts, a cryptocurrency payment allows them to do so within seconds whilst by-passing any third parties. Whether this means paying for a spontaneous yacht charter the evening before wanting to board, or simply wanting to have more control and privacy over their payments and travel plans, then a cryptocurrency payment allows this to happen.
The Highest in Security and Privacy
By cutting out the banks, our clients are able to make more private payments which are untraceable. Once a cryptocurrency amount is in your account, it is essentially treated as having cash in hand. So, whenever a payment is made directly from one person to another, it is done with discretion and privacy. This gives our clients the freedom to choose how they spend their money and not have their travel or leisure expenses, or the purchase of major assets such as superyachts, involved in complex paper trails.
Strong Exchange Rates and Few Fees
With its boom in popularity, and its wide and ever-growing acceptance globally, cryptocurrencies are seeing a rise in exchange rates, which work in the same way as currency exchange rates. As with conventional exchange rates, rises and falls in value are expected, but Bitcoin and its comrades offer very competitive exchange rates. The result for charterers is they may be able to spend less of their cryptocurrency to pay for their charter, ultimately saving them money.
Likewise, by eschewing bank transfers or credit card payments in favour of peer-to-peer payments, charterers and buyers can avoid the often high processing fees. With cryptocurrencies, there are virtually no fees involved with the transfer, allowing the sender to transfer money internationally without the disproportionate exchange and processing fees levied by the banks and credit card companies.
Contact us if you have any questions
We have been watching the development of cryptocurrencies over many years before making the decision to offer this payment service to our clients, and have thoroughly explored all the advantages and disadvantages before launching it. Needless-to-say we are here to offer guidance and advice, and answer any questions you might have with regards payments, sending money or which cryptocurrencies we accept. So please do get in touch if you have any queries and let’s get booking your next charter or making that exciting next step into yacht ownership, using the very latest in safe, private financial technology.