Bitcoin, Ether, Dogecoin. Consider using crypto rather than cold hard cash the next time you acquire or hire a yacht. Denison Yachting, based in Fort Lauderdale, Florida, made its first yacht sale using cryptocurrency in 2016, and in 2018 its first Bitcoin-booked charter. Today, the company has completed more than 5 bitcoin transactions. This paves the way to making yachting more accessible. Plus, it makes sense due to low transactions fees, fast transfer, and privacy.
All At Sea asked Bob Denison, founder and president of Denison Yacht Sales, what he foresees for use of cryptocurrency in Caribbean charters.
“I strongly believe cryptocurrency will one day be mainstream for chartering yachts of all sizes in the Caribbean. It won’t be overnight. If I had to guess I would predict this happening in 15 years. It will be a niche for now, but a niche that grows faster than most people expect,” says Denison.
And will crypto one day replace the need for guests to carry a large wad of cash for the post-charter crew gratuity?
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“It’s only a matter of time when tips will be exchanged wallet-to-wallet after charters. An interesting side note, I was on a charter a few years ago in St. Thomas with some friends. At the end of the charter, most of us ran to the local (and expensive) ATMs. Except one. My friend Robert knew I was a crypto guy. While the rest were hunting for cash, he sent me his share of gratuity in bitcoin. Also, worth noting this all went down on a Sunday, and I received his share in minutes. No fees. And didn’t have to deal with touching dirty cash,” Denison adds.
To use cryptocurrency to pay for a charter, first, let the charter broker know this is the preferred payment currency. Then, when the broker’s invoice arrives, choose to make a payment using one of your crypto wallets. After payment, Bit Pay converts the crypto for the broker. Denison says crypto is safe, easy to use and private. The blockchain network makes payments untraceable. Plus, the 1% fee is minimal compared to wire transfers or credit card processing fees. Transfers can take as little as a few seconds to a couple of minutes to complete. No need to wait for bank approvals. www.denisonyachtsales.com