One of the biggest criticisms suffered by the world of cryptocurrencies is that they cannot be used to acquire goods and services on a day-to-day basis. Which represents a significant disadvantage compared to traditional fiat money. However, in recent times different initiatives have been emerging to solve this problem. Which has resulted in that you can now book a hotel with Binance using your cryptocurrencies.
Cryptocurrencies in daily life
Despite the importance that cryptocurrencies have acquired in recent years. And especially since mid-2020 with the biggest bullish rally in the history of Bitcoin. The crypto world continues to face one of its biggest challenges in getting cryptocurrencies used to purchase goods and services on a daily basis.
This is so for multiple reasons. The main one being the waiting times for the execution of transactions in Blockchains such as Bitcoin. In which you have to wait up to 15 minutes for an operation to be confirmed. An insurmountable disadvantage when compared to immediate transactions carried out with fiat money. Not to mention the little government regulation in the sector, which puts a merchant who accepts cryptocurrencies to risk legal insecurity and even legal punishments by institutions.
Faced with this situation, in recent years crypto world companies have got down to work. Emerging initiatives of all kinds whose objective is to make it easier for users to carry out transactions with cryptocurrencies. Including debit cards like the one launched by Binance, with which you can pay using cryptocurrencies at any establishment that accepts Visa cards.
Book your hotel with Binance
However, now Binance would be going one step further. Launching a new function within its telephone application, with which users of cryptocurrency exchanges will be able to book a hotel using more than 30 cryptocurrencies including Bitcoin, AVA, BNB and ETH. Through a simple and intuitive interface, and in just a few seconds. As shown in the promotional video of the application on their Twitter account:
«Introducing Hotels, the first category in Binance Marketplace powered by BinancePay.
Select the hotel
Choose your room
Pay in crypto – Bitcoin BNB and more
All within your Binance app! “
This is achieved thanks to the integration between Binance Pay, the Travala hotel booking website, and TripAdvisor And, as the company mentions in the promotional tweet of the new service, the ability to book a hotel with Binance using cryptocurrencies is only the first of the services the exchange plans to offer. With the aim of making the process of using crypto assets to acquire goods and services around the world easier.