News Release

BitLux develops proprietary process for accepting privacy coin cryptocurrency

BitLux, one of the first private aviation companies to accept cryptocurrency as payment, now offers a new proprietary internal financial management system allowing customers to use multiple privacy coins to book their flights. BitLux currently accepts Bitcoin, Ethereum, Litecoin and Bitcoin Cash but with these new updates, the Boca Raton, Florida-based charter brokerage can now accept privacy coins, which offer transactional privacy.

Although privacy coins use a public blockchain network, they are mutually interchangeable with other cryptocurrencies and can conceal participants' identity and transaction amounts making transfers untraceable. These coins can give travellers a degree of anonymity in a robust and decentralised manner.

“Privacy coins bridge the gap on digital finances. While many cryptocurrencies can be tracked openly on a ledger system, if your wallet address is found, it can be traced back to the very beginning. While tracing back your wallet can be considered a valuable asset, removing the privacy from finances can be a very dangerous avenue to travel,” says Kyle Patel, executive director at BitLux.

The process is completed using wallet-to-wallet transactions, which is a preferred method for crypto customers since it effectively removes the middleman, high fees and expedites the booking process. The current list of accepted privacy coins includes Monero (XMR), ZCash (ZEC) and occasionally Pirate Chain (ARRR).

With nearly 300,000,000 people worldwide investing and using cryptocurrencies, BitLux maintains the importance of ensuring personal financial information stays confidential.

“We believe that, as a company in the private aviation space, it is our duty to ensure our customers can receive and send the data and information or even currency in whatever form suits their needs best,” Patel concludes.