Despite the current Covid-19 situation, which led to paralyzing the aviation industry and slowing down business operations in almost every travel-related sector, we have managed to come up with some really exciting new features, which will change both the user experience and the whole flight compensation game itself.
So prepare yourself, Crypto lovers – this update is made especially for you!
From now as a Colibra user, you can choose to get paid for flight delays in Bitcoin. What is more, you can select whether to receive your compensations at the current BTC/EUR exchange rate on the day of the actual payment or guarantee yourself a fixed amount of Bitcoin regardless of the Bitcoin price when your compensation is due.
Let’s get into some details with an example:
Your flight from London to Berlin has been delayed by 2 hours meaning you can get 50 EUR from Colibra. If prior to your flight you have chosen to receive the amount in Bitcoin and your compensation is due today you will get 0.0052* BTC to your BTC address (*if the rate is 9,560.69 EUR for 1 Bitcoin, 04.08.2020).
Now think about what would happen if you register a flight that’s 5 months away, fix your compensation to 0.0052 BTC and in the meantime the price of Bitcoin doubles to 16,000 EUR per BTC. Should your flight delays 2 hours or more you will get 0.0052 BTC* (*50 EUR in Bitcoin at a rate of 1 BTC = 16,000 EUR). All without a charge!
If you strongly believe that today’s Bitcoin price will continue to rise as time goes by and love stacking satoshis like we do, getting compensated in Bitcoin at a fixed rate will be the perfect fit for you!
In other words, you have 2 possible options:
- In the first case, you just fill in your Bitcoin address in the app and we will transfer the earned compensation with Colibra if a certain condition is met (e.g. your flight has been delayed by 60 min). The Bitcoin amount transferred to your account will depend on the exchange rate at the time of the actual payment.
- In the second case, you enter your Bitcoin address in the app, register your upcoming flight and fix the amount of your compensation in Bitcoin, securing yourself the option to get even higher compensation if Bitcoin price increases by the time your flight gets delayed.
By frequently flying with Colibra, you’ll have access to our ecosystem and will be able to acquire more Bitcoin just by having your flight delayed with 1+ hours. All free of charge.
You may be asking yourself – how are we able to pay for all 1+ hour flight delays without demanding а payment?
Colibra’s flight compensation service pays for flight delays no airline would compensate (1 to 3-hour delays, which are not covered by the EU261 regulation). By doing so, we collect compensations from the airlines, take the market-average service fee, put the rest to a pool and then redistribute it upfront to our community members with delayed flights over 1 hour, thus making the regulation fairer, easier and accessible. And not to forget, we pay 20 times more frequent and within 24 hours after landing! You can read all about the process here.
Sounds fun, right? Go on and try it now by installing the app and securing your first flight compensation ever paid in Bitcoin!