Bitcoin For Miles is a project by Bitcoin Brands Inc., a Delaware Corporation that is registered with the United States Securities and Exchange Commission. The company is developing consumer solutions for the acquisition and adoption of digital currency, and operating bitcoin ATMs in locations around the United States and Canada.
Its buisness unit dubbed Bitcoin For Miles was launched in February to turn unwanted miles into bitcoin. The company states that their transactions are “fast, discreet and now even more private”. “Bitcoin is an asset that may appreciate in value while frequent flier miles expire and lose value over time,” reads Bitcoin For Miles.
Probably, the idea to convert unwanted miles into cryptocurrency may seem a bit dodgy. So, the project’s FAQ page explains all the pecularities. Here are some of questions and answers:
- Why Should I Sell My Miles?
There are many reasons why selling your miles may be worth it to you.
- You accumulate miles but never use them
- You don’t fly that often
- Your miles are about to expire
- You’d rather own bitcoin
- How much will I get paid?
It varies widely on the type of miles or point you’re selling. The average seller receives between .005 cents to 1.7 cents per mile / point.
- Is selling miles legal?
There is no federal or state law restricting the sale or barter of frequent flyer miles (Utah being the exception), but it is against airline policy.
To sell their miles, users just fill out a special form asking for a quote for the type of points they want to sell.
The owner of Bitcoin for Miles, Peter Klamka, says the conversion from miles to bitcoin is quick “once the points leave your account to get your bitcoin. For transactions over a certain amount and we can involve an escrow agent until transfers are complete,” reports Skift.
Still, Coinfox reads that ‘Bitcoin for Miles’ project is “following the general trend of the “bitcoinization” of air travel.” Air Baltic and Air Lithuania started to accept bitcoins last year. Moreover, the Universal Air Travel Plan payment operator has announced its plans to integrate bitcoin. The company is partnering with Bitnet to make make digital currency available as a payment option for more than 260 airlines.
Actually, there are plenty of services which capitalize on operations with bonus points and bitcoins. For example, in Europe, some companies permit users to buy Amazon gift cards for bitcoins. In the USA, customers can purchase Nike and Starbucks gift cards for digital currency using an iOS application called Gyf.