Bitcoin’s skyrocketing value has left some people scrambling to buy the cryptocurrency for their next airfare.
The crypto-currency has seen its price surge to more than $5,000 a coin from just $200 last week, and that surge has left people scrambling.
Air travel has become increasingly expensive in recent years as major airlines have implemented new regulations aimed at curbing fraud.
With airlines scrambling to cope with increasing demand and ticket prices, many people are opting to use Bitcoin to buy tickets.
“Air travel is definitely getting expensive, and it is getting more expensive,” said Andrew Leach, CEO of Airline Solutions, a travel booking and logistics company.
“A lot of people are using Bitcoin to pay for air travel.”
Leach said Bitcoin’s meteoric rise in price has made it particularly popular for those who want to travel for short periods of time.
“It is still a very volatile currency, so you really need to look for the right time to take advantage of the price increase,” he said.
“The price of Bitcoin has increased dramatically in the last year.”
While Airline Services’ Leach said his company’s clients have taken advantage of Bitcoin’s rise, many airlines have yet to implement any rules to curb fraud.
The price fluctuations in the cryptocurrency have created an incentive for many Bitcoin users to use the crypto-currencies for their flight purchases.
“There’s definitely a growing number of people looking to use it for their air travel, and they have to do so without a ticket,” said Jeffrey Tullock, CEO and co-founder of Coinify, a bitcoin payment platform.
“So there’s definitely some demand.”
The value of a Bitcoin coin has risen by more than 7,000% since the beginning of the year.
The price of a single Bitcoin coin peaked at $2,800 in August.
Since then, it has increased to nearly $1,000, making it one of the top three cryptocurrencies in the market.
Bitcoin has been gaining popularity as a way to pay online for goods and services, such as flights.
A Bitcoin-denominated ticket can be purchased for about $7.50 online.
The cheapest Bitcoin-to-USD exchange rates at Bitstamp.com, a Bitcoin exchange, are around $1.60 a Bitcoin, which is cheaper than paying for a flight.
For those who travel for longer than a few hours, Bitcoin has also gained traction as a cheaper way to buy goods and get into online shopping.
For example, online grocery store CVS announced on Monday that it would begin accepting Bitcoin for payment.CVS CEO Brian Cornell said he expects the company to accept Bitcoin for orders within a week.
The value on bitcoin has also risen as Bitcoin enthusiasts have tried to sell their coins for cash, or as a “loser’s” alternative to other virtual currencies.
A user of a site called “Crypto Coins for Cash” on the website Bitcoin ATM, which bills itself as the “world’s largest Bitcoin ATM,” said in an email to CNBC that it will accept Bitcoins for cash in the near future.
Bitcoin users also have taken to Reddit to market their coins as “losers'” in an effort to attract people to their altcoins.
Users have offered up their coins to other users for a fraction of their value.
One Redditor who goes by the name of “TheCoinKing” said he used the site to trade coins in exchange for a trip to China.
TheCoinKings account currently holds roughly $50 worth of bitcoins, or about $15,000 worth of cryptocurrency.
He said he was willing to pay $100 for a return trip to the country.
The CoinKing said he is now selling his Bitcoins for a $1 trip to Paris.
He declined to comment further on whether he plans to keep the coins for the trip.
Some people have also started using Bitcoin as a form of payment for goods.
In January, a Redditor on the Bitcoin ATM forum posted an image of a woman holding an iPhone with an advertisement for a phone service provider.
The woman was holding an Apple phone, which she said would allow her to send and receive payments from friends.
A similar advertisement appeared on the forum last week for a restaurant in the United Kingdom.
The woman said she would send the payments to a friend, who would then send them to the man who paid for the service.
The Redditor posted the ad on Reddit in a thread that was moderated by moderators who called for others to post similar ads.
TheBitcoin ATM post has since been removed, but a screenshot is available at Reddit.
In a blog post last week about Bitcoin ATM withdrawals, the site said it was only able to process 1,000 Bitcoin ATM transactions per hour at the time.
However, it added that its servers have been able to handle more than 11 million transactions in the past week.
In addition to Bitcoin, there are also several altcoins that have surged in value over the past few months, including Dogecoin, Ripple, and Monero.