Colibra has announced its plans to start paying stranded travelers Bitcoin in Bulgaria for flight delays and cancellation.
The Bulgaria based technology outfit announced in a blog post will stay paying stranded travelers Bitcoin in Bulgaria if their flights get delayed or canceled.
However, stranded travelers would not be getting free Bitcoin easily as the firm has attached some conditions to the deal. According to the firm, this week signaled the beginning of payments via digital assets as the firm has been offering payments via gratuity since last year. As a result of the new means of payments, the firm says it will receive compensation on behalf of stranded travelers.
The firm lists out conditions attached to get payments
Colibra consists of a large group of travelers who shelve their right to receive compensation for any delay encountered in 3+ hours of flights.
Hence, they get payments for delays encountered in 1-3 hour flights since no airline would compensate them. In his interview with Lonely Planet, co-founder of Colibri said that when the announcement was first made, people were skeptical as some argued how true it was for stranded travelers to get paid for a delayed or canceled flight.
However, he said most of them have since believed after seeing the conditions attached. As it stands now, any flight delays between 1-3 hours will earn travelers Bitcoin in Bulgaria.
Colibra to use a lock-in feature to tackle volatility as it pays stranded travelers Bitcoin in Bulgaria
The firm has further noted that it is aware of Bitcoin’s volatile nature if they start to pay stranded travelers Bitcoin in Bulgaria. Bitcoin has always encountered mighty price swings within a short time, and this has been another limiting factor in the adoption of the crypto.
The firm said they had made a lock-in feature available for their clients as they would be able to hold on to the price they receive whenever they want to get paid. A typical example is if a stranded traveler locked in a rate when Bitcoin was selling at a price, he will still get paid the price if the price of the digital asset moves up or down.