Airbnb's Crypto Investment: Which Coins Did They Choose?

Airbnb customers have been requesting that the company starts accepting cryptocurrencies as a payment option. In 2022, Airbnb's CEO Brian Chesky asked users on Twitter for recommendations on what they would like the company to do that year. Crypto payments topped the list of suggestions, with users expressing their desire to book accommodations using digital assets. While Airbnb has not yet officially announced support for crypto payments, there are some ways in which customers can indirectly use their crypto investments to pay for bookings.

Airbnb CEO considers crypto payments

The Airbnb CEO, Brian Chesky, has expressed interest in adding crypto payments as an option for customers to book accommodations. In January 2022, Chesky asked users on Twitter for recommendations on features they would like to see implemented in 2022. Out of nearly 4,000 comments, "crypto payments" topped the list, with users suggesting various token ideas, including Bitcoin.

While Airbnb does not currently accept cryptocurrency payments, there are signs that this may change in the future. In an Initial Public Offering prospectus submitted to the US SEC, Airbnb mentioned that adapting to technologies like tokenization, cryptocurrencies, and new authentication options will be crucial. However, the company also noted the potential risks involved.

As of 2022, Airbnb's existing payments volume is at $336 billion, processed since 2013. Supporting cryptocurrencies could increase this figure as the industry gains mainstream adoption. Additionally, it would allow Airbnb to compete with Dtravel, a decentralized home rental firm backed by Binance.

Although Chesky did not explicitly state a timeline for integrating crypto payments, his comments suggest that it may be considered before the end of 2022. In the meantime, customers can purchase Airbnb gift cards using cryptocurrency through third-party platforms such as Bitrefill and Fold.

The possibility of Airbnb accepting crypto payments comes as no surprise, as more and more companies are integrating crypto payment options. For example, German fashion company Philipp Plein International AG began accepting 15 different cryptocurrencies in 2021, and American fintech company Verifone partnered with BitPay to offer crypto payment options to its US clients.

As Airbnb continues to evolve and adapt to new technologies, the addition of crypto payments would be a significant step forward, providing customers with more flexibility and choice in how they book their accommodations.

Crypto payments not yet accepted

Airbnb has not yet announced support for cryptocurrency payments. While the company accepts payments via credit card, debit card, bank transfer, and even gift cards, it does not currently accept Bitcoin or other cryptocurrency tokens.

However, this may change in the future. Several reports have claimed that Airbnb plans to bring support for cryptocurrency payments very soon. This information is based on the Initial Public Offering prospectus that Airbnb submitted to the US SEC a few months ago. In the document, Airbnb mentions that adapting to technologies like tokenization, cryptocurrencies, and new authentication options will be crucial in the future.

In the meantime, there are some workarounds for those who want to use their cryptocurrency investments to book an Airbnb stay. One option is to use a gift-card buying service like Bitrefill or Fold. These websites allow users to purchase Airbnb gift cards using Bitcoin, Ethereum, Dash, Dogecoin, and Litecoin, among other cryptocurrencies. However, it is important to note that there are some restrictions on using these methods, such as the need to be a US resident and the lack of refund options for gift card purchases.

Another option for those looking to use crypto to book an Airbnb stay is to use a crypto debit card. These cards, offered by companies like Crypto.com and Binance, allow users to load their cards with cryptocurrency and then use the card to make purchases anywhere that accepts debit cards, including Airbnb.

While Airbnb has not yet started accepting crypto payments directly, there are some ways for crypto enthusiasts to indirectly use their digital assets to book accommodations on the platform. In the future, it is possible that Airbnb will introduce native support for cryptocurrency payments, making it even easier for users to pay with their preferred tokens.

Workarounds to pay with crypto

Airbnb does not currently support cryptocurrency payments. However, there are some workarounds if you want to use your cryptocurrency investments to book an Airbnb stay. Here are some methods you can use:

Gift Cards

Gift cards are a popular payment option for Airbnb bookings, and you can buy Airbnb gift cards using cryptocurrency on specific websites and applications. Here are some options:

• Bitrefill: This website allows you to purchase Airbnb gift cards using various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and more. You can buy multiple gift cards worth $25, $50, or $100 each, and they will be delivered to your email. However, you can only redeem these gift cards if you are a US resident.
• Fold: Fold is an innovative application that provides Bitcoin rewards for online shopping. The app also lets you pay for your Airbnb bookings using your earned Bitcoin. Fold uses the Lightning Network for secure and fast transactions. The Fold app is available on iOS and Android devices.

NOWPayments

NOWPayments is a platform that allows you to accept online payments in over 50 cryptocurrencies. You can use this platform to receive payments in cryptocurrencies and then use those funds to book an Airbnb stay.

It's important to note that these methods may have certain restrictions, such as redemption limits and refund policies. Additionally, some methods may only be available to users in specific regions, so be sure to review the terms and conditions before proceeding.

Crypto mining banned by hosts

Airbnb host Ashley Class has banned cryptocurrency mining on her property after guests racked up a $1,500 electric bill during their three-week stay. Class, who rents out her North Carolina home on Airbnb, shared her experience in a TikTok video, explaining that the guests were "five stars all the way" before she saw the electric bill.

After receiving the bill, Class checked the external security cameras and noticed the guests hauling out at least ten computers and setting up an improvised electric vehicle charging station. She calculated that the guests had run up $1,500 in utility charges during their stay.

Class contacted the guests and explained that she would be charging them for the excessive electric bill. The guests initially fought her on this until she involved Airbnb and provided documentation of the incident. The guests eventually paid her back, and Class shared in the comments of her TikTok video that they had made $100,000 during their stay through crypto mining.

In the video, Class stated that "it was cheaper for them to rent a house than to pay for that electricity". Following this experience, she has added "no crypto-mining" and "no electric vehicle charging" to her list of house rules.

Other Airbnb hosts have commented on Class's video, stating that they have also explicitly banned crypto mining in their listings. One user wrote, "I also have in my rules no crypto mining. It's ridiculous we have to do this", while another said they were updating their listing rules after hearing about Class's experience.

Crypto miners' high electricity usage

Airbnb has not yet accepted cryptocurrency as a payment method. However, there are some ways to pay for your stay with crypto. For example, you can buy Airbnb gift cards using Bitcoin, Litecoin, or Ethereum.

While Airbnb has not yet accepted crypto payments, crypto miners have been taking advantage of Airbnb rentals to mine cryptocurrencies. In one instance, an Airbnb host had to ban crypto mining after guests racked up a $1,500 electric bill. The guests, who were cryptominers, brought in many computer rigs and made $100,000 during their three-week stay.

Cryptocurrency mining is an energy-intensive process that requires a lot of electricity. Bitcoin alone is estimated to consume 127 terawatt-hours (TWh) a year, more than many countries, including Norway. In the United States, cryptocurrency activity is estimated to emit 25 to 50 million tons of CO2 each year, similar to the annual emissions from diesel fuel used by US railroads.

The high electricity consumption of cryptocurrency mining has raised concerns among policymakers and grid planners. The primary operating cost of a cryptocurrency mining facility is the expenditure for electricity. The computational effort needed to support profitable cryptocurrency mining consumes large amounts of electricity to operate the machines and cool the equipment. As a result, owners are constantly seeking ways to acquire substantial amounts of power at the lowest possible cost.

The increased demand associated with cryptocurrency mining can present challenges to the operation of electricity grids. Grid planners have expressed concern over the rapid growth in electricity demand, which can impact cost, reliability, and emissions. For example, the North American Electric Reliability Corporation (NERC) has stated that the potential growth of cryptocurrency mining can significantly affect demand and resource projections, as well as system operations.

To address the high energy consumption of cryptocurrency mining, some cryptocurrencies have moved to less energy-intensive consensus mechanisms. For instance, Ethereum has switched to a proof-of-stake mechanism, reducing its electrical usage by over 99.9%.

Decarbonizing the crypto industry is essential to achieving a safe climate future. While initial decarbonization efforts have been made, further work is needed to reduce the energy consumption and environmental impact of cryptocurrency mining.

Frequently asked questions