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Author Topic: A crypto startup is now funding people in Bitcoin for delayed flights.  (Read 112 times)
roberthays
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August 19, 2020, 05:31:37 PM
 #1

Next time you experience a flight delay, you can now receive compensation in Bitcoin. Colibra.io are offering to fund people in Bitcoin whenever they have experienced a flight delay of over 1 hour which is rather handy!

It's interesting how more startups are offering a Bitcoin payment method and it's likely that this will continue as it also gives a lot of startups good exposure to the community. With this becoming the norm, I can see Bitcoin payments being relatively entrenched as a payment method for future startups helping the crypto ecosystem in general.

The full article can be found here: https://cointelegraph.com/news/bulgarian-startup-will-pay-you-bitcoin-when-your-flight-is-delayed
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August 19, 2020, 09:54:26 PM
 #2

It's an hour's delay and you'll be compensated for that, I've never heard of this before. Usually, in my country, if your flight is delayed they'll only apologize and no compensation or sort of freebies to be given.
How would this startup earn, what's their business model?



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August 19, 2020, 09:56:14 PM
 #3

I don't get what would motivate people to use this application., given that it charges a fee for its service. And that's 30% (according to its website), which isn't a small fee.

Airlines have to compensate people for delays anyways so why to use a service while you can do it yourself? And so to get a larger amount of money. They do nothing more than asking on your behalf.

To receive 30% less? Better to fill the compensation demand, receive the money, and buy bitcoin then.

Quote
It's interesting how more startups are offering a Bitcoin payment method and it's likely that this will continue as it also gives a lot of startups good exposure to the community.

If it's to consider the folks their cash-cow, no thanks  Cheesy

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August 20, 2020, 03:16:52 AM
 #4

It appears this startup is merely adding another layer to the process. If the old process of refunding or compensating delayed or cancelled flights was customer <==> airline company, with the use of this startup it becomes customer <==> Colibra.io <==> airline company.

I don't know how an additional layer would expedite the entire process and generally improve services. And with a ridiculously high fee as mentioned by LeGaulois.





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August 20, 2020, 04:50:40 AM
 #5

Next time you experience a flight delay, you can now receive compensation in Bitcoin. Colibra.io are offering to fund people in Bitcoin whenever they have experienced a flight delay of over 1 hour which is rather handy!
Thisb is unusual concept. But convenient for those who leave on EU countries. Ive checked the site and they also covered the none EU countries. If you are gonna take the flight from EU to non EU ( but only to those member of the European Union).

To receive 30% less? Better to fill the compensation demand, receive the money, and buy bitcoin then.
Thats the idea. They still profit from the compensation they will award. If they can lowered it to at least to 5% to show care for the customer people will be supportive of this. If something like that would integrate on our country Im sure the operator will bleed, our flights is delayed even more thanks to our incompetent airlines.



Also for every one concern there are exemption to the flight accreditation of delayed flights. But almost same with the standard with most countries.





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August 20, 2020, 05:19:17 AM
 #6

I don't get what would motivate people to use this application., given that it charges a fee for its service. And that's 30% (according to its website), which isn't a small fee.

Airlines have to compensate people for delays anyways so why to use a service while you can do it yourself? And so to get a larger amount of money. They do nothing more than asking on your behalf.

To receive 30% less? Better to fill the compensation demand, receive the money, and buy bitcoin then.

Quote
It's interesting how more startups are offering a Bitcoin payment method and it's likely that this will continue as it also gives a lot of startups good exposure to the community.

If it's to consider the folks their cash-cow, no thanks  Cheesy

It seems to me that this service is a scam.They want a 30% fee for a service that has been provided by the airlines for years.This promise for a compensation after ONLY 1 hour delay will remain as a promise only.
This is what the scammer do.They want upfront payments in exchange for promises that sound too good to be true.
I don't want to visit their website.Is it secure enough?Please check the URL with Virustotal.For some reason I can't check that website with Virustotal.


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August 20, 2020, 06:46:47 AM
 #7

If they can offer a compensation also for just 1 hour it's not a bad offer even for an higher fee (no other one is offering this service) . If someone is a frequent flyer, I think it become a good chance for pocketing some extra easy money.
In EU countries you are allowed to get a compensation if your flight is delayed at least 3 hours... I am very curious to know how they can offer a compensation for just 1 hour of delay and what is it the rate that they use for this calculation.

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August 20, 2020, 06:56:15 AM
 #8

Next time you experience a flight delay, you can now receive compensation in Bitcoin. Colibra.io are offering to fund people in Bitcoin whenever they have experienced a flight delay of over 1 hour which is rather handy!

It's interesting how more startups are offering a Bitcoin payment method and it's likely that this will continue as it also gives a lot of startups good exposure to the community. With this becoming the norm, I can see Bitcoin payments being relatively entrenched as a payment method for future startups helping the crypto ecosystem in general.

The full article can be found here: https://cointelegraph.com/news/bulgarian-startup-will-pay-you-bitcoin-when-your-flight-is-delayed
If this is true that they charge 30% (like others mentioned) as a service fee, the  I guess this is possible for them. I haven't visited the site, but I am sure they will just compensate a part or full service fee they have taken. Just an incentive to make people use their service.
But, why would someone use them if their service fee is as high as 30%?

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August 20, 2020, 07:33:41 AM
 #9

It's an hour's delay and you'll be compensated for that, I've never heard of this before. Usually, in my country, if your flight is delayed they'll only apologize and no compensation or sort of freebies to be given.
How would this startup earn, what's their business model?
same question here,actually here apology from the airline company is the compensation you will only get and most of the time there is no even food and water that they offered in delayed flights.
this is interesting that we will be compensated just because our flight was delayed?
what kind of business is this and yeah the Model?

If they can offer a compensation also for just 1 hour it's not a bad offer even for an higher fee (no other one is offering this service) . If someone is a frequent flyer, I think it become a good chance for pocketing some extra easy money.

This is favorable specially to those flying from time to time in which also happen to experienced many delayed their entire life,even the fee is high but at least it can be covered once the flight is delayed specially now with pandemic that many of the flight are being delayed.

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August 20, 2020, 07:41:00 AM
 #10


It's interesting how more startups are offering a Bitcoin payment method and it's likely that this will continue as it also gives a lot of startups good exposure to the community. With this becoming the norm, I can see Bitcoin payments being relatively entrenched as a payment method for future startups helping the crypto ecosystem in general.

It really is something that benefits everybody. In the sense that the company adopting it increases its own profile and crypto experiences more adoption or at least it will educate people about its existence.

I'm impressed to see how many more business as a way of promoting themselves by the media or just trying to keep up with the world around them is now adding some crypto related finance to its running.

I mean it is not that I complain for the reasons mentioned above, I'm rather ecstatic and I can't wait to see more and more crypto adoptions.





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August 20, 2020, 07:45:53 AM
 #11

Please remember that this is only applicable to EU countries. And everything is based on this EU Law

Quote
Delay
If your flight is delayed at departure, you have the right to assistance, to reimbursement and a return flight, depending on the duration of the delay and the distance of the flight.

If you arrived at your final destination with a delay of more than 3 hours, you are entitled to compensation, unless the delay was due to extraordinary circumstances. The airline has to prove this by providing, for example, extracts from logbooks or incident reports. The air carrier should give this evidence to the relevant national enforcement body as well as to the passengers concerned in line with national provisions on access to documents.

https://europa.eu/youreurope/citizens/travel/passenger-rights/air/index_en.htm#reimbursement-delay-1

Also you need to download their apps and register prior to your flight. They won't compensate you 'after' the flight.

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August 20, 2020, 10:22:17 AM
 #12

Upon checking the website, I understand that they are paying compensation in bitcoin if there are any delay flights but you need to use it before take off. I wonder if we need to deposit something in order to
use their services or they are doing it in behalf of airline companies.

Upon checking their mission, they said that they are taking the risk for themselves just to distribute the potential eligible claims but what I am really puzzled is where did they get their funds and
what can they get in doing this. Are they able to generate profit from this?

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August 20, 2020, 10:47:35 AM
 #13

It's an hour's delay and you'll be compensated for that, I've never heard of this before. Usually, in my country, if your flight is delayed they'll only apologize and no compensation or sort of freebies to be given.
Yes, that's the norms, but this one is good as it values us traveler and our time.
This is quite unique as i never heard of this platform before, I'm interested with this though I don't usually travel, who knows someday.

How would this startup earn, what's their business model?

We can read the article, it's link is posted in the OP.




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