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Cryptocurrency

Newstead Belmont Hills Golf Resort & Spa is accepting the cryptocurrency Bitcoin as a form of payment for guests staying at the boutique Bermuda property. The first hotel on island to offer the app-based payment system, Newstead decided to take this innovative step as cryptocurrency becomes more and more accepted as a payment method.

“We see Bitcoin becoming another mainstream way that consumers pay for goods and services,” said Larry Doyle, owner of Newstead Belmont Hills Golf Resort & Spa, in a press release statement. “As people understand it better and get more comfortable with the concept, we wanted to make sure we were able to offer and accept this form of payment for the convenience of our guests.”

Currently, guests of Newstead can pay at check-out in much the same way as using a credit card, by scanning a unique barcode using their own smartphone linked to their Bitcoin wallet. The payment processor takes care of the rest. The ability to pay on the resort’s website at the time of booking is being added shortly.

At this time, only guests booking directly with the resort can use Bitcoin. Travel agents should know that the room rate will still quoted in Bermuda dollars and the agent’s commission will be calculated and paid in dollars. The hotel will take payment from the guest in Bitcoin at the market rate for BMD/BTC at the time of taking payment and deal with any conversion back to BMD needed for paying agents.

“We are excited to be part of the cryptocurrency trend which is gaining traction in a lot of industries, not just hospitality,” said Doyle in a press release statement. “We see it as a payment mechanism of the future and are thrilled to be part of it.”

For more information on Newstead Belmont Hills Golf Resort & Spa, visit newsteadbelmonthills.com.