No doubt you’ve heard of cryptocurrency, the digital currency that operates on the blockchain. As its popularity grows, the number of startups in the space has risen exponentially, and investors are buying up tokens in ICOs before companies even have a working product. One exception to that rule is CryptoCribs, a fully operational vacation rental platform that allows guests to pay with one of four accepted cryptocurrencies: Bitcoin, Litecoin, Ethereum or Bitcoin Cash.
CryptoCribs co-founder Erasmus Elsner is on a mission to disintermediate home-sharing, marrying the concept of Airbnb with that of cryptocurrency. Using the model of ‘reputation mining,’ the host’s fees are reduced with every booking and positive review until eventually no fees are incurred at all. CryptoCribs stands for freedom of communication between guests and hosts, and the startup is working to remove the middleman and allow guests to pay hosts directly through the platform.
The other major component of the CryptoCribs vision is to help people connect with the blockchain community, introducing Airbnb hosts to cryptocurrency through their platform. Today Erasmus explains the CryptoCribs’ booking and payment systems, discussing how its functionalities mirror the Airbnb platform. He walks us through the benefits of CryptoCribs, sharing how the startup has grown through word of mouth to 800 listings in just ten weeks. Listen in and learn how you can leverage CryptoCribs to set up your own crypto account, sync your Airbnb listings through the platform, and get paid directly—without the associated fees!
Topics Covered
The fundamentals of CryptoCribs
- Marry peer-to-peer currency with homesharing
- Eventually allow guests to pay host directly
- No intermediary, no fees
How an ICO works
- Initial Coin Offering
- Company presents white paper
- Investors buy tokens
CryptoCribs’ booking and payment systems
- Hosts have Instant Book option
- Otherwise respond to booking request (24 hours)
- Guest pays with cryptocurrency at checkout
- CryptoCribs completes payout to host (24 hours)
The two ways hosts are paid on CryptoCribs
- Receive same type of cryptocurrency guest used to pay
- May choose PayPal option for first few bookings
The volatility of Bitcoin and other cryptocurrencies
- May change in value during 24-hour period
- Hosts accept risk associated with fluctuations
Who is hosting on CryptoCribs
- ‘CryptoNomads’
- Techies 25-35 (mostly men)
The benefits of CryptoCribs
- More efficient way to conduct transactions globally
- Fees reduced with every booking, positive review
- Reputation mining = no fees after 10 transactions
- Promotes uncensored messaging, freedom of communication
- One of few places to spend Bitcoin
The Airbnb functionalities CryptoCribs doesn’t have yet
- Guest ability to split payments
- Option to add guests
CryptoCribs’ partnership with Coinbase
- Integration into Toshi mobile app
How to post your listing(s) on CryptoCribs
- Same process as Airbnb
- Admin staff will set up listings for you, sync to iCal
Connect with Erasmus
Resources
Connect with Jasper
Email: jasper@getpaidforyourpad.com
Twitter: @GetPaidForUrPad
Instagram: @GetPaidForYourPad
Facebook: www.
This episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!
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