How does a crypto payment get converted into the hotel's listed currency?
CoinGate converts your crypto payment to the hotel's fiat currency at the rate locked at checkout, so the hotel receives its full listed price.
Updated
What happens between your wallet and the hotel
When you pay a trip1 booking with crypto, three things happen in the background.
Step 1: Rate lock at checkout
CoinGate reads the market rate for the coin and network you selected and calculates the exact amount owed. That number is locked for the payment window - typically 15 minutes.
Step 2: On-chain settlement
You send the crypto from your wallet. Once the network confirms the transaction, CoinGate marks the invoice as paid.
Step 3: Conversion and payout to the hotel
CoinGate converts the crypto to the hotel's listed fiat currency (usually USD or EUR) at the locked rate. The hotel then receives its full listed price via CoinGate's settlement to trip1.
Why the hotel never sees crypto
trip1 uses CoinGate specifically so hotels don't have to accept, hold, or convert cryptocurrency themselves. From the hotel's perspective, it's a normal fiat booking. This is what makes crypto acceptance work at 3 million+ hotels worldwide.
trip1 crypto to fiat conversion - FAQ
Yes. When you book on trip1, CoinGate, trip1's crypto payment provider, converts your crypto into the hotel's listed currency, such as USD, EUR or GBP, automatically. You do not have to do anything, and the hotel receives its full price in fiat without ever touching or holding crypto.
In three steps. CoinGate reads the market rate for your coin and network and locks the amount for the payment window shown as a countdown. You send the crypto, and CoinGate marks the invoice paid once the network confirms it. It then converts to the hotel's currency at the locked rate and settles through trip1.
The local currency. The hotel always receives its full listed price in fiat, usually USD or EUR, via CoinGate's settlement to trip1. From the hotel's side it is a normal fiat booking, which is why crypto payment works at hotels in 190+ countries on trip1 without them accepting crypto.
The market rate at checkout. CoinGate reads it for the coin and network you selected and locks the amount owed for the payment window shown as a countdown. That locked rate is then used when CoinGate converts your crypto into the hotel's listed currency, so the amount you send is the amount you see.
No. You pay trip1 directly from your wallet in crypto, and CoinGate handles the conversion to the hotel's currency in the background once your transaction is confirmed. There is no need to sell your crypto on an exchange first or to move money into a bank account.
It can be. In the US the IRS treats crypto as property, and using it to pay for goods or services counts as disposing of it, which may create a gain or loss to report. Rules vary by country, so check with your local tax authority or a tax adviser before you rely on any treatment.