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LockTrip Review: The Best Cryptocurrency Travel Service?

LockTrip is a blockchain-based marketplace for hotels, vacation rentals, and flights. It can basically be viewed as an alternative to online travel agencies like that intends to create a more direct relationship between the hotel, airline, or property owner and the consumer who needs to book their travel accommodations.

The booking platform has its own proprietary crypto token, known as LOC, and the intention is for this crypto asset to increase in value as more people use the online travel portal. Although the LOC token was originally launched as an ERC-20 token on Ethereum, LockTrip has since moved over to its own native blockchain.

The key sales pitch for LockTrip to consumers is that the company claims it can offer up to 60% lower prices than what is available on other, similar travel booking sites. These savings are enabled through the tokenomics of LOC and a desire to cut down on the commissions of intermediaries between travelers and those supplying travel booking options. According to LockTrip, online travel accommodation aggregators add as much as 30% of additional costs to bookings, and the LockTrip solution is to build a new system based on 0% commissions.

LockTrip Overview

Lock Trip


Number of properties to book: 2.1 million properties and 1000 airlines
Cryptocurrencies supported: Electroneum, Bitcoin, Ethereum, USD Coin, and Litecoin

LockTrip Pro & Con


  • Better hotel booking prices than and other alternatives

  • Providers of travel accommodations retain larger profits

  • Currently supports more than 2.1 million properties and 1000 airlines in 190 different countries

  • No added-pressure sale pitches about only one room being left or limited-time offers

  • Pay with five different digital currencies or a credit card


  • Cannot view prices without an account

  • Experimental economics around the LockTrip token (LOC)

  • Unclear why this project needs a blockchain

  • LockTrip team members ran an early bitcoin exchange that was hacked for 5,000 BTC

What Is LockTrip?

LockTrip is one of the first platforms in the world to look at a potential efficiency gains for the online travel booking industry in the area of blockchain technology.

The basic idea is that LockTrip can act as a more decentralized alternative to platforms like Expedia or and cut costs by removing commissions that are earned by a middleman between the hotel or home rental providers and their potential customers. With LockTrip, consumers and providers of hotels, flights, and other travel expenses are able to find each other directly and avoid the high commissions that cut into consumers budgets and accommodation providers’ profits, which means the new system is intended to benefit both sides of the transaction.

Unlike many other projects in the crypto and blockchain technology space that have their own token, LockTrip is already a live project and people can already try it out today.

Is LockTrip Safe?

In their marketing materials, LockTrip proudly proclaim that two of the project’s founding team members were involved in an extremely early bitcoin exchange known as Bitcoin7. This exchange was founded in 2011, which goes to show that these guys were extremely early to the Bitcoin market, and they were early adopters of this technology that has continued to blossom over the past decade. The only problem with LockTrip’s connection to Bitcoin7 is that the bitcoin exchange was hacked for more than 5,000 BTC not long after it was originally launched. According to the messaging coming out of the Bitcoin7 team at the time, it is suspected that an insider at the exchange was the one who ran off with customer funds. Although the stolen user funds were not worth much at the time of the theft, those 5,000 BTC are now worth roughly $250 million.

Of course, 2011 was an extremely early time for bitcoin exchanges, and literally all of the other crypto exchanges that existed at that time are also gone, with Mt. Gox being the most notable platform that offered bitcoin trading back then. In other words, what happened with Bitcoin7 was par for the course when it comes to bitcoin exchanges that existed in 2011. Additionally, LockTrip is not an exchange, and users do not need to store their crypto holdings on the platform in order to use it. Instead, the crypto-aspect of the LockTrip platform is mostly just needed for payments and incentivizing people to use the platform without charging commissions.

How Much is LockTrip?

For LockTrip, the key feature used to attract new users is the lack of added costs when the platform connects a traveler with a property owner or airline. While you need to create an account in order to see the prices offered by the LockTrip platform, they are indeed cheaper than what you’ll find on other online travel aggregators.

The platform claims travelers can find prices up to 60% lower than where they are on other, similar travel sites. More realistically, the savings on hotel bookings usually top out at around 20% to 30%, and there aren’t many options offering this level of savings in each city. In most cases, the savings offered by LockTrip compared to other aggregators is going to be around 10%, which is still a nice perk that cannot be overlooked. LockTrip is obviously also perfect for owners of hotels and other properties, as they’re able to keep 100% of their profits rather than paying a commission to LockTrip.

What are the Best Features of LockTrip?

The key selling point for LockTrip is obviously their policy around 0% commissions. This benefits both the bank account of the consumers and the profit margin of the property owners that use LockTrip. Without the large savings that are possible with LockTrip, there would be no reason to move over to the platform from traditional online travel agencies like Expedia or

Of course, another perk of LockTrip is that users are able to pay for their travel expenses via digital currencies. Currently, five different cryptocurrencies can be used to pay for travel accommodations via LockTrip: Electroneum, Bitcoin, Ethereum, USD Coin, and Litecoin.

A final potential perk of the overall LockTrip system is that anyone can bet on the future success of the LockTrip platform by purchasing LOC tokens. Of course, the tokenomics behind utility tokens like LOC are still rather experimental, so anyone who purchases LOC tokens should consider this a rather risky speculation at this time.

Potential Dealbreakers

The biggest potential dealbreaker that is often brought up with LockTrip is the connection the platform has with early bitcoin exchange Bitcoin7. While LockTrip’s marketing materials talk about the connection some of their founders have with Bitcoin7 as a positive story about these individuals getting involved with bitcoin in the very early days of the technology, the reality is the platform lost 5,000 BTC of user funds through a hack of the exchange. Some potential LockTrip users will simply not feel comfortable using the platform due to its connection with Bitcoin7, even though the security incident happened all the way back in 2011 at a time when there wasn’t really such thing as a trusted, reputable bitcoin exchange.

Another downside of LockTrip that is often brought up by potential users of the platform is that the prices offered by the travel accommodations aggregator cannot be viewed unless you create an account. This is obviously an attempt to generate more user accounts on LockTrip, but some people are turned off when they’re unable to compare the prices on LockTrip with the prices on similar platforms without first creating an account.

LockTrip Frequently Asked Questions

The LockTrip token (LOC) is the key ingredient to the system that enables the platform to operate while not charging any commissions on travel bookings that are made via the website. There is a total supply of 18.6 million LOC crypto tokens, and half of these tokens were sold to the public in an initial coin offering (ICO). The rest of the token supply is split between the founding team members and the company behind the project.

The basic idea behind the LOC token is to integrate it into the LockTrip platform in a way that increases scarcity of the LOC tokens as more people use LockTrip as their method of purchasing travel expenses like hotel bookings and flights. Whenever a user makes a booking on LockTrip, 10% of the money used for the booking is used to purchase LOC tokens on the open market. Half of those LOC tokens are then held in a smart contract for six months, while the other half of the tokens are burned once the customer has checked-in at their travel accommodation. The net result of this is a decline in LOC token supply as more people make payments on the LockTrip platform. As the LockTrip platform grows in popularity, the amount of LOC tokens held in a smart contract for six months should also increase.

There are other use cases for LOC, such as accessing premium LockTrip features or staking LOC on the LockTrip blockchain, but the use of LOC in the LockTrip payment process is the key value proposition here.

The cheaper rates offered by LockTrip when compared to other travel booking sites like will vary from city to city. In rare cases, LockTrip users are able to find prices 60% lower than what is found on other, similar platforms around the internet. However, in most cases, the savings provided by LockTrip will be somewhere between 10% and 20%. Of course, it should be noted that, in many cases, travelers are also able to gain access to similar pricing by contacting hotel or other property owners directly rather than going through an online travel agency service.

Hydra Chain is a blockchain that was financed and developed by the LockTrip team and community. Therefore, it makes sense that those who already own LOC tokens will get access to the HYDRA coins that will be available on Hydra Chain. Hydra Chain is part of an overall transition of the LockTrip project from Ethereum over to a new blockchain. LOC holders will be able to trade their LOC tokens on Ethereum for LOC tokens on Hydra Chain. Additionally, LOC holders on Hydra Chain will be airdropped HYDRA coins over a twelve-month period. It should be noted that you will need to go through a Know Your Customer (KYC) verification process in order to received your airdropped tokens.

LOC tokens currently operate on the Ethereum network, so the best wallet for interacting with LOC right now is also the same as the best wallet for using the Ethereum network in general. Some of the most popular options for Ethereum-based tokens include MetaMask and MyEtherWallet. Eventually, LOC users will need to switch away from an Ethereum-based wallet to a Hydra Chain wallet, as LOC tokens are making a move over to that new, alternative base blockchain.

Although the original plan was to allow for LOC tokens to be staked on its own native blockchain, this all changed when the Hydra Chain approach was preferred over making LOC tokens the base, native cryptocurrency of the LockTrip blockchain. This means that HYDRA coins are the tokens that are needed to do staking on the Hydra Chain network. Once you have the HYDRA coins that have been airdropped on your address holding LOC tokens, you can begin to stake those coins on the base Hydra Chain network. To stake HYDRA coins, you will need to download the specific staking wallet built for the Hydra Chain network. If that method of staking is too complex for you, then it should be noted that you can also stake your HYDRA coins via the KuCoin exchange, which takes care of all the technical work for you. Although you will not be able to stake your LOC tokens on the Hydra Chain blockchain, they can still be used for voting purposes in terms of potential changes that could be made to the LockTrip platform.

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