MD: Have you considered using cryptocurrency for your travels? Continue reading to know more about using crypto for traveling.
What comes to mind when you think of cryptocurrencies like Bitcoin and Ethereum? Investments, right? Have you ever thought of using cryptocurrency to travel? Can you think of a better way to spend your crypto than exploring the world? From flights to hotels, you can pay for everything using crypto.
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Why should you use cryptocurrency for traveling?
Have you ever traveled abroad? If you have, then you know the drill. You have to exchange your money for another currency. Although the exchange process is easy, it also means that you are often paying a very high fee for exchange. What about the foreign exchange rate? It can be disappointing if you receive lesser money than what you expected due to an unfavorable exchange rate. When you travel with crypto, all these problems become a thing of the past.
You could use a Bitcoin ATM to convert your dollars to Bitcoin in Pennsylvania and then convert them to Euros in Paris. You could reduce or avoid paying any fees, saving a ton of money. The more you save, the more you can travel.
Another advantage of traveling with crypto is that it gives you stability, especially when traveling to a country with an unstable currency.
Foreign exchange rates can fluctuate a lot. By traveling with crypto, you can avoid fluctuating forex rates. In addition, you can enjoy cashless travel with crypto. Now, you may say that cashless travel is also possible with apps like Google Play and Apple Pay. So, why crypto? You need to pay a 3% foreign transaction charge every time you spend with these apps. However, with crypto, you can avoid such high charges.
However, it is always good to check if the country you are traveling to accepts crypto. Many countries accept cryptocurrencies, while it is banned in some. For example, El Salvador accepts crypto as legal tender, but it is forbidden in countries like China and Qatar. In some countries, crypto is not banned, but it is also not accepted as payment. So, before making travel plans, ensure that the country you will accept crypto.
Where can you use cryptocurrency?
There are endless ways of spending cryptocurrency when traveling. Many crypto-friendly travel companies have also developed cryptocurrencies similar to Bitcoin. Many travel companies also accept crypto as payment. You can buy flights, hotels, rental cars, and more with crypto.
AirBaltic, Latvia’s flag carrier, was the first airline to accept Bitcoin payments. It has been accepting crypto payments since 2014. There are now many others that accept cryptos, such as Virgin Galactic and LOT Polish Airlines.
The Kessler Collection, a group of luxury hotels, accepts Bitcoin, Doge, and Ethereum, among other payment methods. Similarly, many other hotels accept cryptos.
Besides hotels and flights, you can also use cryptos to buy many travel experiences. You can buy them with cryptos, from walking tours of Tokyo to diving excursions in Cyprus. Want to go road-tripping? You can also buy an RV with crypto. Travel staples like Uber and Airbnb also accept crypto as payment in many countries. But, again, you would need to check which countries accept cryptocurrencies.
How to stay safe when traveling with crypto?
Cryptocurrencies are becoming more prevalent than ever. However, if you use cryptocurrency, you also need to take measures to protect your digital security.
– Use a hardware wallet for daily transactions. A hardware wallet is a small plug-in device that allows you to access your crypto safely from anywhere.
– For your savings, use a multi-signature wallet. Doing so will ensure that your crypto savings remain safe even if you lose your phone.
– Almost everyone that uses crypto is tech-savvy. It is crucial to protect your digital identity when sending crypto. Ensure that you have multi-factor authentication on your important accounts, including your bank account, email, and social media accounts.
– If you want to use crypto for travel, it makes sense to travel to countries with more crypto-accepting businesses. Travel resources like CoinMap can list out bitcoin and other crypto accepting venues globally.
What are the downsides of using crypto?
The biggest downside of crypto is its volatility. The value of Bitcoin and other cryptos can wildly fluctuate. One day, you may buy first-class tickets with them, and on different days, you may only be able to afford a restaurant meal.
Since it is a relatively new concept, there is no consumer protection when paying with crypto. For example, you cannot dispute charges like you can with credit cards.
If you are tech-savvy and love to travel the world, using crypto can make traveling more convenient. Ensure that you are traveling to countries that accept cryptocurrency as payment, and you are all set to explore the world.