Cryptocurrency seems to be this years hottest commodity, and if you have some, there are several ways to use them while traveling.
The recent surge of Bitcoin stock has started somewhat of a crypo-craze, and left everyone kicking themelves for not having bought in 8 years ago.
“In a nutshell, cryptocurrency is digital money secured with encryption and is only accessible by authorized parties. As opposed traditional currencies, cryptocurrency does not operate through central banks. It can be used online for direct buyer-to-seller transactions without a centralized intermediary, known as blockchain.”
While many industries have been quick to adopt cryptocurrencies, the travel industry isn’t far behind them.
Real Travel: Virtual Money. Are Cryptocurrencies an Emerging Travel Trend?
The First Industries to Adopt Cryptocurrency
Already, there are many opportunities to exchange money for products and services with cryptocurrencies, and you can bet there will be many more to come in the future.
One of the first to embrace the notion of allowing transactions to be made by virtual cash were poker rooms powered by blockchain technology, online casinos and sports betting operators that used similar solutions.
Since then, new ideas are coming in, and more and more companies are joining the game. As for traveling and discovering the world, there is no reason why this industry shouldn’t participate in the benefits, too.
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Emerging as a Travel Industry Trend
Most cryptocurrencies, such as the most popular and the most expensive, Bitcoin, can be utilized to purchase goods and services online when we plan to make a trip. Additionally, new coins are created for the sole purpose of making such activities easier.
The growing number of companies and business owners who accept digital cash as a form of payment means that we can buy more things this way while on vacation. Such trends are naturally expected to strengthen in the future. However, some of the areas of interest stand above the others.
How You Can Currently Spend It
Many established travel booking services, alongside new and aspiring companies, seem to have embraced the concept of Bitcoin and the like. So, there are plenty of opportunities to book a flight and skip exchange rates in the process.
The amount you spend, provided there are no cryptocurrency-related special deals, usually evens out to be the same as with traditional (fiat) money, but there are many benefits to choosing crypto over cash, including lower fee, highly secure transactions, and no exchange rate.
As for accommodations, a number of the providers are starting to rush to fill that void, too. Especially with Airbnb not in the game just yet, although it will likely change in the future.
Portals like CoinMap and Bitcoin.Travel are quite useful in finding places where digital cash is welcomed. You can easily see locations where you can try an indigenous food, experience native culture, utilize local transportation or shop. All that while enjoying the benefits of a decentralized currency system.
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Megan is an Australian Journalist and award-winning travel writer who has been blogging since 2007. Her husband Mike is the American naturalist and wildlife photographer behind Waking Up Wild; an online magazine dedicated to opening your eyes to the wonders of the wild & natural world.
Having visited 50+ countries across all seven continents, Megan’s travels focus on cultural immersion, authentic discovery and incredible journeys. She has a strong passion for ecotourism, and aims to promote responsible travel experiences.
14 Comments
Interesting.
Glad you enjoyed the topic :)
I haven’t jumped on this trend, but am fascinated to watch it evolve.
Glad we could provide a little insight – also fascinated to see where the world of cryptocurrency goes :)
Using crypto currency requires some forward thinking and additional thought, but by doing so can allow you to travel at lower cost.
Absolutely Vito :)
I’ve used Bitcoin to date for online travel with cheapair.com. You can also use crypto on Hotels.com to purchase hotels and as a reward system. Will be great to see more major companies jump on board.
Awesome Dawn :) I do think more companies will start jumping on, the trend seems to be continuing to gather steam so I can only see it getting stronger and more present :)
Have you heard about BitAir? It’s built on Ethereum blockchain and enables clients to spend tokens to pay for tourism and travel related services including booking air tickets and making reservations. They leverage blockchain to lower the cost of travel and expenses. They also hope to eliminate inconveniences and delays involved in other payment methods.
I haven’t – thanks for the heads up, will check it out :)
I heard about a guy called Felix Weiss recently – he was in the news for having traveled the world for 18 months using only Bitcoin. As more businesses around the world appear to accept cryptocurrency payments, I wonder if repeating this feat is easier now in 2018.
More power to him! I’m sure that will get easier in coming years as more major companies start to jump on :)
CheapAir.com and Expedia accepts Litecoin, Bitcoin Cash, and Dash payments. 99Flats and CryptoCribs are Airbnb for cryptcurrency. I would say it will soon become incredibly common to pay with it.
Thanks for sharing Merlos :) I agree, I think it’s going to become a lot more common very soon – the trend seems to be gathering a lot more momentum :)