What does bitcoin have to do with your holidays?
Well, think about this: If you are going abroad, there are many considerations you will need to make during the planning.
For example, will you need to get immunization shots? Will you need travel insurance or any additional insurances?
What is the local language? Will you need to learn some basic expressions before you go? Also, of course, what is the local money and how will you access it?
Can you draw money out when you are there using an ATM? Can you exchange money when you get there? What are the exchange rates and service charges?
Will you pay for your hotel up front over the internet? Will you be able to use your bank card abroad and what are the charges?
Some of these questions are enough to put you off going abroad. If you are unprepared financially, foreign transactions can cost you about 3%. That can add up really quick.
Have you ever considered using bitcoin to travel? Here is why you should.
Bitcoin – Your International Currency
Because bitcoin is a cryptocurrency, it is decentralized. That means it is not owned by any single country and is not subject to the same regulations as a standard currency.
The basics of bitcoin are blockchain technology. This is a peer to peer system that ensures everyone basically has access to the same database at the same time. That means no one person or one country can own the database.
So because of its unique design, bitcoin is truly international and owned by everyone. That means that if you have bitcoin to spend and someone is willing to exchange that bitcoin for products or services, then there is no need for currency conversion or associated service charges.
Alternatively, if you want to access local currency by using your bitcoin, then instead of trading foreign currencies, you sell your bitcoin for the local currency at a rate that would be much cheaper than foreign currency exchange rates.
Everyone is a winner.
Bitcoin – Where Can You Spend It?
It might sound obvious but you need to be visiting a country where the IT and internet infrastructure is sufficiently developed so that you can use bitcoin.
If you plan on a luxury holiday spending bitcoin in the country of Chad, for example, you are setting yourself up for disappointment. That said, the technology is rapidly developing and more and more businesses are prepared to accept the currency.
Here are some ideas on where you can spend your bitcoin.
Come Fly with Me
Yes, many airlines are bitcoin friendly. Take, for example, British Airways and Virgin. It is true that not all airlines are ready to accept bitcoin, but more and more are developing their systems so they can deal with cryptocurrency.
This is driven by the market itself, so airlines that want to be responsive to the market need to adapt and be cryptocurrency ready. Unfortunately, many budget airlines are sticking with traditional currencies, but that will likely change over time.
The great thing about buying your flight tickets using bitcoin is that no matter where you are going to, or where you are traveling from, the price will always be the same. That also means you are protected from large fluctuations in foreign currency markets that can massively affect local prices.
Give Me a Bite
Yes, many restaurants and food outlets are bitcoin friendly. These include Subway, KFC Canada, Dominoes Pizza, and several pubs in London and other major cities throughout the world.
In fact, depending on where you plan to travel to, it would be worth researching which shops, food outlets, and entertainment centers accept bitcoin in that city. You may be surprised at the number of options open to you.
A basic rule of business is that you want to make it as easy as possible for your customers to part with their money and pay for your services. Based on that principle, as bitcoin increases its popularity in the mainstream, vendors will have to make bitcoin-friendly transactions available.
You may be wondering, “What else can I buy with bitcoin?” Check out this helpful article.
Bitcoin – How Do I Spend It?
So now that you know you can spend bitcoin on a multitude of things, including flights, holidays, food and restaurants, it begs the question, “How do I actually spend bitcoin?”
It is easy. You need to set up a cryptocurrency wallet that is compatible with the currency you want, such as bitcoin.
There are many choices in wallets. This article explains more about wallets and how they work.
In brief, a wallet is a software program that stores a unique ID and in which you can add your bitcoin. Once you have a wallet and you have filled it with bitcoin, you can get spending anywhere that is bitcoin friendly.
In practice, this usually involves scanning a QR code and authorizing payment from your wallet. Very easy.
Bitcoin and the Future
Cryptocurrencies continue to cause great debate and excitement amongst financial experts and economists, and just about everyone. Bitcoin is here to stay and is continuing to grow in its popularity and use throughout the world.
In this article, you have read about how to travel using bitcoin. Although there are some challenges, it is possible, and it will only get easier.
What about you and bitcoin? Are you interested in how to invest with bitcoin? If you want to learn the basics, click here.