Can You Travel the World with Bitcoin? Explore Now!

Can You Travel the World With Crypto?

December 19, 2022 14:49 PM

Crypto in Travel

Why Travel Using Your Crypto

At this phase, some crypto enthusiasts question why you would want to pay your crypto in the first place. Ultimately, if you believe in the underlying Bitcoin fundamentals and the protocols outlined in the Bitcoin whitepaper, then the only way Bitcoin can truly become a global, peer-to-peer electronic currency, is if some people are going out and spending it.

In turn, this makes a demand for crypto merchant keys across the globe for people examining to pay for their cryptocurrencies. Below are a few other causes people may decide to travel the world with crypto:

Local Economies

For some individuals living in economic trouble and/or hyperinflation of their native fiat currency, selecting to switch cash from order to crypto will keep their wealth as a hedge against inflation.

Deciding to store their wealth in Bitcoin or other crypto assets, can sometimes be the only opportunity to let people save and travel, or flee their country.

Going Cashless

If you decide to travel the world with crypto, you can forget about the bother with local currency deals when reaching/departing a foreign country. Instead, the thinking goes that all your funds are stored electronically either online or on a portable device i.e., a smartphone or a hard wallet.

Traveling cashless is also likely using order currency with the preferences of Apple Pay and Google Pay from your smartphone or watch, however, this usually incurs a 3% foreign trade bill that will use every time you create a payment. The cost of most foreign crypto transactions is 2% according to dontstopliving.net; each little 1% soon adds up by the end of the trip!

Crypto in Travel
Less Risk

Some claim there is a lower individual risk of being attacked or mouthed by not having cash around on your personal belongings whilst traveling in a foreign country. Besides, if there is an emergency in your home country, you can send cryptocurrency across the globe at any time 24/7, with minimal costs corresponding to the usual foreign business rate.

It’s a pleasant thought knowing you’re able to support your family or friends from anywhere in the world without the stress of any cross-border mediators.

Discounts

There are some trip, gift card, and retail sites (noted below) that offer clients discounts if they’re paying with Bitcoin or other preferred cryptocurrencies for a range of everyday transactions that can be used whilst traveling.

Security Tips to Remember

It is also worth noting a few security information when choosing to travel the world with crypto. After all, you are working as your bank. Theoretically speaking, as long as you can place the source phrase in a wallet, you can access your funds anywhere in the world with internet access, without the need for any physical device.

However, should you forget or misplace your private keys or seed term, your funds are then lost for eternity – so it’s worth taking protection.

Firstly, have funds in numerous hot wallets, either online or mobile. This indicates that for whatever reason an interaction might be down or unavailable, but you still have entry to some funds in another wallet.

Secondly, use 2FA (Two-Factor Authentication) for all your wallets and exchange sites – this could be a handy indicator if someone tries to log in as you somewhere else, by you obtaining an email or text alert.

Finally, the majority of your accounts should ideally be stored in a cold hard wallet. It is not advisable having large quantities of wealth in an online hot wallet that is weak to malicious attacks.

Storing your coins on a hard wallet implies you’re able to transfer reserves to your online/mobile wallets safely and securely, at any time of day or night. Be sure to have the seed word to your hard wallet secure, and never kept in the same place with the hard wallet. 

Last Words

Bitcoin has proven itself as an international currency, truly letting you travel across the world and beyond – with Virgin Galactic also taking Bitcoin payments for a seat on its forthcoming space tourism jet. It’s reported Tyler Winklevoss settled for a seat worth $250,000 in Bitcoin, at the time consuming approximately 312.5 BTC for his ticket.

In addition to all the tasks and merchants said in this article, one of the biggest impacts of moving crypto into the travel industry this year has been the integration and partnerships with the likes of Visa, Mastercard, and PayPal.

With Visa crypto debit cards, it is more comfortable than ever for people to make daily transactions across the 100 million Visa retailers worldwide covering 200 countries. Although Mastercard hasn’t shown as much public attention with its crypto integrations, Mastercard protects a wider geographic area than Visa with a presence in 210 countries.

Fast-forward to the future and almost every hotel, bar, restaurant, or shop will have an electronic wallet to accept Bitcoin and likely other cryptocurrencies too. This could occur in producing nations sooner than in extended geographies, with many nations in Africa ‘leapfrogging’ technology, having entry to smartphones and the internet, and already using cryptocurrency as a need in everyday life.

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