How to Travel With Crypto
|— Crypto is an asset capable of storing value – but spending it can be a little trickier, as we wait for mass commercial adoption.|
— But the travel industry is one place where you can utilize your coins and tokens easily – and for a variety of different things!
— Not to mention, the global nature of crypto makes it a potentially ideal currency for traveling with.
— Here, we walk you through the different ways to spend your crypto as you travel, so you can make your coins and tokens work for you!
Let’s talk travel! Crypto may not have been adopted en masse yet, but you still have loads of options if you want to spend it – and summer holidays are the best example of this in action. Let’s take a walk through your options.
Crypto and real-life can seem a bit separate at times; we aren’t yet at the point of mass adoption, which means crypto can be hard to actually spend in the way we do with real money. Quite simply, not all shops and service platforms have the infrastructure to accept crypto payments.
But despite this, you might be surprised to know just how many options you still have for spending your coins and tokens – and nowhere is this more clear than during your summer holiday.
In this article, we show you the different places you can use your precious crypto for booking travel this summer – and even point out a few advantages of using crypto instead of fiat to fund your adventures.
Traveling With Crypto – a Masterclass
Crypto is a global currency that is not constrained by borders, so it seems fitting that its utility should really come to the fore when you travel. All you need is a little knowledge about the options available to you, so let’s walk through how crypto can be used at each stage of your holiday.
1) Buying your Flights and Hotels
Blockchain-based travel platform Travala is one of the avant-guard companies leading the charge toward a crypto future, accepting over 50 leading cryptocurrencies from customers looking to book flights and hotels. The platform currently offers over 2,200,000 properties globally so…you probably won’t struggle to find a place you like.
Travala also offers customers better returns, providing rewards in the form of its native token AVA – so not only can you book your trip essentials there, you can even get a fairer deal by using your crypto.
Travala isn’t the only company crypto nomads can use: Emirates has also announced that it too may adopt Bitcoin as a payment option in the near future paving the way for other major carriers to move into the future.
Hidden benefits of booking in crypto
Making a big purchase, such as a holiday, in crypto is not just about novelty – it also holds a practical advantage. To understand, let’s look at what normally happens when you make a big purchase on your card.
You’ve chosen your hotel and you found the perfect flight, all you need to do is hit “confirm” right? Well, not always: it’s a big buy, and bank spending limits can mean you have to seek special approval to spend your own money. That often means making a call, or going to the branch, to increase your spending limit – in other words, you may need to consider some tricky banking logistics, as well as the holiday itself.
But with crypto it is a straightforward purchase – because you’re your own bank. There are no spending limits or special processes – YOU make the rules for how you spend your value. So beyond your rewards, using crypto can make for a more streamlined, less stressful buying process.
2) Arranging and Using Travel Insurance
OK so flights and hotels are booked – but what about insurance?
Buying insurance, and then filing a claim in the event of a mishap, is both time-consuming and tedious. However, blockchain technology has tremendous potential to simplify many aspects of that process.
Etherisc, a blockchain-based insurance protocol, has launched a new insurance application that not only allows you to pay in crypto, but also executes certain claims automatically on the blockchain. For example, if your flight is delayed or canceled, and amounts to an insurance claim, the change in your itinerary will automatically be registered on the blockchain, triggering your claim without any further process from you. Pretty cool, right?
The app, which is built on the Ethereum blockchain, is designed to offer a more efficient and cost-effective way to insure against travel disruptions.
You can easily sign up for a policy online, using your crypto to pay – then enjoy the benefits of insurance cover executed automatically, should anything go wrong.
3) Finding Crypto-Friendly Local Vendors
So you arrive at your destination and you’re ready to enjoy your surroundings, do some shopping or have a nice meal. It’s becoming more common for businesses to accept cryptocurrency payments, especially in major cities and popular holiday destinations – but actually finding local places where you can spend your crypto (especially when you don’t know the area) remains pretty inconvenient, and options can be limited.
Luckily, there’s a tool that pinpoints shops, restaurants, transport, shopping and more where your crypto will be accepted; Coinmap is an online search tool allowing you to plan effectively, by showing crypto-friendly vendors across the globe.
A quick look at Coinmap will help you source out nearby shops and restaurants where you can use your crypto, and if that fails, you can also use it to find a local Bitcoin ATM and convert your crypto into cash.
OK we’ll admit it – your options might not be abundant in every holiday destination, but having a map to pinpoint the nearest crypto-compatible vendors definitely makes it easier to incorporate crypto into your day-to-day life as you travel.
4) Paying by Crypto Debit Card
And finally, if you’ve had a scour around your holiday destination, and still can’t find the perfect pizza in exchange for your Bitcoin (Laszlo: never forget) don’t worry – you still haven’t exhausted your crypto options!
For total flexibility, you can also use a crypto debit card. These cards allow you to spend your crypto just like you would spend cash with a regular debit card, and they achieve this by converting your crypto into fiat at the moment of purchase. You can even use them to withdraw cash from an ATM.
Normally, converting your crypto back to fiat means a lengthy off-ramp process and even a couple of days wait just to receive the cash and start spending. But a crypto debit card makes the conversion in seconds, leaving you free to enjoy the utility and freedom of money while using only your crypto.
So there you have it, a holiday completely bought and paid for using your cryptocurrency – and did you realise, you did the whole thing without a single visit to the currency exchange?
Even though crypto still has a way to go before it becomes mainstream, there are already a variety of ways to use your digital assets to fund your day-to-day life. It’s simply a question of understanding your options.
So keep learning, keep exploring, and above all – stay secure! Crypto is here to stay, and we’re here to help you unlock its full potential.
Knowledge is power
The best way to stay safe? Know thine enemy! Here, we explain exactly what risks you face as you use your crypto – and how to keep them at bay.