Without any doubt, the concept of digital currencies caused a lot of skepticism over the years. However, we can see that a high number of uncertainties people had about its now long gone, which opened the doors for more users than cryptos ever had. Let’s take Bitcoin as an example, since it was introduced, more than a decade ago, we can see that it crossed a rough road to what we now have in front of us.
Just think about how many times you’ve heard about it only a couple of years ago, and how much about it you’re hearing now. It looks like all the planet is now interested in investing in BTC. Thankfully, we now have many more options if we want to do something like that. Not only that, there are a lot of different cryptos at our disposal. What’s more, checking its value is easier than ever. If you would like to do it frequently, be sure to use kriptomat.io.
We are talking about digital currencies like Ethereum, Litecoin, and Ripple. Some of them have managed to reach a high price. However, Bitcoin remains the number one of all of these. Therefore, it immediately becomes the most sought-after one, right? In the last couple of years, we can see that cryptos are becoming more and more important when it comes to international payments.
The reason being that the whole process is fast, secure, doesn’t require a lot of money for fees, etc. At the same time, it makes sense that people would like to open businesses all over the world, especially in countries where costs are not as high as in their native ones. At the same time, we can see that people are more aware of the fact that they can use BTC to travel. This is the topic we would like to discuss today. Let’s get started.
First, we would like to address the pros of using BTC for travel.
Prevents Payment Frauds
When you’re using your credit card in a foreign country, you are giving you’re giving a valuable piece of information to a foreign merchant. Surely, this increases the chance of your being robbed out of your money. Naturally, this doesn’t mean that you shouldn’t use it. However, you will need to foresee where you are safe enough to pay with a card and when you should use cash to avoid all these problems that can arise.
So, instead of paying with your card at all places, you should consider using cash. And how you can do that? Well, you need to go to the cryptocurrency ATM, sell some of your Bitcoins on the market, and withdraw your money. However, you will need to consider visiting places where you will have this possibility. We will talk about how this can become a major problem in some cases. All-in-all, you should use BTC to avoid potential payment frauds.
Helps you Avoid High Fees
One of the biggest virtues of Bitcoin is that it will help you avoid all the high fees you can experience with traveling with a credit card. In some cases, there’s no chance for you to know how high these fees are. They could go from 1% to 5% per transaction, which is pretty high if you ask us. Instead, you can transfer your coins from your e-wallet to your bank account, and directly convert them into the currency of the country you are currently are.
At the same time, if you are in a country where you can find Bitcoin ATMs, you will have an even easier job than you can presume. For example, instead of spending too much money by paying these high fees, you will be able to transform your coins into cash. So, you will not face any kind of fees whatsoever. Therefore, we urge you to consider traveling with BTCs instead of focusing just on your credit cards.
After the pros, we would like to see what are the cons of using BTC for travel.
There are no ATMs in Some Countries
In case you didn’t know, there are BTC ATMs you can find in almost every country in the world. Sadly, if you are looking to visit a somewhat exotic destination, you will need to consider that they might not have them. Therefore, you will need to base your Bitcoin usage solely on transferring between an e-wallet and a bank account.
Even though we don’t have anything against it, we can see that some people are not feeling comfortable doing it this way. At the same time, some people simply love to see the cash in their hands and pocket instead of on their credit cards. So, you will need to consider this factor before you decide you want to travel using BTC in the process.
The Process is Completely Digital
While we can say that one of the most impressive advantages of using Bitcoins is that the whole process is digital, when you think about traveling with it, it might not seem like it. For example, you are visiting a country where the chances of not having an internet connection are pretty high. Surely, you will be able to do much about this situation. Therefore, you will need to consider other ways of using your money.
Surely, when you’re visiting England, Sweden, or Russia, you will be able to find a place where you can establish a solid internet connection to make the much-needed transactions. However, in case you are visiting countries like Nepal, Bhutan, or Kyrgyzstan, chances are that you will not have an internet connection for a couple of days before you have the opportunity to connect. You should think about that before you go on a trip.
The Bottom Line
People have started to see all the virtues of BTC and started to use it. Now, it has more users than it ever had. At the same time, we can see that travelers have found it easier for them to use Bitcoin than their credit cards. Here, we’ve provided you with 2 positive things about this approach and 2 bad ones. Be sure to check them out.