Keep on reading to learn more about the impact of cryptocurrency on tourism.
Cryptocurrencies have hit a stellar rise in the last few years. They went from an unconventional asset type of class to one that is being increasingly adopted on a mainstream level.
It is not just the various investors in retail that are showing interest in cryptocurrencies. In fact, many more industries are adopting this new form of currency, including tourism. While it may be difficult to fathom, the travel industry has now cosied up with the idea of virtual digital assets. A new term that has been coined for this new genre of processes is crypto tourism.
While it is not all positivity, the world is making peace with the idea of new digital coins and currencies becoming increasingly available and adopted. Crypto does have a good number of critics, who argue that it makes it easy for illegal activity and that its high volatility can make it risky.
In 2022, Bitcoin did crash and it did result in some huge losses for users. However, its benefits in providing you with safety and security as well as its high degree of anonymity, make cryptocurrency increasingly intriguing.
For some people, cryptocurrencies may be less ventured and perhaps relatively unknown. While you may hear about them on the radio or on TV on a regular basis, you may still be a little shaky about the details of these new currencies. You are bound to have a friend on your Facebook friends list that claims to be an expert.
Keep on reading to learn more about the impact of cryptocurrency on tourism.
What is crypto tourism
Crypto tourism can be mainly split into two main sections. One section refers to travel packages and tours which can be paid for by using cryptocurrency. This is no real surprise, as many industries have now begun accepting crypto payments.
Crypto casinos are continually emerging on a regular basis, offering punters a safe and secure way to gamble online whilst benefitting from safe and secure deposits and withdrawals.
Furthermore, many high-end fashion houses, such as Balenciaga and Gucci as well as automobile manufacturers such as Tesla are among the number of crypto-friendly brands available on the market.
Many airlines, travel aggregators and tour operators are now accepting crypto payments. Leading United Arab Emirates carrier has even announced that it will soon be accepting Bitcoin as a form of payment. Similarly, Air Baltic, a leading Latvian carrier has long been accepting Bitcoin.
There are also a good number of tourist destinations that have adopted cryptocurrencies and where digital payments are widely accepted. For example, the Bahamas has its own digital currency better known as the Sand Dollar, but it also accepts various crypto payments.
If you fancy more adventures such as scuba diving, you can do so by using cryptocurrencies. Some tourist companies in New Zealand, provide various travel programs for visitors who can use digital coins to explore the Southern Great Barrier Reef.
The other form of crypto tourism also refers to travel packages and trips, where classes, lectures and crypto conferences make up a big chunk of the trip’s itinerary. Some of our readers may be wondering why would anyone go on holiday to learn or be lectured about cryptocurrencies and blockchains. These holidays are not for leisure tourists. Instead, they have been created to target various crypto enthusiasts and entrepreneurs, who are looking to meet like-minded individuals, network or discuss possible business ideas.
For example, Blockchain Cruises which is organised by leading Scottish crypto wallet CoinsBank is one such example. This company has held four popular cruise holidays between the period of 2019 and 2021 before the pandemic kicked in. These cruises went on a roundtrip in the Mediterranean and went on for circa 5 days. More than 2,500 travellers from all over the world have attended these cruises.
Aboard these cruises, attendees have been able to participate and play at crypto casinos, by simply paying with the cryptocurrency of their choice.
How crypto payments work
As many more people continue to invest and have more coins to spend, many more businesses and governments will be warming up to the idea of permitting customers to pay for various products and services from their digital wallets.
For example, the government of El Salvador passed a law in 2021 that makes Bitcoin legal tender within its borders. Many more countries and governments are also looking into possibly following in the same manner.
It is still, touch and go for some governments though. It is very much selective when it comes to which digital coins are allowed and where including online and offline at stores. The most popular cryptocurrency remains to date, Bitcoin.
Bitcoin has been used and adopted for payment for a number of services and items, including donations to Wikipedia, the purchasing of items at the Microsoft Store, paying various utility bills and more.
So how do you go about using cryptocurrency if you have never done so? There is a wide array of payment gateways that enable users to pay for your services and goods with digital coins. A popular wallet available on the market is the Coinbase app which is a fast and secure way for online railers and consumers to store their digital currencies.
The big question when it comes to crypto tourism is whether you can rely on it solely or not. While in theory, it could be possible as many businesses and companies are accepting digital currencies, we would advise taking other forms of payments with you.
That said, Bitcoin has its own comprehensive travel site, and while big travel giants such as Expedia are allowing their clients to pay with crypto, you may struggle to pay for food and some services abroad.
Technically, there is nothing stopping you from purchasing flights, cruises and tours with crypto. Aboard special crypto cruises, you can also pay for food and services as well as enjoy a spot of Blackjack at a crypto casino. However, if you are not going on specialist crypto holidays, we always recommend playing it safe and having fiat currencies in hand just in case.
While the future of cryptocurrencies definitely looks rosy, we are still in the initial stages. It is a case of wait-and-see when it comes to the various legislatures that governments of different.
