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Crypto: The perfect new travel currency?

As a result, many experts have pondered whether crypto could soon become the perfect travel currency, and their argument certainly has merit. With many tourists now travelling cashless and seeking new and innovative ways to pay for goods abroad, bitcoin and its rivals could be exactly what they’re seeking.

Although it was invented in 2009, cryptocurrency was little known until around 2017, when the price of bitcoin reached $10,000 and was continuing to climb. Bursting suddenly into the public consciousness, it became the hot topic on everyone’s tongues, prompting a surge in interest from laymen and investors alike.

While this has petered off slightly since this point three years ago, cryptocurrency remains increasingly popular around the world. Now accepted as a payment option by many retailers across the globe, those who have crypto funds ‘in the bank’ (so to speak) are able to spend their money at a greater range of shops, restaurants, hotels, and so on than ever before.

As a result, many experts have pondered whether crypto could soon become the perfect travel currency, and their argument certainly has merit. With many tourists now travelling cashless and seeking new and innovative ways to pay for goods abroad, bitcoin and its rivals could be exactly what they’re seeking.

Sending money internationally
Reputable brokers like eToro have long offered the opportunity to buy cryptocurrency through their platforms. Offering competitive rates and a choice of options, from bitcoin through to dash and ethereum, their products offer a major boon for world travellers and frequent flyers: this allows them to send money internationally with minimal cost and optimum speed.

As a result, no matter where they are in the world, globetrotters can take care of their bills or purchases as easily as if they were in their country of residence. Imagine, for example, an unpaid utility is the issue. While paying this from abroad via a bank or remittance service would take around three to five business days and come with a significant price tag attached, cryptocurrency could complete the same task instantly and for only a token sum.

To put this into perspective, cryptocurrency exchange Binance moved an amount roughly equivalent to $614 million from one wallet to another in 2018 – a process that took less than eight minutes and set them back a mere $7.

Receiving money from overseas
Not only is it handy that travellers can send money back and forth themselves, but that they’re able to easily receive money from overseas. It’s every holidaymaker’s worst nightmare: after a day of sightseeing, they return to their hotel only to discover their wallet has gone missing.

Whether it’s through theft or simple overspending, every frequent flyer has found themselves in a position where they need additional funds, but receiving these tends to be both a costly and time-consuming endeavour, with commissions a given.

Add cryptocurrency into the equation, however, and this stops being an issue altogether, with speedy transactions and no additional fees for sending money overseas.

Shopping offline made more economical
Those reading this article will likely have noticed a common theme: that cryptocurrency can do away with the many charges and expenses that come with spending money overseas. This extends not only to sending and receiving funds but to swiping cards in shops too.

With the majority of people now preferring to go cashless, it’s hugely inconvenient to have to carry large sums of money around with you when you go abroad, but even more unpleasant to pay out for foreign transaction fees if you refuse to do so.

Luckily, multi-currency crypto cards are now available. Allowing holidaymakers to circumvent the roughly three percent that they’re likely to be charged for payments made abroad on their card, cryptocurrency alternatives take this rate and slash it. While this does mean that travellers still pay something for using their crypto card, the disparity is enough to make a significant difference to overall expenditure in the long run.

Withdrawing cash abroad
Cryptocurrencies have one more card up their sleeve when it comes to their role as a travel currency: they allow holidaymakers to save money on withdrawing cash when they’re abroad. This is because banks levy not only a foreign transaction fee, but an additional charge when money is withdrawn from an ATM. This is not the case with crypto cards, which generally charge only the two percent fee already mentioned.

When it comes to travelling abroad, cryptocurrencies come with numerous benefits for those who wish to ensure maximal convenience and minimal spending. Would you consider switching from cash to crypto for your next getaway?

News Editor - TravelDailyNews Media Network | + Posts

Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.

She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.

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