Bitcoin is now recognized as a legitimate currency globally. This cryptocurrency has gained immense popularity partly due to its unparallel convenience in the current digital world. For travellers, Bitcoin offers an opportunity for a completely virtual universal currency and form of payment. This takes away the pain of having to convert one’s cash to a foreign currency at every location.
However, everything has its cons, and using Bitcoin as a form of currency and payment method as you travel is not any different. This convenience has its share of complications, especially if you do not understand how Bitcoin works. This is why we have created this content to help you better understand Bitcoin facts as you prepare for your adventure.
1. You Will Need A Digital Wallet
When using a digital currency, your leather wallet becomes a useless accessory. If you want to buy Bitcoin and use it as your travel, a digital wallet will help you access your digital assets, make transactions, and save important info.
This will serve you a set of new problems because you will need to have either your laptop or phone whenever you need to make a payment. For your transactions to go through, you will need a stable and secure internet connection.
While most travelers prefer leaving their mobile devices behind, the necessity of a digital wallet is something you should consider before switching to Bitcoin-only.
2. Some Countries Do Not Accept Bitcoin
Bolivia, for instance, recently announced that Bitcoin trading is banned within its borders. This is not the only country that rejects crypto, as it is equally illegal to trade Bitcoin in Vietnam. The digital currency is heavily regulated in other countries such as Russia.
It is recommended that you do thorough research before traveling to a certain country to find out whether or not a state is hostile towards Bitcoin. If you happen to be traveling to a country that has illegalized the crypto, you will have to do with the accepted legal tender.
3. There are Bitcoin-Heavy Communities in Every Country
It is important to note that even states that allow Bitcoin can show bald spots to businesses that accept Bitcoin payments. In Bitcoin-heavy communities and cities, you are likely to find bitcoin vendors operating within a common vicinity.
Make plans on where your will be spending your time during your trip. The reason for this advice is the fact that you want to spend your time in crypto-friendly areas.
4. Not All Travel Merchants Take Bitcoin
Prior to heading to your destination, take time to ascertain whether the major travel merchant that you intend to interact with accepts payments in cryptocurrencies. Will the airline accept Bitcoin payment, for instance? Some travel companies are yet to adopt the cryptocurrency trend, and this might make your flight booking a bit hectic if you intended to use Bitcoin only.
Fortunately, some leading travel merchants like Expedia have announced that they will be accepting Bitcoin payment for hotel reservations. While Expedia does not offer Bitcoin flight booking, ChepAir.com does.
5. Have a Back-Up Plan
Traveling on Bitcoin alone can be likened to a feast-or-famine. What happens when you can’t find a restaurant or hotel that accepts payment in Bitcoin? Will you go without food or sleep on the streets? Definitely no.
Another issue with relying solely on this currency is that cryptocurrency prices can fluctuate. You don’t want to pay for things using Bitcoin if the price has decreased significantly. This means that you get less value from the currency when making purchases.
Try as much as possible not to solely rely on a single form of payment or two if there are other alternatives at your disposal. To be safe, it is a smart idea to supplement your Bitcoin with cash and credit cards.
6. You Will Have to Take Up Serious Security Measures
While any kind of theft is enough to ruin your adventure, Bitcoin theft is much worse. While there are many aspects of Bitcoin that render it safe, there are many ways through which scammers and hackers can trick you into giving up personal information that you should not.
When your Bitcoin stash is stolen, there is no way of reclaiming it. The digital currency is high-risk because it is not protected by security measures offered by traditional banks. This is why it is important that you remain vigilant to protect your Bitcoin while in foreign states.