Bitcoin and Travel – Top Things to Know | The Guardian Nigeria News

Bitcoin is a decentralized digital currency that supports many transactions. Here’s what you should know about Bitcoin and travel.

The travel industry comprises multiple players, including airlines, tour operators, hotels, cruises, and adventure parks. While the industry still heavily relies on traditional systems such as banks to process payments from their clients, the advancements in technology and the changing consumer trends have prompted many travel companies to seek alternative payment options. 

Bitcoin currently seems the most reliable alternative payment option, increasingly adopted by many travel companies and travellers worldwide. Unlike credit cards or debit cards, Bitcoin payments are secure, instantaneous, and low-cost. Besides, its digitized and decentralized ecosystem ensures greater convenience for both service providers and travellers. Here are the essential things that you should know about Bitcoin and travel. 

Getting Started 

Bitcoin primarily serves as an alternative transaction currency to pay for various goods and services, including travel. It is digitized and only accessible online. Thus, there are some requirements that you must meet to use Bitcoin to pay for a trip. The first requirement for transacting Bitcoin is a crypto wallet. 

A crypto wallet is an app that stores private keys for authorizing transactions. Anyone with access to the private keys can transact through your account. Therefore, you must keep it a secret at all costs. You can choose between the various mobile and desktop wallets offered online. Some are free of charge while others cost a small fee. Nevertheless, you require a wallet that is easy to use and secure. 

You can only use Bitcoin to travel if you have the funds. So, the next step is to acquire Bitcoin. Various options exist for getting Bitcoin, including trading, mining, affiliate marketing, and Bitcoin faucets. Besides, you can also borrow Bitcoin from crypto lending platforms. However, buying the tokens is the most straightforward way to go. 

Established crypto exchange platforms like Bitcoin Prime allow entities and individuals to buy Bitcoin directly with credit cards and bank transfers. They support crypto trading, meaning you can also use other cryptocurrencies to purchase Bitcoin from crypto exchanges. 

Paying for Travel with Bitcoin 

With a good crypto wallet and some Bitcoin, you are now ready to start using Bitcoin to travel the world. Unlike credit cards you may have issues using in some countries, Bitcoin is a decentralized currency accepted worldwide. It is not subject to government restrictions or institutional policies, allowing you to transact globally. 

Several travel merchants, including airline companies, tour operators, hotels and resorts, and cruise companies, have integrated crypto into their payment systems. Apart from air tickets, accommodations, and cruise vacations, Bitcoin can also pay for food, entry to attraction sites and events worldwide. 

However, not all travel companies accept Bitcoin. For instance, you may not be able to use Bitcoin in countries like China, where the government has banned businesses from using crypto. Besides, some travel companies only accept Bitcoin payments for specific services. Thus, first, research the travel operators that accept Bitcoin and the particular services you can pay for with Bitcoin. 

Several online platforms exist, including BitcoinWide.com and Spendabit, which you can use to locate the travel service providers that accept Bitcoin around the globe. That would enable you to know the Bitcoin-friendly travel companies and destinations when planning trips. 

Bitcoin can ensure greater convenience and cost-savings to travellers because it is a decentralized digital currency, easily accessible worldwide. However, it is also subject to constant price fluctuations that would affect the prices of various travel services. So, a little knowledge of the crypto market and how Bitcoin works would be essential if you intend to use it to travel.