Everybody is raging over the crypto market’s highs and lows and wants to be a part of it in any little way that they can. However, Bitcoin is changing the world in more ways than one, and this article highlights how it is achieving the feat.
We can understand that individuals face several challenges while traveling, but cryptocurrency is here to make the world more accessible and give travelers a sigh of relief with the spectacular features it brings to the table.
The fact that Blockchain has gained so much momentum could be highlighted by the increased security features the technology offers. Bitcoin lets consumers execute the most secure transactions no matter where they go. Since the internet is littered with hackers, having robust security features up your sleeve can help you navigate any losses that you might incur due to malware or inadvertent attacks.
Moreover, several companies are trading personal consumer data illegally, and guess what; travelers are the most susceptible to identity theft and personal data breaches, thanks to the inadequate network contemporary financial institutions such as banks and international exchanges offer. However, since Bitcoin exists on an entirely decentralized network, you will not have to worry about having your data stolen even if you travel internationally.
Since Blockchain does not operate on my one mainframe or server and is rather distributed on thousands of computers globally, hacking it is impossible. As long as you don’t forget your transaction key, your Bitcoins are safe and sound in your wallet. Visit this site to know more about cryptocurrency trading.
Unlike traditional financial institutions that charge a fee every time you initiate a transaction, blockchain technology doesn’t charge consumers anything. Since the technology is not managed by one person, company, or entity, there is no fraudulent or push marketing coaxing you to buy different products or pay unnecessary commissions.
Blockchain technology threatens several companies that work as intermediaries or third-party middlemen, such as Airbnb or Booking.com. Since Bitcoin and other cryptocurrencies are governed by a community and not an individual entity, these companies are threatened to lose their consumer base thanks to the convenient services the Blockchain offers.
Currently, booking an accommodation entails a commission that is often charged by the website from which you are booking and ranges anywhere between 10-15 percent. Although blockchain technology has not gained enough momentum right now, it won’t be long before consumers resort to websites powered by Blockchain to book their accommodation and use Bitcoin to pay their bills.
The idea of eliminating the intermediaries entirely will benefit the individual consumer who has long been exploited to pay unnecessary commissions and dues to third-party organizations. Companies such as Lock Trip are making use of blockchain technology and cryptocurrency to take the middlemen out of the equation entirely and let consumers save substantial money on their travels.
With the pandemic making the payments regime cashless, people are now resorting more to digital currencies to execute transactions. What’s more, it is a digital world now, and cryptocurrencies are at the top of it. Several leading companies now accept Bitcoin as a payment method, and you wouldn’t even have to exchange it into the country’s currency you are visiting.
Although electronically charged debits can make accounting transactions easier, several small business owners still prefer taking cash to avoid the fee they incur with each card swipe. However, cryptocurrency is filling the void by eliminating card fees while also making accounting easier for the owner.
As a result, travelers can visit different countries without any hassle since Bitcoin puts forward the idea of “cashless payments beyond borders.” Instead of exchanging the fiat currency into Ruble, Euro, Dollar, Pounds, or Quetzals, you can simply pay the business owner in Bitcoin. Apart from this, you won’t have to worry about fluctuating exchange rates, paying transaction fees on each swipe, or finding an ATM where your debit card works.
Since the whole idea of intermediaries is getting eliminated by the widespread adoption of Bitcoin, travelers can actually get their hands on cheaper deals for flights, accommodation, and restaurant reservations. One of the most popular sites, Expedia, started accepting Bitcoin as a form of payment in June 2014.
Although it has discontinued, CheapAir (another travel website) sold over 5 million tickets once it announced that it would be accepting Bitcoin as a payment method. However, several consumers are still wary of the industry’s volatility. Nonetheless, its widespread adoption will lead to a more stable future prompting consumers to stock up more on Bitcoin.
Currently, the trend suggests that Bitcoin will become ubiquitous, making its way into every business owner and consumer’s heart. Again, the lack of commission or any intermediary should mean lower airfares for consumers wanting to travel the world.
Bitcoin will guarantee Global Access
If you consider all the points that have been mentioned above, you will realize that travelers in the coming times will have more global access as Bitcoin will find its root alongside the traditional payments system. Since it guarantees so many features to individuals worldwide, it can be perceived as a payment method that does not account for borders.
Bitcoin values the same in every country and, therefore, will not be subjected to any perceptions of the people living in a certain area. Thanks to decentralization, Bitcoin is not tethered by any government or regulatory authority and is not subject to any scrutiny by traditional financial institutions.
Bitcoin represents a form of decentralized money. However, it is only the tip of the iceberg and the beginning of what Blockchain is capable of doing. If allowed ultimately, Blockchain can rule our lives by the various goods and services it offers. And the best part, all of it is private and cannot be used by large conglomerates to mint money at our behest.
For travelers, Bitcoin has already made the feat easier. Since a lot of websites are now accepting cryptocurrency, it only makes sense to use it to make payments and undertake your journey hassle-free.