How to Pay for Vacation With Cryptocurrency
Retailers are increasingly accepting cryptocurrency for physical goods, but did you know you can spend cryptocurrency on ephemeral events like travel? As more cryptocurrency holders show a willingness to spend, travel retailers are rushing to meet demand. Here are your options for funding your vacation with cryptocurrency.
How can you spend cryptocurrency on travel
The following travel agencies can shop for travel using cryptocurrencies: Destinia , CheapAir , BTCtrip , Berkeley Travel , Fluege.com , Bitcoin Travel, and Travala.com . Notably, Travala has partnered with Expedia, which means cryptocurrency holders can also spend their money on Expedia Group’s over 700,000 hotels and accommodations. Another notable option is Bitcoin Travel, a travel booking site that has been around since 2011 and accepts over 50 cryptocurrencies.
Another way to spend cryptocurrency on travel is to use eGifter to convert bitcoin into travel gift cards. According to CNBC , the company offers cards from American Airlines, BedandBreakfast.com, Carnival and Celebrity cruise lines, and Hyatt and Marriott hotels.
Why would companies accept cryptocurrency at all ?
Partly to boost consumer demand. More than two-thirds of people using Coinbase cryptocurrency plan to shop with cryptocurrency within the next two years, and retailers and service providers are increasingly looking to help to fill the gap. As Johannes Reck, CEO of travel agency GetYourGuide recently explained to CNBC :
“People want to get their crypto back on the system, [and] travel is one of the biggest categories. We are now bringing Dogecoin to the real world; you can apply it and really have a real kinetic experience. “
Despite the fact that cryptocurrencies are so volatile (just this month, the value of bitcoins has fluctuated by 30%), the seller has some control over the prices in real time, which they can fix at the point of sale. Transaction fees are also much lower for providers when compared to credit cards, and since these coin transactions are irreversible, they don’t need to deal with chargebacks from fraudulent credit card purchases. On top of that, there is also a “cool factor” in cryptocurrency adoption that cannot be quantified but definitely seems to be part of it too.
Should I spend my cryptocurrency?
It depends on how much you think it will be of value in the long run. Laszlo Hanyecz, an early crypto adopter of crypto, somewhat famously bought a pair of Papa Johns pizzas with 10,000 Bitcoins. According to thedaily Twitter tracker,today that amount is $ 458,779,089.
This type of FOMO is the reason why so many people known as HODLers have invested in cryptocurrency as a long-term bet that such a currency will become more widely accepted (and therefore more valuable) later, possibly eventually replacing fiat. currencies to form the basis of all future economic structures. Of course, there is no guarantee that any of this will ever happen. Whether or not to spend cryptocurrency really depends on you.