Bitcoin as a crypto asset uses a network of open payment systems that anybody around the globe is able to use. Given the open nature of cryptos, there are tremendous advantages to using Bitcoin through the financial infrastructure currently available to international travelers. According to AskTraders.com, financial advantages become clear when outlining some of the problems typically faced by international travelers. Here we will examine some of the ways Bitcoin and other cryptos can be used and highlight the benefits of cryptocurrencies when making international purchases.
Whenever we are traveling into foreign territories, we can see that it is often very difficult to convert funds into local currencies. Without this, local cash can be hard to obtain and this can complicate even the most basic purchases. This often occurs when both entering and leaving the country. What is there were a way to eliminate these problems during international trips? Fortunately, Bitcoin can be used by consumers and sales merchants anywhere in the world because it is a truly global currency.
The Necessity of Handling Multiple Currency Conversions
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Cryptos eliminate the necessity of handling multiple currency conversions while helping us avoid the need to carry around a lot of cash. High fees are also associated with currency conversions, so it can become costly to obtain cash in foreign countries. ATM sees can add up quickly and any time you are required to make a transaction at a bank, it can quickly tally to levels that might exceed the budget that you have already established for your trip or vacation. In some cases, this can actually put you or your family in a desperate situation if you need available cash, and you have no way to access your bank accounts.
Many credit cards will charge a fee each time a card is used to make a purchase, but Bitcoin transactions have none of these associated transaction fees. Worldwide, existing payment networks experience incredible levels of friction and this is why consumers need an open payment network that works globally and reduces fees. The world grows increasingly interconnected each day and Bitcoin offers some obvious benefits for travelers.
Avoiding Fraud Payments
Source: Crypto Ryan
Unfortunately, international credit card use can give your payment credentials to unfamiliar foreign merchants. Intentionally (or unintentionally), these merchants could reveal your payment credentials to nefarious people looking to conduct fraud activities. This could ultimately lead to your bank account being compromised while making the charges difficult to recover. In many cases, it can take 5-7 business days before your bank can send a new debit card, and this can significantly delay your trip plans. Even worse, there are cases where you might not be able to pay for your basic expenses because you might be unable to access your accounts. Imagine the possibility of missing a travel schedule or not being able to pay for a hotel room while you are in a foreign country. Of course, these types of events can create very difficult circumstances for travelers.
Being left without bank account access in a foreign country can be a very worrisome experience. This is another reason why it is always a good idea to have a backup card or some other funds available. However, Bitcoin transactions are able to avoid many of these problems because of the open structure of the network. Bitcoin can solve a large number of these problems faced by international travelers because it can protect a consumer’s payment credentials, avoid fraud, avoid carrying cash, and eliminate the need to convert to local currencies. If you lose access to your bank account while you are in a foreign country, these advantages can prove to be a life-saving factor.
Source: Money Crashers
Of course, it can be difficult to travel using Bitcoin alone while you are on an international trip. However, more and more merchants are accepting cryptos every day and this rapid merchant adoption could make things much easier in the future. For example, Pointshound, BTCTrip, and CheapAir.com all accept Bitcoin as a crypto currency so there are many travel-focused merchants that understand the significance of crypto sales options for international travelers.
Going forward, more merchants related to the travel industry are likely to accept Bitcoin, so consumers can manage the massive efficiencies provided by Bitcoin and other crypto currencies while on international trips. Most analysts agree that the travel industry must continue to forge a path forward in Bitcoin adoption. In the future, it may be possible for each and every one of us to leave all of the credit cards and debit cards at home and rely on cryptos alone for every financial transaction on your international trip!
