One of the newest trends to impact the travel industry is cryptocurrency. Ever since Bitcoin launched the world’s first decentralized cryptocurrency back in 2009, the idea of earning and using virtual money has expanded and now you’ll find a number of other new digital cryptocurrencies to choose from as well.
It’s never easy travelling on a strict budget, and many ways to save involve having to endure a bit of discomfort or foregoing certain luxuries; riding on overnight buses or packing yourself into tight dorm-style accommodation come to mind.
But thankfully, there are a few ways you can save money that don’t involve roughing it. And one of the newest ways you can not only save costs but also make money while travelling is by using cryptocurrency to pay for your travel, and learning how to trade in crypto to become somewhat of a new-age digital nomad (if you know what you’re doing!).
Yes, cryptocurrency now looks to have its sights set on the travel industry. Here’s how you can earn money by trading it while you’re traveling.
Cryptocurrency Trading : How You Can Earn Money While Travelling
What Exactly is Cryptocurrency and How Can it Save or Make You Money?
A cryptocurrency is a digital form of currency that is ultra-secure and not attached to a specific country or government. Because it is not attached to a country, it cannot be manipulate or controlled by a government.
Using this intangible currency while travelling means you can reduce or eliminate annoying foreign exchange rates or transaction fees and there is a far greater reduced risk of loss or theft of your money.
A growing number of travel-related businesses worldwide are beginning to accept cryptocurrency as a form of payment and this includes travel agents, airlines, airports, hotels, and tour operators. This means you can use your Bitcoin, Ethereum, Litecoin, or Tether to pay for your travel.
And should you decide to dabble in the world of cryptocurrency trading, you could potentially learn how to navigate this exciting world of online trading where you can make huge profits in little time.
Becoming an expert cryptocurrency trader could potentially finance your travels and allow you to quit your day job if you’re really good at it, allowing you the ability to travel more freely.
Cryptocurrency trading is just another option for travellers who don’t have the luxury of working remotely for a company or don’t wish to start up a travel blog to fund their travels. It offers the ability to not only make money, but also save on travel costs while travelling when choosing to pay with cryptocurrency when possible.
Trading in cryptocurrency can be exciting business, since a number of cryptocurrencies can be volatile as they see big swings in prices from day to day. Like any trading, there are high risk, medium risk, and low risk trading options.
Before diving into cryptocurrency trading, it’s important for you to do your research, develop a risk management strategy, and make sure whichever platform you choose to do your trading with is recognized and trusted.
Because there is no centralized governance of cryptocurrency trading, the market generally allows trading 24 hours a day, seven days a week. There are several different ways to invest/trade in cryptocurrency such as trading cryptocurrency CFDs which allows you to speculate on a specific cryptocurrency price without actually owning the cryptocurrency.
This method will allow you to open long or short positions and refrain from dealing with cryptocurrency exchanges. You also won’t have to open a cryptocurrency storage wallet.
Other options include cryptocurrency day trading as well as long term investing which probably involves the least amount of risk when it comes to making money with cryptocurrency. There are now even options for online cryptocurrency gaming/gambling where you can win big with a bit of luck on your side.
The decentralized cryptocurrency markets operate using a network of computers where a shared digital register of recorded data known as a blockchain is used to create a digital record of ownership. Your cryptocurrency will be stored in a digital blockchain wallet that acts as a virtual bank to store, manage, and allow you to make transfers of your cryptocurrency.
Choosing a Cryptocurrency Exchange
Cryptocurrency trading can be stressful at times, but as a traveler you’re already quite capable of dealing with stressful situations. You can take a great deal of stress out of cryptocurrency trading by choosing a reputable crypto exchange company that offers low trading fees along with reliable guides and brokers.
For example, in Australia companies like Swyftx Crypto exchange allow users to buy, sell, and trade hundreds of cryptocurrencies including Bitcoin and Ethereum. Also operating in New Zealand, Swyftx even offers a helpful, risk-free cryptocurrency trading learning tool in the form of a demo mode where you can learn the ropes of trading in cryptocurrency.
Once you get a handle of how everything works, cryptocurrency can then be bought and sold via your laptop or in some cases through a mobile app.
You will normally be given access to trading view charts, a personal account manager, and live chat assistance. Making a deposit into your trading account is often as easy as scheduling a bank transfer or Paypal payment.
Cryptocurrency and the Travel Industry
Cryptocurrency acceptance within the travel industry is growing. In the near future, paying for flights and hotels with Bitcoin or some other crypto will be quite common.
For example, here in Australia, over three dozen businesses including tour operators in the Southern Great Barrier Reef are embracing cryptocurrency. Not only does this allow travellers the chance to save money, it’s also a great way to support local businesses since they don’t get hit with credit card company fees which would otherwise occur when they accept tourists’ credit cards as payment.
Elsewhere in Australia, Brisbane Airport recently became the world’s first airport to accept cryptocurrency. A number of businesses in both the domestic and international terminals are now seeing travellers pay with crypto.
The benefits for travellers to use cryptocurrency over cash or credit cards include not having to deal with currency exchange rates, not paying ATM or bank fees, greatly reduced chance of theft or loss of money, no worries of credit card fraud, and not being stuck with leftover foreign currency you didn’t end up using during your travels.
Then there’s Travala.com, the world’s leading blockchain-based travel booking platform. The website allows you to book holidays with nearly three dozen different types of cryptocurrency. The company has teamed up with Expedia to allow travellers the ability to book over 700,000 hotels using crypto.
Being able to pay with cryptocurrency could also be extremely handy for travellers visiting less-developed nations where access to banks or ATMs is limited. You may no longer have to worry about accessing your money as long as you have a mobile and internet access.
It is said that around 70-90% of people worldwide carry a mobile phone, and as cryptocurrency payment technology and its universal acceptance grows, it could become the easiest and most widely used form of payment for travellers in the not so distant future.
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