The travel industry is one of the fastest-growing industries in the world. According to reports, it was only second to manufacturing in 2018. Many experts state that the travel industry’s integration of technology has helped it keep abreast with the changing times.
Brands, operating in the travel industry are always looking out for technologically innovative ways to help consumers and improve experiences. With the rise of cryptocurrencies like Bitcoin and the accompanying Blockchain technology, the travel industry is undergoing a change.
Many brands, businesses, and operators are now accepting payments in the form of Bitcoins. In this article, we are going to look at five ways cryptocurrencies are affecting the travel industry.
5 Top Ways Crypto is affecting the Travel and Tourism Industry: The List
1. The rise of Crypto-Tourism-
In the past few years, dedicated travel expeditions that take crypto enthusiasts to exotic locations have been on the rise. We are talking about cruises in the North Pole, Safaris in South Africa or Desert stays in India. Many of the leading tour and travel companies are offering crypto tourism.
From a tourist point of view, it is always a good idea to share a travel plan with fellow enthusiasts. Big crypto exchanges also take their most preferred and high value investors on such vacations before an ICO and other major events.
2. Bookings are now being accepted in Cryptocurrencies-
Every major form of travel-related vendors has now started accepting payments in Bitcoins and another crypto. Whether it is flight bookings, or restaurant billings or hotel stays, you can now make the same in Bitcoins or any other crypto.
This is fuelling the affect cryptocurrencies are having on the travel industry. For consumers, this means that this is a safer, cheaper, and easier option of making payments. This also helps in reducing extra costs associated with currency exchanges, commissions, and other overheads.
3. Cryptocurrencies promote Safer Travel-
We have all heard accounts of unsuspecting tourists falling prey to scams and robberies in different parts of the world. By using crypto, many places that cannot help their societies can now get their share of tourists. Being an encrypted technology, it is very difficult to con someone.
There are so many safeguards when it comes to traveling, which are being eliminated by crypto. Tourists are often wary of carrying too much cash and cards when they are traveling. Crypto gives people the option of traveling entirely in a cashless manner.
4. Blockchain Technology is being used in a major way-
Numerous intermediaries at all levels plague the travel industry. This causes unnecessary paperwork, delays in payments, and problems in bookings and other clearly avoidable problems. This is the reason why travel companies to expedite the process are using Blockchain technology.
Blockchain technology streamlines the process and makes it a lot faster. It also secures high volume transactions and helps in preventing wastages. Cancellations are one area where Blockchain technology is a real help. Payment disputes can be settled easily by adopting Blockchain technology.
5. Exchanging Cash for Crypto during Travel-
There might be occasions where as a tourist you will have to use cash. However, that does not mean that you need to carry cash on you. You can simply exchange your crypto for cash in different manners. While many countries have ATMs specifically designed for the same, in other banks can help you do the same.
Many times, travelers have to give up the cash of the native land when they are travelling back to the country of their origin. The entire process can be very cumbersome. This is why many ATMs and travel operators allow people to exchange the remaining native currency for Bitcoin or Ethereum.
With the rise of retail investors in Bitcoin and another crypto, the use of the same in the travel industry is going to see a solid upward trend. Retail investors are using platforms like bit qt to make money from crypto and use the same for their travel plans. Do you think that crypto usage in the travel industry is going to rise in the future? Drop your answers in the comments section.