Although retailers are accepting cryptocurrency for physical goods, did you know that you can also use crypto to purchase ephemeral experiences such as travel? Travel retailers are eager to fulfill the growing demand for cryptocurrency as more people have indicated a willingness to buy. Let’s take a look at the options available to fund a vacation using crypto.
How to spend crypto on travel
Destinia, CheapAir and BTCtrip are travel agencies that offer travel purchases using cryptocurrency. Travala, which has partnered up with Expedia, allows crypto holders to spend their money on over 700,000. Expedia Group hotels, and accommodations. Bitcoin Travel is another option. It accepts more than 50 cryptocurrencies and has been in existence since 2011.
Using eGifter, you can convert bitcoin into travel gift card. CNBC reports that the company offers cards from American Airlines and BedandBreakfast.com as well as Carnival and Celebrity cruise lines and Hyatt and Marriott hotels.
Why would companies accept cryptocurrency?
Partly to increase consumer demand. Coinbase users account for more than two-thirds. They plan to purchase crypto in the next two years. Service providers and retailers are increasing their efforts to fill that gap. Johannes Reck, CEO at GetYourGuide, explained recently to CNBC:
“People want their crypto back in the system and travel is one the largest categories.” Dogecoin can now be used in the real world. You can actually use it to get a real-world, kinetic adventure.
Despite cryptocurrency being volatile (Bitcoin’s value has fluctuated by 30% in the last month), merchants have some control over the real-time price, which they can lock into at the point where the sale is made. Vendors pay much less for transaction fees than credit cards. Additionally, because these transactions are irreversible they are not subject to chargebacks from fraudulent credit-card purchases. There’s also the “cool factor” of accepting cryptocurrency, which cannot be quantified but certainly seems to be part of its brand building.
What should I do with my crypto?
It all depends on how long-term you believe it will be. Laszlo Hanyecz was a pioneer crypto-adopter. He bought ten thousand Bitcoins and bought a couple of Papa John’s pizzas. According to this daily Twitter tracker, the sum today is $458,779,000,000089
This type of FOMO is the reason why many people, known as the HODLers, have invested in crypto to make a long-term bet that the currency will become more accepted and thus more valuable later. Perhaps eventually, it will replace fiat currencies as the base of all economic structures. There is no guarantee that this will happen. It is up to you to decide whether to spend your crypto.