Tourism is one of the greatest industries in the world, and it continues its growth each year. The advancements in technology and modern transportation are beneficial because it is much easier to reach any destination today. Also, modern solutions like cryptocurrencies are positively affecting the travel industry, especially because we can easily book an apartment in the world without risks.
People are getting interested in cryptocurrencies, and many of them see Bitcoin, Ethereum, Litecoin, and others as a type of digital currency that could become standard soon. Also, many countries already accept digital currencies as a payment method. There are over 7,000 ATMs all over the world where you can exchange crypto to regular currencies. On the other side, people are mostly investing in virtual assets because of the potential profit.
Nevertheless, the amount of travel agencies who are offering this sort of payment method is growing fast, and you could easily arrange travel to some destination by only spending cryptocurrencies. According to NewsDay.co.zw, there are many benefits if you choose this option. Here are some of the best advantages of cryptocurrencies in the travel industry.
1. Using Only One Currency
Even some countries in the EU are still using their national currency, and wherever you are traveling, you will have to exchange your money to the currency accepted in that particular country. However, most of the exchanges are offering smaller value for money when you are buying it, and there is a great possibility that you will have to spend more than the actual value of some currency. On the other side, using an ATM with crypto support will only charge you a minor fee, and the price of Bitcoin and other digital currencies is the same everywhere.
2. Improved Safety
Unfortunately, it is not a rare case that you find yourself in a situation where someone already took an apartment that you paid, or an agency refuses to give you a refund. On the other hand, cryptocurrencies have advanced methods of security, and there is no chance for fraud. Also, when you are using money that is not centralized by any official authority, you can save a lot of money while traveling.
Furthermore, you easily track your bags with tracking systems for crypto. Also, every payment is secure that no one could not find any data about you except the number of your e-wallet. There is no chance of a theft of any type.
The blockchain technology can also improve the system on the borders and terminals because improved safety could make that process much faster. With Bitcoin and other virtual assets, there will be more people interested in traveling to various destinations, and it should be cheaper and easier to book a flight and a room with an e-wallet.
Moreover, that can motivate people from countries in the development or people who would like to visit some of these countries, to travel more, because it is much safer and simpler to operate with cryptocurrencies. Also, transfers are much faster than with a standard bank account, while you will have to pay much smaller, or no fee at all in some cases.
4. Loyalty Programs
Many people who are working in the travel industry see the real potential of implementation of modern types of payment. In that matter, there are various loyalty programs for crypto users that can motivate more people to travel, provide more affordable arrangements, and offer various discounts as well. Check Swyftx for more information on how to trade cryptocurrencies.
Some of the benefits are already available, such as API integration, the ability to use POS terminals, manual invoices, and more. Also, services like Lock Chain, Bee Token, and Winding Tree, are giving you the ability to find the best hotels and restaurants from all around the world that accept this type of payment, track your luggage, and many other options.
5. Better Insurance
Since the blockchain technology provides you with maximum security, you will never have to worry about your data when you are traveling. You can track everything that you are paying with crypto, and keep your files in digital format. While there is a chance for a scam in the traditional way of booking and traveling, you are completely safe when you are using your e-wallet. Also, when you have to check-in or check-out from some residence, that method will become much faster and accurate with blockchain, because you cannot alter any data in the wallet.
The Bottom Line
We can see that there is a great rise in the popularity of various cryptocurrencies, and various industries are looking for the best ways to implement and operate with them. While the most popular reason for buying any type of digital currency is potential profit, people are getting more interested in using them for payment.
The most popular companies in the tourism sector who already accepted Bitcoin and blockchain technology are Marriott, Singapore Airlines, TUI, Travelport, AXA, and Webjet. When it comes to Singapore Airlines, they are offering discounts and various free services for people who are often using their services and paying with e-wallet.
Also, the popular chain of Hotels, Marriott, has created a special system for users where they make a reservation and pay by using this method. Other companies are also offering various benefits for people who are using e-wallets, like discounts, the ability to track your bags, connection with transportation companies, various gifts, and many more.
As we can see, blockchain technology already has a great impact on various industries, and there are many advantages of the implementation of new technologies that can improve current systems. The travel industry is constantly trying to improve by using recent technology, artificial intelligence, digital services, and cryptocurrencies as well.
Countries like the United States, China, Spain, Poland, Japan, and many more are already using Bitcoin and some other digital currencies. However, we are still waiting for proper regulations that will help with the higher spread of the use of e-wallets, and accept virtual assets as a standard way of payment in the whole world.