Photo: Pozdejew Vitaly (Shutterstock)
Retailers are increasingly accepting cryptocurrency for physical items, but did you know you can also spend cryptocurrency on short-lived experiences like travel? As more and more cryptocurrency holders signal a willingness to spend, travel retailers are rushing to meet the demand. Here’s a look at your options for funding a vacation with crypto.
Ways to spend crypto on travel
The following travel agencies have the option to make purchases for travel with cryptocurrencies: Destinia, CheapAir, BTCtrip, Trips to Berkeley, Fluege.com, Bitcoin travel and Travala.com. Travala in particular has teamed up with Expedia, which means crypto holders can also spend their money on more than 700,000 hotels and accommodations owned by the Expedia group. Another notable option is Bitcoin Travel, a travel booking site that has been around since 2011 and accepts over 50 cryptocurrencies.
Another way to spend crypto on travel is by using eGifter Convert bitcoin into travel vouchers. Per CNBC, the company offers cards from American Airlines, BedandBreakfast.com, Carnival and Celebrity Cruise Lines, as well as Hyatt and Marriott Hotels.
Why should companies even accept crypto?
Partly to get the jump on consumer demand. Above two-thirds of the people using the Coinbase crypto marketplace are planning to make purchases using crypto in the next two years, and merchants and service providers are increasingly stepping in to fill the void. As Johannes Reck, CEO of the travel agency GetYourGuide, recently told CNBC:
“People want to get their crypto back into the system [and] Travel is one of the biggest categories out there. We’re bringing Dogecoin into the real world now; You can apply it and actually have a real, kinetic experience. “
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Despite the fact that cryptocurrencies are so volatile (the value of Bitcoin has fluctuated by 30% this month alone), the trader has some control over the real-time prices that they can capture at the point of sale. Transaction fees are also much lower for sellers compared to credit cards, and because these coin transactions are irreversible, they don’t have to deal with chargebacks from fraudulent credit card purchases. There’s also the branding “cool factor” of accepting crypto, which can’t be calculated, but definitely seems to be a part of it too.
Should I spend my crypto?
That depends on how valuable you think it will be in the long run. Laszlo Hanyecz, an early crypto user of crypto, something famous bought a pair of Papa John’s pizzas with 10,000 bitcoins. today, that sum is worth $ 458,779,089, according to this daily twitter tracker.
This type of FOMO is why so many people – known as the HODLer– have invested in crypto in order to bet in the long term that such a currency will later become generally accepted (and thus more valuable) and possibly be replaced at some point Fiat currencies To form the basis of all future economic structures. Of course, there is also no guarantee that something like this will ever happen. Whether or not you spend your crypto is entirely up to you.