If the current market is any indication, cryptocurrencies are on the rise. Society is changing and with the market too. In this capitalistic world, everything is affected by what is going on in the market, and the knowledge is not just limited to billionaire entrepreneurs or investors. The knowledge has spread throughout and now everyone is eager to have a share in the crypto market. Just recently, Redditors stormed the crypto market and turned everything in their favor. The market is very volatile, it can change sides in seconds.
Bitcoin, the first-ever cryptocurrency in the world, has been an investment choice for many due to obvious reasons. If you have seen the news, the value of bitcoin has risen immensely so investors stocked up their wallets with these bitcoins. If you are one of them and are currently looking or planning in the future to travel the world with only Bitcoin, this is the right place to be. Here we will try to point out the essentials that you need to take care of while implementing this plan. You can go url to know more about this financial asset.
Can You Travel The World Using Bitcoin?
To answer the question, yes, it is very much possible to travel the world by using only Bitcoin. The proof is out there as people have done this on their own. However, before jumping into any rash decisions, there are certain points that you must keep in mind to make your travel a lot more easier. These tips are shared by some experienced people who have already attempted this task. So, let’s get into it, shall we?
Maintaining A Wallet
One of the most important things that you have to take care of is getting a wallet for your Bitcoin. This is considered a very crucial first step to start your planning. This can be vouched for by Felix Weis who traveled 27 countries in 18 months with just Bitcoin. You can start by storing your bulk of stock on a hardware but be sure that you create a backup of your private keys.
All you have to do is create a 12-word phrase that you can use in case you need to retrieve your wallet that you might have lost. This way you can rest assured that your travel expenses will be paid off securely. For your daily expenditures, you can use wallets that can be enabled on your smartphones. There are many apps you can use for this like Copay, Blockchain, CoinBase, and many more. Pick your choice!
Know Your Buyer
You cannot really do much if you do not know what preference businesses hold in terms of capital exchange. If someone isn’t willing to accept Bitcoin as payment you will be in a great lot of trouble. And this is highly possible because let’s face it, not many people have access to cryptocurrencies and even if they do, they might not be very comfortable dealing with it.
So you have to make sure before booking your hotels and flights with Bitcoin if they are going to accept it. There are several apps out there that will ease your process. For example, you can use CoinMap to find local restaurants and places that are Bitcoin-friendly. There is also the AirBitz wallet where you can store your Bitcoin as well as find places where you can spend it. Make a comprehensive list before jumping into anything.
Do Your Due Diligence
One cannot stress this enough how important research is in these situations. You do not want to go out there impromptu and then worry about what to do next. If once you are acquainted with the processes and chores, then you might go ahead and take the risk.
However, if you are a first-timer, you have to know a few things before hoping for the next flight you get. You have to know which stores and restaurants accept Bitcoin and with whom you can exchange it for cash. Make a list of those. You can even go ahead and put on ads to sell your Bitcoin on LocalBitcoin at least 48 hours before you arrive at your destination.
Connection With Locals
Meeting new people is one of the most fun parts of traveling. You can know more about their culture and get a homey vibe even when you are far away from your home. But in this case, it is not only just for fun but it is essential to your trip. You might have to exchange your Bitcoin for some cash and to do that you have to find people who will help you through it.
There are apps and websites where you can meet up with local groups who are in the Bitcoin market and help you out. You can even join Facebook groups that include local Bitcoin users. If you have established a relationship with the local community, they might turn out to be of great help by directing you to use your Bitcoin without much hassle.
Improvisation Is Key
In such situations, improvisation is surely the key. You cannot plan everything ahead and even if you do, you cannot foresee situations that might arise. With Bitcoin, there are things that you have to improvise with because you’d have no choice.
For instance, you cannot do anything about the Bitcoin ATM being offline. And since it is a digital currency, there might be network issues or app glitches that might affect your transactional processes. And with different locations, come different obstacles. All you can do is be ready for emergencies and gain experience from the opportunities you get.
To conclude, using Bitcoin to travel is a fun way to explore and know more about where people stand in today’s day and age on cryptocurrency. And what better than to experience it first-hand? It might even return out to be the story of the lifetime which mostly all travel experiences come to be. So, make wise decisions and do follow-up research to achieve your goal.