Anyone who was actively involved with the online investment community in the late 2000s will likely remember when Bitcoin was first introduced. However, this unique form of digital currency went largely unnoticed by the public at the time. We have come a long way since then.
Not only are cryptocurrencies being traded on a daily basis, but a growing number of retailers have begun to provide crypto-friendly payment solutions. Why are these tokens also being used by holidaymakers and global adventure seekers? Let’s look at some of the primary advantages.
The Potential for Profit
It is first wise to highlight one of the most appealing aspects of cryptocurrencies. We are speaking about possible short-term profits in this sense. There are plenty of sites that are used to introduce new tokens to the online trading community, and some of these may perform quite well as they gain additional recognition. Although some monitor these NFTs (non-fungible tokens) for entertainment purposes, others are keeping their eyes on the not-so-distant financial horizon. It has never been easier to get in on the “ground floor”.
On-the-Go Access
Cryptocurrencies have also become quite practical in recent times when it comes to proactively monitoring your account. For instance, imagine that you are planning to compete in a poker tournament while abroad.
You can easily transfer crypto funds into a fiat account, and it may even be possible to top-up a poker account with well-known stablecoins such as Bitcoin and Ethereum. As cryptocurrencies continue to gain worldwide recognition, there is little doubt that you will enjoy even more user-friendly options when performing a transaction.
All About Security
Perhaps you are instead planning a more adventurous excursion. From a remote mountain trek to exploring the Paris catacombs, you will always need a reliable means to access your funds. Cryptocurrencies provide an additional layer of security, thanks in part to the anonymous nature of the blockchain. This is not always the case with traditional credit card transactions, or bank transfers. Those concerned about privacy are therefore wise to adopt cryptocurrencies when traveling.
What About Exchange Rates?
Another concern that many individuals will face while away from home involves exchange rates.
Fiat currencies such as the euro, the pound, and the United States dollar are subject to a certain degree of volatility, and less-than-favorable rates could cause your existing funds to deplete faster. The good news is that cryptocurrencies are essentially border-less payment solutions. They will not be affected by sudden price swings, and even the transaction fees themselves are dramatically lower when compared to traditional transactions.
While cryptocurrencies are interesting investment opportunities, we need to remember that they are equally logical when traveling to international destinations. There are also countless online resources which can be used to better understand how these tokens function, and which ones are the most popular at the moment.
Although this article is not meant to disparage fiat transfers by any means, we need to remember that there are other options at your disposal. It “pays” to appreciate the possibilities well in advance of your departure.