You've always wanted to quit your job and tour the world, but you don't have an unlimited bank account to do it. Maybe you could if you invest in Bitcoin at the right time. Bitcoin has created a lot of new millionaires who can easily use their windfalls on vacations and travel. Here's how you can use your cryptocurrency as a way to pay for an actual vacation.
Which Cryptocurrencies Are the Most Widely Accepted
As of December 2020, Bitcoin is still the most widely accepted digital coin. This is in part because it’s so widely available to transfer BTC to INR and other fiat currency. It’s also easy to use to pay for everyday things.
There are a few online services that will allow you to use alt coins to pay for travel plans. Litecoin and Dogecoin are a few that allow you to turn your digital coins into gift cards. You can then use the gift cards to pay for lodging, fuel, airfare and rideshare services.
How to Book Travel With Cryptocurrencies
The travel agencies that accept digital coins for payment don't actually accept your Bitcoin into their payment system. Instead, you'll have to use a cryptocurrency trading platform like OKEX to make your payment. You're technically depleting your digital coin balance to make the purchase, but on the travel agency's side of the transaction, they're getting paid in fiat currency.
Why Cryptocurrency Has to Be Converted Into Cash to Pay for Travel
Cryptocurrency isn't legal tender. That's why you have to trade it for cash in order to pay for anything related to travel. The volatility of cryptocurrencies is another reason why a lot of companies don't accept them as a direct payment. A coin's value can change by the second, and no travel agency can keep up with those value changes.
How the Transactions Work
You are simultaneously paying for travel with your coins and also not paying for travel with coins. To make a purchase from a travel agency with cryptocurrency, you use the same steps as you would with a credit card payment. On a site that accepts these transactions, you select your cryptocurrency of choice from their payment menu. The site sends you to a trading platform. You must have an account on that platform. you log in and finish your transaction.
Finding Companies That Accept Cryptocurrency Payments
If you want to pay for a trip with digital coins, there are many options. CheapAir is a website that has accepted Bitcoin for airfare since 2013. It also accepts Bitcoin Cash, Litecoin and Dash. BTCTrip is a site that allows you to book hotel rooms and flights. It accepts Bitcoin, Litecoin and Dogecoin. Bitstamp handles its own transactions. The price of your plane ticket is shown in Bitcoin, and you have to convert it into dollars yourself. Virgin Galactic allows you to pay for a flight with Bitcoin. The eGifter gift card website accepts Bitcoin as payment for gift cards.
Risks of Paying for Travel With Bitcoin
There are transaction fees for paying with digital coins. Values can change by the second, so a poorly timed transaction could result in a big difference in the cash equivalent for your ticket or hotel room. If your credit card offers cashback or other rewards, you'll miss out on them if you pay with Bitcoin.