Most likely you are well aware of how to buy bitcoins, but what about ways to spend them while traveling? That is a hot topic, as well. Spending Bitcoin on vacation is not only fun and chic but convenient too, because there is no need to convert currency or carry cash around. However, a potential Bitcoin user has to do a lot of things before going on holiday. This includes finding a wallet, knowing where digital currency is accepted, and several other things. These tips can help readers keep their Bitcoin safe, find places where it is accepted, and avoid getting into trouble in a foreign country.
Get a Wallet
One of the first things a Bitcoin user should obtain is a wallet. A wallet is a place where Bitcoin can be stored. But do not choose any wallet, get a non-custodial one. A non-custodial wallet’s advantage is that only the user has control over it. Cryptocurrencies are a hot target for thieves, so anyone who owns some should take every precaution to protect their digital money.
The hardware wallet will keep the keys safe. It is immune to viruses and keeps the cryptocurrencies offline, making them protected from hacks. With one of these devices, a Bitcoin owner can feel extra safe about their crypto.
Have a Means for Spending It
A traveler who plans to use Bitcoin should have a way to spend it. Luckily, some wallets can serve as means of payment. A mobile wallet allows a person to spend cryptocurrency at any location where it is accepted. The process of using the wallet is straightforward. Find a merchant who accepts Bitcoin, then ask for their QR code or character string. With this information, the purchase can be committed.
Since the mobile wallet app will be used for purchasing things like food, drinks, and accommodation, make sure the phone is fully charged before going out. Hence, it’s better to buy a portable charger good for two or three charging cycles. Having a dead phone is almost the same as leaving a wallet at home.
Create a Travel Budget
One needs to plan a travel budget before going abroad, whether using crypto or cash. This helps to avoid overspending. The best way to create a budget is to figure out how long the vacation will last and then appropriate a certain amount of money for each day. Mobile wallet apps can help here by keeping track of the amount of crypto spent per day. Check the balance at the end of each day to ensure the budget has not been exceeded. Also, ensure that you will have enough money to buy a return ticket at the end of the trip.
Know Where It Is and Is Not Accepted
Before picking a vacation destination, make sure cryptocurrency can be used throughout the holiday. There are a few airlines that accept Bitcoin or altcoins, but Expedia and CheapAir take them. Flights can be booked through these services.
Also, the traveler should find the locations of businesses that accept Bitcoin. For this, Coinmap is a handy tool. It can help travelers find museums, lodgings, and cafes that are friendly to cryptocurrency. These locations are displayed on a map.
Know Where It Is Legal and Illegal
Bitcoin is not legal in every country. Ecuador, Bolivia, and several other countries do not allow its use within their borders. In other countries, crypto is “implicitly” banned, which is the case in China. It is a very bad idea to cross the authorities in a foreign country, especially in China, where the judicial system is merely a politburo weapon to be wielded against those they dislike. Use the local currency while traveling through a country that has banned or frowns upon cryptocurrency.
Have Fiat Cash and a Debit or Credit Card Just in Case
Having a backup plan is necessary when using Bitcoin because fiat currency is what most businesses accept. It could be a long time yet before cryptocurrencies become widely accepted. Therefore, a traveler should have a debit or credit card on hand just in case. Paper currency should be readily available, too.
Tourists have been getting robbed since the existence of Babylon, so exercise caution when going abroad. Keep credit and debit cards inside the hotel and lock them in a safe if there is one. Do not take them into town. A foreign country is the last place where one should lose a credit or debit card, so be careful. Also, avoid carrying all your cash everywhere.
Closing Thoughts on Travelling with Bitcoin
Bitcoin and other cryptocurrencies present many opportunities for travelers. It is a fast and easy way to pay for many things if businesses that accept these payments can be found. However, traveling with Bitcoin requires more planning than is the case with fiat money. Many things should be taken into consideration, most prominently finding businesses that accept it and countries where it is legal. The problems of finding businesses and countries where cryptocurrency is accepted may limit one’s traveling options, but this should not discourage anyone from using Bitcoin abroad.