Cryptocurrency may be named the new currency, but how far can crypto go? More and more places are accepting crypto as a valid payment, and different currencies can be used to purchase a pizza or bet on Preakness Stakes odds.
Today, we’re taking a look at how you can use cryptocurrency to your advantage while traveling.
Before we take a look at whether or not you can use crypto to pay for things while on vacation, we need to have a clear understanding of what it is.
Cryptocurrency, lovingly known as crypto by its users, is a form of digital currency. This means that there is no physical money that can be associated with crypto. An uncommon method used to store crypto is by using a paper wallet.
A paper wallet is a piece of paper that will have your public and private keys printed on it. There are a few paper wallets that come with barcodes that people can scan. These barcodes are created by an app and can be used to store and access your cryptocurrency while you are offline.
Paper wallets are still a valid way to store your cryptocurrency when you are unable to find a way to do so. It is advised that you only use this method temporarily as it may cause future problems.
The cryptocurrency was created in 2008; however, it wasn’t until 2009 that it became open for the public to use. The group or person who created crypto is unknown; however, the group or person went by the name of Satoshi Nakamoto.
Since then, there have been many forms of cryptocurrency, such as Binance, Bitcoin, Ethereum, and many others.
Cryptocurrency payments can be made in three ways a smartphone app, a hard wallet, and a hard wallet. These are very convenient if your receiver has ways to receive the funds.
The disadvantage to using cryptocurrency is that there are different forms of cryptocurrency. With real money, you are to use it openly and when you travel to a different location you can exchange it. However, this is not when it comes to crypto. Crypto remains the same, and although there are different forms of it it may be difficult to find vendors who accept crypto. There is a slimmer chance of finding a vendor who accepts your form of cryptocurrency.
It’s also important to know that some countries have banned certain cryptos, such as China and Egypt. In both these countries, it is illegal to use Bitcoin. You may also find that there are similar laws passed down to certain cryptocurrencies within other countries.
Always ensure that you do your research before deciding to use crypto as a form of payment when going on vacation. This is to avoid any implications that may come with using certain crypto.
Below is a list of countries that have either restricted or completely banned the use of cryptocurrency.
Please note that this list may not include all the countries that have banned or restricted the use of cryptocurrency. It is important to research the area you are looking to visit and which vendors offer cryptocurrency as a form of payment.
The main reason why many vendors may opt to use cryptocurrency is that there are quicker transaction times and lower fees. This means that they can receive their money even faster, which may be vital for certain vendors.
There are a few countries that offer crypto widely such as the US, Canada, and the UK. Within these countries, you can find vendors who offer crypto as a form of payment.
Crypto is a convenient form of payment however, when on holiday, you may find it difficult to use. Always ensure that the country you are visiting has not banned or restricted its use.