It can be predicted that the integration of cryptocurrencies into the travel industry will change it dramatically. This will also be a great step towards the mass adoption of cryptocurrencies all over the world.
When a country’s national currency has lost its stability, it is natural for citizens to turn to gold or other assets such as Bitcoin (BTC) to invest their savings. These offer their users a sense of financial control in an otherwise unstable market.
It is not just investing what is making an impact on the world of cryptocurrencies, but also the fact that this technology can change the way people live. Everyone should have the freedom to travel and make transactions, which is possible through the adoption of cryptocurrencies.
Traveling around the World
Nowadays, it is easier to travel around the world, but more and more people go to places that are not equipped for tourism. Travelers may be trapped in less developed countries without access to ATMs and with a shortage of reliable ways to pay for goods. Digital currencies and smartphones could become excellent tools to solve this situation.
A study indicates that the number of people who own cell phones worldwide is increasing. Ownership levels in developing economies are higher in Vietnam, where 97% of adults own one of these devices; however, around 90% or more also own one in Jordan, Tunisia, Colombia, Kenya, Lebanon and South Africa.
In the future, there will be more hotels, restaurants, and stores with cryptocurrency wallets on a smartphone or similar device to accept global payments in seconds. Of course, this may occur in developing countries more quickly than in developed countries.
Growing Sector of Tourism
Tourism is the second-fastest growing industry worldwide, with around USD 1.7 billion expected to be spent just this year. Travel companies that accept cryptocurrencies are currently making trips with cryptocurrencies a reality.
The same as with other technological developments, the support by the government and the community is of paramount importance. For example, the Queensland state government in Australia is committed to technological innovation within the tourism industry.
Thanks to them, Brisbane airport has become the first in the world to have 30 traders that accept cryptocurrencies. Queensland is a pioneer in tourism using cryptocurrencies with the regional city of Agnes Water, located in the south of Australia. There, travelers can find over 40 businesses where they can pay in Bitcoin for their accommodation, meals, and even a one-day excursion to the reef.
Helping the Unbanked
About 1.7 billion adults worldwide do not have access to banks, mainly in developing countries such as India, Egypt, and some parts of Africa. The lack of a fixed bank account causes the people in those countries to have difficulty participating in the world economy, in which the adoption of cryptocurrencies can help to change.
Even though they are in the early stages of adoption, cryptocurrencies are much more than mere speculative assets. They can also be used in the same way as any fiat currency.
However, many companies accepting cryptocurrencies for their services will charge a high premium, which might be an obstacle to their adoption. This issue must be addressed and changed as cryptocurrencies must be usable, so it is important to offer incentives to early adopters.
By Alexander Salazar