The coming years can be rich for tremendous changes for crypto industry, and this is a promising scenario for all its members.
Crypto will change the core of the financial system. Bitcoin, blockchain and other cryptos are becoming more popular, so it’s obvious that they will have a great influence on the way we live and travel. Now it may seem too complicated especially for those who’ve always dealt only with physical currencies but crypto and blockchain are opening new opportunities and enable us to travel the world without limitations.
And, as I’ve just said, no cash money will be needed for that as its usage is reducing all over the world due to implementation of contactless methods of payment via smartphones, credit cards and electronic exchanges. There is no need in converting crypto into local fiat while visiting other countries. It can easily be used by anyone without annoying charges that are usually taken when you exchange one currency to another. Crypto can also assist enterprises when it comes to accounting as all the transactions are kept on blockchain ledger regardless of the payment size.
Besides, the above mentioned point that digital currency is cashless and decentralized also implies that it is not controlled by any government in the world. It takes the power from corporations, banks, governments and gives it back to private individuals and small enterprises. In fact, crypto also guarantees global access with no restrictions and users can benefit from the opportunity to avoid bureaucracy associated with usage of centralized money. Apart from this, blockchain is widely used for developing applications that are decentralized for the most part.
This prevents large companies such as Google and Facebook from taking your personal data and storing them for personal purposes. Thus, digital alternatives ensure more security for every user. Blockchain as personal data defender.
Speaking of security, personal data are being stolen more and more often due to the increase of hacking attacks on the Internet that lead to millions of cases of data leakage. In 2016 alone, $15.4 million of people got tricked by hackers. They were mostly travelers as they attended public places like cafes and hotels and used open Internet access. This let fraudsters steal their private data.
However, blockchain can provide fantastic perks due to decentralization. It is never tied to some central severs that keeps your data. So if you keep your password safe and do not let anyone see it you can rest assured. But remember that you should not reset it. Another big benefit for travelers is that crypto can bring you cheap air tickets due to the absence of fees and charges. We expect that air tickets bought for Bitcoins and cryptos will be cheaper than the standard ones.
Expedia began to accept crypto payments for air tickets in 2014. It was the first travel seller that did it. Still they stopped accepting it in 2018 but by that time CheapAir had sold 5 million flights for BTC. We know that currently cryptos are highly volatile and retailers accepting them may suffer from risks.
But the way things are going shows that more and more people will turn to using bitcoins and altcoins for their trips. Cryptocurrency acceptance is spreading all over the world. Meanwhile, the global COVID-19 quarantine has shown that the traditional financial system is extremely fragile. The world economy is collapsing which leads to enormous inflation and unemployment. But we are lucky to have a great alternative to fiat currencies that are being depreciated. This is about cryptos, the money of the future.