In recent years, cryptocurrency—also known as bitcoin—has become a widely accepted payment option to buy products and services. Bitcoin is an emerging form of digital currency, where transactions are made without banks, and is stored and secured in individual wallets – allowing users to make payments quickly and securely. Bitcoin can be used to purchase items of all kinds, even luxury vacation accommodations. Now that you know a bit about bitcoin, here are some tips to help you use it to book luxury vacations.
Understand How to Buy and Sell Bitcoin
Before you can use bitcoin to book your luxury vacation, you need to understand how to buy and sell the digital currency. One option is to visit a bitcoin ATM – machines that buy and sell the digital currency with cash. You can also buy and sell bitcoin online, through websites like Coinbase or LocalBitcoins.
Look for Companies That Accept Bitcoin
Once you’ve acquired bitcoin, you need to find companies that accept the digital currency as a form of payment. Thankfully, there are now a number of online travel agents that accept bitcoin for luxury vacations, including CheapAir.com, Expedia and CheapCaribbean.com.
Research the Exchange Rate
Before you book your luxury vacation, you’ll want to make sure you understand the current exchange rate between bitcoin and your local currency. Bitcoin’s value against the USD can fluctuate rapidly, so it’s important to stay up to date on the current exchange rate before you make a payment.
Create a Bitcoin Wallet
In order to purchase products and services with bitcoin, you’ll need a bitcoin wallet – an app that acts like a virtual bank account. This wallet acts as a secure storage container where you can store, send and receive your cryptocurrency. To create a bitcoin wallet, you can download one of the many available apps – like MyCelium or Coinbase.
Choose a Reliable and Secure Bitcoin Payment Processor
Once you’ve chosen a wallet, you’ll need to find a reliable and secure bitcoin payment processor – a service that makes it easy to pay for vacations with bitcoin. The most popular payment processors are Bitpay, Coinify and Coinsbank.
Consider the Cost of Bitcoin Transactions
When using bitcoin to book a vacation, you should be aware of the costs associated with the digital currency. Bitcoin transactions are not fee-free, and any transactions you make will be subject to small fees. However, these fees are usually much lower than traditional payment methods.
Know How to Exchange or Cash Out Bitcoin
When you’re finished with your vacation, you may want to exchange or cash out your bitcoin – that is, to turn it back into cash or to transfer it to another digital currency. Again, this can easily be done online or at a bitcoin ATM.
Using bitcoin to book luxury vacations is becoming an increasingly popular option for travelers. By understanding how to buy and sell bitcoin, researching the exchange rate, creating a wallet, choosing a reliable payment processor and considering transaction fees, you can easily use the cryptocurrency to pay for your next getaway.
