Cryptocurrencies Tourism

Cryptotourism: What Is It?

A specialty kind of travel catering to enthusiasts of cryptocurrencies is called “cryptotourism,” which includes pre-packaged trips that can be paid for with digital currency or that include cryptocurrency-related lectures and workshops.

• Cryptotourism experienced significant growth in 2017 and persisted until the COVID-19 pandemic rendered all forms of travel and tourism unfeasible.
• Several countries, including the Bahamas and New Zealand, promote the use of cryptocurrency in their tourism marketing efforts.
• As of July 23, 2021, the cryptocurrency market is unregulated.
• Bitcoin and other cryptocurrencies can simplify the process of paying for travel, avoiding high ATM fees and currency conversion fees, and safeguarding against monetary theft while traveling abroad.
• Cryptotourism is a unique form of tourism that is specifically designed to accommodate the interests of crypto enthusiasts, investors, and frequently, both.

Understanding Travel with Cryptocurrencies

In 2018 and 2019, a number of travel agencies introduced customized travel packages to cater to the needs of cryptocurrency and blockchain enthusiasts.

Numerous of these trip packages incorporate cruises with plenty of amenities for Bitcoin users.

For instance, four notable cryptotourism cruises were organized by Blockchain Cruises, which was run by the tourism branch of CoinsBank, a bitcoin wallet business located in Edinburgh, Scotland.

2019 saw their most recent occurrence in Europe.

The voyage crossed the Mediterranean Sea over the course of five days.

There were around 2,500 people in attendance.

2020 saw the travel industry, including cryptocurrency tourism, come to an end due to the COVID-19 pandemic.

Those who use cryptocurrencies to pay for their vacations are another example of alternative forms of cryptocurrency tourism.

Before the pandemic hit, a number of tourist agencies in Queensland, New Zealand, offered trip packages that let customers use virtual currency to visit the Southern Great Barrier Reef.

Moreover, countries like the Bahamas, Grenada, and Cyprus allow visitors who want to do business using digital money.

One of the first countries to use the Sand Dollar as digital currency was the Bahamas.

Regulators are pushing hard for the usage of this money throughout the country.

For supporters of bitcoin, the adoption taking place in the summer of 2021 would be a historic event.

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Who Takes Part in Crypto Travel?

Celebrities and the wealthy who own cryptocurrencies are the purported target market for these outings.

Many regular people who are interested in bitcoin could participate in cryptocurrency travel or use it to pay for their travel expenditures.

Crypto tours and cruises offer seminars, displays, and panel discussions on cryptocurrency-related issues in addition to the typical leisure and tourist activities.

Distinguished speakers who are prominent in the bitcoin and blockchain industries have spoken at the events.

Prominent investor and Bitcoin Cash enthusiast Roger Ver, along with co-founder of CoinsBank Vitaly Andrusevich and cryptocurrency supporter John McAfee, were on the 2019 CoinsBank cruise.

There is no information provided on 2021’s events.

In the past, a lot of cryptocurrency tours were organized with specific goals in mind, including promoting a potential initial coin offering (ICO).

Targeting audiences eager in making significant investments in bitcoin offerings, the events included market discussions, seminars, and presentations given by industry leaders and promoters.

As more countries open their borders to tourism, Americans want to continue utilizing virtual currencies.

According to a poll conducted by Travala.com, 22% of participants want to use bitcoin to pay for travel in the second half of 2021.

Newswire from Cision PR: “Travala.com.” Travel: Following the pandemic, 38% of Americans plan to travel more often, and 25% plan to use cryptocurrency to partially offset their travel expenses.

Benefits & Drawbacks of Cryptotourism

Travelers now have an additional way to pay for their vacations thanks to the adoption of digital money.

A tour tailored to prospective cryptocurrency investors might aid in the comprehension of digital currency by teaching attendees how to navigate the market and make investments.

Additionally, while the current demography of participants in crypto tourism is small, there is room for future growth.

The underlying technology of bitcoin, known as blockchain, is making inroads into the travel industry.

However, certain worries about cryptocurrency tours and the industry as a whole are beginning to surface.

The global cryptocurrency market is opaque and unregulated, which has given rise to claims that the main purpose of crypto tours is to promote ICOs and insignificant items to attendees.

Since most people do not utilize digital money and investment in digital currency seems to be limited to a certain demographic, there is no market for visitors.

More payment alternatives are available to passengers using digital currency.

• Initiatives promoting cryptocurrency tourism provide the chance to learn about investing in digital currency.
• Possibilities to interact with experts in cryptocurrencies while participating in vacation programs

As of 2021, the cryptocurrency market is still unregulated.

• Traveling with cryptocurrency might be used as a marketing strategy.
• The travel industry has a very tiny component dedicated to cryptocurrency tourism.

An Example of Traveling with Cryptocurrencies

The Covid-19 pandemic halted the use of cryptocurrencies and several forms of travel.

Future events may be similar to the 2019 CoinsBank cruise, which included well-known investor and Bitcoin Cash enthusiast Roger Ver, along with cryptocurrency advocate John McAfee and co-founder Vitaly Andrusevich, when the sector heals.

Starting in Barcelona, the Royal Caribbean cruise on Oasis of the Seas ended in Rome. There is no information provided on 2021’s events.

The blockchain and cryptocurrency industries have their supporters, even if the increased volatility in cryptocurrencies is causing investors to become uneasy.

According to a survey conducted in the latter half of 2021 by Travala.com, the leading cryptocurrency-friendly online travel agency (OTA), 38% of Americans want to travel when the world reopens to tourists in the summer of 2021.

According to the report, there is a greater tendency to pay for vacations using bitcoins.

Frequently Asked Questions about Crypto-Tourism:

How does bitcoin fit into the travel industry?

Tourism uses cryptocurrency in a variety of ways.

It acts as a means of exchange for costs related to travel, lodging, and even meals.

Tourism efforts use cryptocurrency as a theme, as shown by a cruise with expert discussions and seminars led by experts in digital currency.

What Does a Crypto Tourism Cruise Entail?

Attendees on a tourist bitcoin cruise may attend talks and seminars led by experts in the fields of blockchain technology and digital currency.

Blockchain Travel: What Is It?

Although the term “blockchain tourism” is nonexistent, blockchain technology being used in the travel and tourist industry.

A common database in the bitcoin industry is blockchain.

Data is stored on the blockchain in segments and connected progressively.

Blockchain helps with the administration of many platforms and suppliers, makes cryptocurrency transactions easier, and is having an impact on the tourism sector by providing secure payment methods.

The Verdict

Before the pandemic, there was a lot of excitement about blockchain technology’s potential and a lot of cryptotourism projects; however, not all of these businesses and initiatives have been successful.

Programs for crypto tourism are a growing trend that aim to bring like-minded people together and promote carefully chosen businesses.

Bitcoin could continue to be an option for travelers as countries try to attract tourists once again.

While these specialized programs provide an opportunity to network within the nascent cryptocurrency ecosystem, participants should do thorough research before making substantial investments in this field.

There is a great deal of danger and speculation involved in investing in cryptocurrencies and initial coin offerings (ICOs).

Neither Doughvest nor the author of this essay recommend investing in cryptocurrencies or initial coin offerings (ICOs).

Because every person’s situation is different, it is imperative that you speak with an experienced professional before making any financial decisions.

Investopedia makes no warranties or assurances about the timeliness or accuracy of the data presented here.

At the time of writing (September 10th, 2024),   the authors did not own any cryptocurrency.

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