A new era of international travel is upon us. With the globalization of exchange and ideas interconnecting the world’s economy comes a whole lot of travel for entrepreneurs on the go. However, it is still unknown to many that by using Bitcoin, workers can curb some of the hassles that go along with traveling.
Global citizens, global currency
Thousands of people employed by small businesses and large corporations are traveling abroad for their work. Millennials ages 16-34 are traveling internationally quite a bit these days for leisure, but a significant amount is doing so for employment. The Boston Consulting Group reports that Millennials are the topping the travel scales by injecting over 180 Billion annually into the worldwide economy. Many of these age groups are tech savvy, and most are using smartphones and computer devices during transit.
However, traveling abroad often requires exchanging for local currency, frequently resulting in stress, excess fees among other problems. One technological advance for society is that Bitcoin can make it easier for those traveling globally by enabling people to convert into local currency at a lower cost. Not only do individuals who use these methods save money by skipping large fees, they also skip wasting time by going to a local currency exchange to convert their money.
With Bitcoin and the use of cryptocurrency exchanges, an individual can sell their Satoshis for most fiat currency today without stepping foot anywhere. Exchanges like Coinbase, BTCe, Huobi, Kraken, and others can convert your digital coins into local fiat currency cheaper and faster than most in-house facilities.There are no people to monitor or scrutinize the amount of money you would like to transfer as some authorities may concern themselves that you are exchanging far too much cash and wonder about your private affairs. With Bitcoin, you can travel anywhere while retaining access to hundreds of thousands and even millions of dollars from your mobile device without anyone’s knowledge.
Just recently, American rapper Snoop Dogg realized this problem first hand as he was harassed and questioned for holding a large sum of $422 thousand in cash overseas.
Paper or digital?
Online reviews will typically tell you that ATMs located worldwide is one of the best options to receive funds globally especially concerning cash. However, there is a high foreign exchange rate when traveling abroad using these machines. For instance, Bank of America ATMs located all around the world can charge $5 for withdrawal and another 3% on top of this fee in most cases. If a traveler were to use Bitcoin, all the person would need to do is register for free with an exchange that handles the global currency they require. This scenario is far cheaper than using these systems as exchange rates are typically 1% or less to exchange crypto to fiat. A person may still have to use a foreign ATM if they truly need cash, however if they use an exchanged cryptocurrency they can acquire digital fiat just the same.
Another cool aspect for the traveler is the fact that you may not even need to trade your Bitcoins for fiat. The conversion could be entirely unnecessary as it is accepted worldwide by thousands of merchants. Adoption is not as fast as a lot of us would like, but in almost every region Bitcoin Embassies are growing in places like Canada, Holland, California, Israel, and more. These centers will give those on the road Bitcoin tips or maps to where you can find merchants who accept the currency in that particular local region.
Online directories of physical shops can be found on the web and wallets like AirBitz have a merchant directory integrated into their service as well. These options can help a consumer’s working overseas quickly find retailers that accept the virtual money.
The versatility of Bitcoin while working across borders provides an open playing field to corporate men and women in business and any job that entails moving around the globe. The continued growth in the popularity of Bitcoin and other cryptocurrencies should make the benefits for users ever more apparent by providing an increasingly global form of exchange like never seen before in the history of commerce.
What do you think of traveling with Bitcoin? Let us know in the comments below!
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