The emergence of the digital currency Bitcoin is having a significant impact on the tourism industry as it provides an innovative way to book accommodation and tours across cities worldwide.
In the same context, the Australian tour operator TravelbyBit has provided customers with a wide range of travel experiences in Queensland using cryptocurrency since 2016. For example, the company has made it easy for tourists to visit the Great Barrier Reef, Surfers Paradise, Gold Coast, and Bundaberg through digital currencies. The company’s mission is to facilitate tourism by implementing cryptocurrency payments across its network.
What are the impacts of Bitcoin on Tourism?
The first country to have a complete service for tourists who want to visit and pay for their travels by cryptocurrencies in Australia. The country has more than 1300 merchants in Queensland alone, where people can make purchases using digital currencies such as Bitcoin with ease. According to the Managing Director of TravelbyBit, Caleb Yeoh, they expect a rise in cryptocurrency payments. It is now relatively easier to use such payment methods as the number of merchants increases. He says that he is expecting a lot more transactions in the coming years with the rise of merchant adoptions, and there would be an increase in Bitcoin payments worldwide as it excels and becomes even more accessible for people to use every day with the existing platforms like TravelbyBit’s POS (Point-of-sale) system and TravelbyBit Go.
How can digital currencies help improve the tourism industry?
According to Natasha Barritt, a Co-Founder of TravelbyBit, they have partnered with airlines such as Brisbane Airports Corporation (BAC), where people can book flights using digital currencies. She adds that the company is now the first ever to offer such a service, and it will also be available in Sydney and Perth airports.
She believes that payment processing through cryptocurrencies aims to find its way into every sector, including airlines. Moreover, they are developing more features for TravelbyBit Pay, including merchant rewards, instant payments, split settlements, referral and loyalty programs, and instant trading.
TravelbyBit is a step closer to becoming the biggest travel company in Australia that uses cryptocurrencies for online transactions. This will be effective when it establishes agreements with more airlines to enable customers to book through digital currencies at all their destinations. It is expected that by 2020, there will be a rise in the number of digital currencies as more people start using them as the trend to trade and transact with cryptocurrencies continues to gain popularity.
BitIQ has paved the way for other cryptocurrencies to emerge, and this is having a positive impact on the tourism sector by providing innovative payment methods.
Caleb Yeoh says that he believes cryptocurrencies such as Bitcoin will continue to grow and develop, similar to how people started using credit cards after the emergence of online money transfer services revolutionized how consumers pay for goods and services. He says that similar to credit cards, cryptocurrencies such as Bitcoin will become popular, and most people will use them.
They are an excellent alternative for people who don’t want to use the traditional payment methods such as credit cards which come with high charges.
Three ways blockchain and bitcoin have boosted tourism worldwide
- Tourism Bookings: Some of the biggest travel companies such as Expedia and Lufthansa have started using blockchain technology to enable customers to book flights, hotels, and tours through cryptocurrencies. Sooner or later, almost every major travel company will follow this trend as it has opened doors for other sectors to use digital currencies in their daily operations.
- Cryptocurrency Exchanges: There are many cryptocurrency exchanges worldwide where people can easily buy, sell, and trade cryptocurrencies such as Bitcoin. As more companies start using digital currencies, the number of platforms used to trade these currencies will increase, and this will be beneficial to other sectors that rely on travel, such as hospitality.
- Cryptocurrency ATMs: People can use existing ATMs to easily buy and sell cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. These ATMs have enabled consumers to purchase these digital currencies even if they don’t have a specific online exchange account.
A stable blockchain cryptocurrency for tourism
Cryptocurrencies such as Bitcoin have existed for almost a decade, but there is one major problem: the high volatility in the prices. However, it later fell by over 30% the following month. This creates a problem for individuals who want to use cryptocurrencies to pay for goods and services because they are not yet stable enough to serve this purpose.