Cryptocurrencies and the internet have made the world almost borderless. The use case of bitcoin as a foolproof legit monetary system is increasing globally. Travelers have started to keep bitcoin in their cryptocurrency wallets because it makes international transactions possible without any transaction fees. Moreover, travelers don’t even have to convert their country’s fiat currency to the country they are traveling to; this makes traveling and exploring the world very easy and enjoyable. On the other hand, you should know the 5 action points when any cryptocurrency is crashing so you will know what to do.
Bitcoin is accepted to buy everything from food to tickets from around the world. Places like pubs, restaurants, private houses, and so on have started accepting Bitcoin for their services. The places that accept Bitcoins as payment are increasing day by day.
Multiple signature wallets are appropriate for storing your savings:
The first thing you need to do is find a Bitcoin exchange. It’s where you can trade in your Bitcoins for the local currency. If a hotel, hostel, restaurant, or pub doesn’t accept Bitcoins, then only cash out through the flight/hotel’s service provider, as it usually works internationally and allows as much money as you want without any fees. You can use a local ATM to get local currency. But, first, you need to know the value of Bitcoin exchange and then change accordingly with local fiat currency like USD, EUR, GBP, or JPY.
Having Bitcoins during your trip is beneficial for many reasons:
1) It gives you a sense of freedom because you are traveling without the fear of losing money from petty thefts such as wallets, laptops, cards, etc., from hotel rooms.
2) You can also use bitcoins to pay for a taxi service using numerous Bitcoin taxi services. If you are a traveler, go ahead and explore the world with Bitcoins as your companion in no time. Bitcoins have proved to be very beneficial for travelers and merchants who accept this new form of currency.
3) People in different countries are more than happy to accept Bitcoins as a payment mode because it has gained popularity in the world, especially among the younger generations, and people want to use their money/coins in different ways.
4) You can exchange your bitcoin for fiat currency at any ATM or bitcoin exchange through your mobile/online wallets.
Use both hot and cold storage while traveling:
There is no way you can leave your cryptocurrency wallet empty. You have to have some bitcoin in it for your immediate use. But at the same time, you have to save the rest from being stolen by hackers or a system crash. Using hot and cold storage wallets is essential for travelers because they can easily access their money when needed, but there is also a chance that someone may steal your money through cyber-hackers if they get access to your wallet.
Use extreme caution while using any device with an internet connection, especially those with malware and viruses; therefore, use an offline storage device such as a USB for storing a part of your digital currency just in case needed in the future.
Different Hardware Wallets you can use while traveling:
Trezor (approved by many in the bitcoin community):
Trezor is the most trusted and secure hardware wallet. It protects your money by signing all transactions. You can use Trezor to store your Bitcoins and other cryptocurrencies. Trezor is kept offline all the time, so no one can hack it even if they have internet access.
Also, it produces random keys instead of keeping them online in a vulnerable server with an easy attack surface for malicious hackers. You can easily use Trezor with your mobile phone after you set up everything correctly on their website and update the firmware for security purposes.
Ledger Nano S:
It is another hardware wallet that’s comparable to Trezor. It allows you to have a multi-currency wallet with a USB connection. The combined use of both these hardware wallets gives the feeling of confidence in your digital currency investment to travelers.
Use non-web-based Bitcoin wallets:
Web-based wallets are not safe to use because they trust your money with a third party, and they hold your private keys online on their website. Therefore, they can easily hack into the site and steal any amount of money without being noticed. So, you should better use a non-web-based cryptocurrency wallet for storing your savings. This way, no one will be able to hack into your account even if they have internet access. Electrum is another excellent cryptocurrency wallet for travelers and people who live in their hometowns.
Electrum – Desktop Wallet
Electrum – Web Wallet There are countless web wallets that you can use while traveling apart from those mentioned here, so go ahead and find your favorite one to make your traveling experience even more memorable.