Topic: Bitcoin as a way of avoiding to change money when travelling abroad - page 3. (Read 1784 times)
August 27, 2017, 08:55:16 AM
currently you can travel to countries like Japan and bring millions of dollars with you in and out of country without anyone even noticing and then when you get there you can easily spend bitcoin in thousands of shops and don't even worry about taxes because Japan has also removed taxes on any purchase that is done with bitcoin. so it will be even cheaper to buy with bitcoin.
August 27, 2017, 08:47:57 AM
Well if that is a case it won't be a problem for us Bitcoin users but it is a big "if" on it happening in our world. If worldwide all shops accept Bitcoin, I think all local currency exchange will be competitive on the rates Bitcoin is giving as they are a business that can adapt. Additionally Bitcoin's biggest rival is itself as even in the future it won't eliminate it being a volatile currency, being a tourist you might end up spending more rather than what you paid for if you use Fiat currency instead.
August 27, 2017, 08:41:05 AM
I think PayPal do exactly that, of course with fees. But Bitcoin too charges fees which is quite high at this moment. If we are talking about paying online. Then there are already various services available that charges less fees too. With current Bitcoin transaction fees, I don't think that Bitcoin would be viable for small transactions. These transaction fees need to be reduced in order to increase Bitcoin's utility.
August 27, 2017, 08:23:28 AM
Of course this is a good idea, because bitcoin is an international currency. But in fact many countries did not recognize bitcoin as legal money and in these countries it is still necessary to exchange it for the national currency.
August 27, 2017, 08:18:18 AM
I know some services where they impose a limit for the maximum balance for the forex cards that they issue to the domestic residents planning to travel abroad and even they ask for passport and VISA for issuing such cards. I think Bitcoin users have a clear advantage in this regard if they are visiting any country where there a good environment for the Bitcoin/crypto transactions. I haven't used any Bitcoin ATM before but I think it will prove very much useful in such case. I haven't heard of any legal restrictions on conversion or expenditure of Bitcoin yet so as of now I think Bitcoin is a good option for foreign travellers.
August 27, 2017, 07:54:46 AM
For travel, it is very good to use bitcoin, but not everywhere it is accepted and it is necessary to plan your trip so that later you can not find yourself in a difficult situation without the usual money.
August 27, 2017, 02:16:04 AM
Yes, it is possible to use bitcoin that way and this is the utopia we refer when we say 'Bitcoin is a global currency'. But still such happening is far from practical reality. Major reasons are bitcoin volatility and it being unregulated.
Due to above mentions, merchants usually hesitate in integrating bitcoin in their businesses.
However, every bitcoin enthusiast will love to see future when every shop has hoarding above saying 'Bitcoin accepted here.'
Due to above mentions, merchants usually hesitate in integrating bitcoin in their businesses.
However, every bitcoin enthusiast will love to see future when every shop has hoarding above saying 'Bitcoin accepted here.'
August 26, 2017, 11:59:53 PM
This is a good idea, but all the same, it will not be possible to settle accounts in every country with the help of bitcoins. Also it is necessary to take into account that in some countries it is generally prohibited.
Yes, Bitcoin is far away from being used like this. Bitcoin is still not accepted at many physical stores as of now it's only a good currency for digital transactions, maybe in near future BTC might become so popular that it can be used as a credit card substitute in any store. August 26, 2017, 10:46:21 PM
It is one of the great way to spend bitcoin, but not everyone is accepting bitcoin, although it is very convenient to travel using bitcoin, no need to bring so many cash and it is easy to spend without need to find money changer, in the future travelling with bitcoin will be a great experience
I think it's a better move than using these fiat processors, since Bitcoin is fully international and allows anonymity even if you're outside your country or place if comfort.
August 26, 2017, 08:50:00 PM
It is one of the great way to spend bitcoin, but not everyone is accepting bitcoin, although it is very convenient to travel using bitcoin, no need to bring so many cash and it is easy to spend without need to find money changer, in the future travelling with bitcoin will be a great experience
August 26, 2017, 07:41:25 PM
This is a good idea. Something that has been mentioned before. Much easier than carrying cash and certainly easier than carrying gold. As Bitcoin goes mainstream this will get easier and easier.
August 26, 2017, 07:35:52 PM
Like other said its a good idea but for now i don't see any local exchange that accept bitcoin there are atm's out there and there are many bitcoin debit cards that we can use in other country but in limited country that we can withdraw our money with $3 to $5 base in my own experience withdrawing my bitcoin into fiat in atm machines..
Hope that it can be happen in the future so that we can travel without worrying if ever that i am out of money and i only have bitcoin to exchange it into fiat..
Hope that it can be happen in the future so that we can travel without worrying if ever that i am out of money and i only have bitcoin to exchange it into fiat..
August 26, 2017, 07:25:26 PM
This is a very good thing of course this will make it easier when we go out of town. but there are things that make it very difficult, because I think not all countries can accept the existence of bitcoin as well as fiat money there. In my country not yet many cities that can fully accept BTC only a few cities with visitors who are very many tourists who receive bitcoin. And even then I think there will be biyaya that can not be negotiated again, of course we have to follow what they want. if the biyayanya quite expensive this will harm us only. I think if I am going to go to another country I'd better save btc, then it would swap the fiat once it gets in that country.
August 26, 2017, 06:45:02 PM
If you travel abroad from time to time, you are probably used to change money: to do so, you have to find a change office and accept the rates they offer. Many of them also ask to pay a fixed-amount fee, they want more money than what they get from the fx rate.... If it is a touristic place, there may be a little competition from different change offices, at least, if they don't agree prices. But in general, as an individual, you have very little power, you can't hardly negotitate, only accept what they propose... On the other side, if you choose to withdraw money from an ATM with your credit card, you will be paying the FX rate your bank decides to apply to you, with potentially other fees...
However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...
Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.
But of course, prior to that, it will need to become widely accepted and have a more stable price
What do you think? Have you ever used bitcoin when travelling abroad?
However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...
Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.
But of course, prior to that, it will need to become widely accepted and have a more stable price
What do you think? Have you ever used bitcoin when travelling abroad?
BTC is far away of needed support to be able to do it in real live.
Almost every BTC->Fiat local exchange is having more than 3% margin on BTC price. Banks are usually capped at 3%.
It's the same with BTC ATM's.
And what about the current fees? For example if you want to exchange in local currency 200 euro, you will need to pay exchangeable fee + ~5 euro translation fee! This is currently a way more expensive than fiat banks!
August 26, 2017, 04:29:15 PM
If you travel abroad from time to time, you are probably used to change money: to do so, you have to find a change office and accept the rates they offer. Many of them also ask to pay a fixed-amount fee, they want more money than what they get from the fx rate.... If it is a touristic place, there may be a little competition from different change offices, at least, if they don't agree prices. But in general, as an individual, you have very little power, you can't hardly negotitate, only accept what they propose... On the other side, if you choose to withdraw money from an ATM with your credit card, you will be paying the FX rate your bank decides to apply to you, with potentially other fees...
However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...
Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.
But of course, prior to that, it will need to become widely accepted and have a more stable price
What do you think? Have you ever used bitcoin when travelling abroad?
Bitcoin has still not gathered enough support to make this strategy easy to implement but I think we are going to come to a point in which you are going to be able to do exactly that, you will be able to travel without cash and credit cards and use only bitcoin for your needs. However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...
Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.
But of course, prior to that, it will need to become widely accepted and have a more stable price
What do you think? Have you ever used bitcoin when travelling abroad?
August 26, 2017, 02:37:14 PM
If you travel abroad from time to time, you are probably used to change money: to do so, you have to find a change office and accept the rates they offer. Many of them also ask to pay a fixed-amount fee, they want more money than what they get from the fx rate.... If it is a touristic place, there may be a little competition from different change offices, at least, if they don't agree prices. But in general, as an individual, you have very little power, you can't hardly negotitate, only accept what they propose... On the other side, if you choose to withdraw money from an ATM with your credit card, you will be paying the FX rate your bank decides to apply to you, with potentially other fees...
However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...
Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.
But of course, prior to that, it will need to become widely accepted and have a more stable price
What do you think? Have you ever used bitcoin when travelling abroad?
However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...
Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.
But of course, prior to that, it will need to become widely accepted and have a more stable price
What do you think? Have you ever used bitcoin when travelling abroad?
I have actually thought about it as well that rather than going from here to another country and having to go through all those bottlenecks, I will just decide to keep my money in btc and sell when I get there but there will equally be limitation so far btc has not been generally accepted and its because some Point of Entry officers always mandate that one have required amount of cash to be able to enter and aside that, one needs to understand how it works there at the moment or else. The first action in a foreign country will be committing an offence.
OP has a pretty good idea, here are a few caveats:
You can use most bank cards , esp those with the 3Dsecure feature, damn near internationally. If they accept a card, they will usually accept a 3dsecure branded card. You will pay a fee, however, for using it outside of its boundaries.
You can bring bitcoin, but in some countries, as a foreigner there I would want to use a bank, or a known service, to convert from bitcoin to local fiat. There are horror stories of guys getting scammed on the board during in person transactions; not speaking the language would also be a huge barrier to using trusted guys on localbitcoins (local bitcoin is freaking everywhere). Local cops might not look too fondly on a foreign person crossing the border and immediately starting to convert into local currency from a crypto, they dont have alot of trust everywhere just yet, and are still associated with criminal bullshit in the eyes of the public.
Same deal when you eventually leave. If you have local fiat, it would be a pain to convert that to bitcoin. You would end up converting it back to your native fiat, for when you get home, at a fee.
Best solution, and the most secure? A traveler's check. There is a reason why they are named as such
August 26, 2017, 02:29:50 PM
Your idea will depend much on whether the country your visiting has a local BITCOIN-FIAT exchange. You should be fine if you are visiting developed countries with bitcoin exchanges but most of the time traveling to exotic places without bitcoin exchanges is much more fun.
August 26, 2017, 02:27:23 PM
If you travel abroad from time to time, you are probably used to change money: to do so, you have to find a change office and accept the rates they offer. Many of them also ask to pay a fixed-amount fee, they want more money than what they get from the fx rate.... If it is a touristic place, there may be a little competition from different change offices, at least, if they don't agree prices. But in general, as an individual, you have very little power, you can't hardly negotitate, only accept what they propose... On the other side, if you choose to withdraw money from an ATM with your credit card, you will be paying the FX rate your bank decides to apply to you, with potentially other fees...
However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...
Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.
But of course, prior to that, it will need to become widely accepted and have a more stable price
What do you think? Have you ever used bitcoin when travelling abroad?
However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...
Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.
But of course, prior to that, it will need to become widely accepted and have a more stable price
What do you think? Have you ever used bitcoin when travelling abroad?
I have actually thought about it as well that rather than going from here to another country and having to go through all those bottlenecks, I will just decide to keep my money in btc and sell when I get there but there will equally be limitation so far btc has not been generally accepted and its because some Point of Entry officers always mandate that one have required amount of cash to be able to enter and aside that, one needs to understand how it works there at the moment or else. The first action in a foreign country will be committing an offence.
August 26, 2017, 02:23:07 PM
It doesn't need to be widely accepted. It is already present everywhere you go in the world. I mean you can just cash out it for local currency by using bitcoin debit card or other cards services provided by different altcoin inventors.
There is one more option that is: when you travel to specific country then you can download wallet supported by that country and then generate bitcoin address and send your bitcoin to that wallet. You can easily then convert it to the local currency and use that money as travel money.
If you are left with anything after coming back then you can send that to your local currency and get your money back. That's the beauty of bitcoin.
There is one more option that is: when you travel to specific country then you can download wallet supported by that country and then generate bitcoin address and send your bitcoin to that wallet. You can easily then convert it to the local currency and use that money as travel money.
If you are left with anything after coming back then you can send that to your local currency and get your money back. That's the beauty of bitcoin.
August 26, 2017, 02:09:28 PM
Bitcoin provided the best opportunity for travellers to be able to transfer money without much fee and bitcoin transfer is far more reliable than bank transfer to me. Banks or forex charges is too high for mass to travelling. Bitcoin nature as a decentralized currency make people from all walks of life to transact business without hindrance and discrimination. You can now use your money all over the world without much questioning and dispute.
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