Definitely 2020 is not going to be a good year for economics in general, what includes bitcoin. And one of the most affected sectors by this crisis is the services one, especially travel and tourism businesses, then I suppose there won't be any expansion soon on this regard.
Countries which rely on this kind of activity will see their economies ruining if they aren't creative enough to find alternatives to replace their main tourism activities and actually, being realistic I don't see how bitcoin could help during an economical crisis scenario like this.
Topic: Opinion: 2020 Rise of Crypto Travel - Bitcoin & Altcoin Expansion? (Read 331 times)
July 10, 2020, 05:50:07 AM
I can see that happening in the future. Like Expedia, they have partnered with Travala.com for online travel bookings. The only downside though of companies and businesses on why they don’t want to adopt Bitcoin and other cryptocurrencies is due to high price volatility.
In Bitcoin, there is a stable version of it (but still considered as BTC address) where it cannot be affected by price volatility. Coins.PH, a Philippine-based cryptocurrency wallet regulated by the Bangko Sentral ng Pilipinas has two types of Bitcoin balances (PHP and BTC). The PHP one is the stable version of Bitcoin wallet, where businesses could easily adopt it.
This is something that businesses (especially travel websites, agencies or airline companies) need to know about the stable version of Bitcoin if we want to see mass adoption. Same goes to the altcoins as well.
In Bitcoin, there is a stable version of it (but still considered as BTC address) where it cannot be affected by price volatility. Coins.PH, a Philippine-based cryptocurrency wallet regulated by the Bangko Sentral ng Pilipinas has two types of Bitcoin balances (PHP and BTC). The PHP one is the stable version of Bitcoin wallet, where businesses could easily adopt it.
This is something that businesses (especially travel websites, agencies or airline companies) need to know about the stable version of Bitcoin if we want to see mass adoption. Same goes to the altcoins as well.
July 10, 2020, 05:35:15 AM
I think some agencies were already accepting bitcoin for payment, however, not all will accept this kind of payment since there is still a lack of mass adoption. People traveling would still see fiat or cards as more convenient when booking for flights.
Travel agencies and tourism are a great factor in the economy and are also widely affected by pandemic because of the lockdown. Also, the government is limiting travels going inside and outside the country because there is a threat that the virus will spread more. So with the current problem, I don't think using bitcoin or crypto payment will really help in solving the issues in the tourism or travel industry. Yes, it's great to adopt technological innovation but I don't think it will be that easy since not all people are still ready for crypto payments and we are still at the beginning of mass adoption.
Travel agencies and tourism are a great factor in the economy and are also widely affected by pandemic because of the lockdown. Also, the government is limiting travels going inside and outside the country because there is a threat that the virus will spread more. So with the current problem, I don't think using bitcoin or crypto payment will really help in solving the issues in the tourism or travel industry. Yes, it's great to adopt technological innovation but I don't think it will be that easy since not all people are still ready for crypto payments and we are still at the beginning of mass adoption.
July 10, 2020, 04:58:45 AM
I think what OP says can happen in the future, as we see that new technology is invented by many people every day.
They want to use robots and other automation to makes their life simple.
That can impact the cryptocurrency, and we don't need to use fiat to pay, and we can only scan the barcode from the wallet to pay something.
Right now, you can use crypto to pay something, but well, we can not see many offline or online stores that will accept crypto as a new option in payment method.
But to see cryptocurrency can be used as a secondary payment system will need time.
They want to use robots and other automation to makes their life simple.
That can impact the cryptocurrency, and we don't need to use fiat to pay, and we can only scan the barcode from the wallet to pay something.
Right now, you can use crypto to pay something, but well, we can not see many offline or online stores that will accept crypto as a new option in payment method.
But to see cryptocurrency can be used as a secondary payment system will need time.
It's inevitable for new technologies to develope and expand and take more and more important place in our lives. However, I think that such progress isn't so visible in case of Bitcoin and cryptocurrencies in general. Still very smal people use Bitcoin as a payment, many see it purely as asset and still very limited number of merchants accept Bitcoin or crypto as a payment method. That includes travel agencies too so I don't expect major progress to happen over night. Also, there is lack of regulation for cryptocurrencies especialy in financial world.
In the future we'll might see some improvement, especialy if such pandemics or something even worse become our reality for longer period of time but nothing will happen over night.
I guess many people aware of that and make them curious, and finally, some of them have invested in crypto.
But sooner or later, we will see an explosion in the crypto world when the crypto market can back to recover.
The travel agencies will try to use bitcoin because I see that many of them offer their services via the internet or use an app for the mobile phone, which can lead them to learn about the new payment system.
The improvement itself will always get better because we are still using the newest technology to have a better life too.
July 09, 2020, 10:44:02 PM
The world is getting hi-tech everyday. We probably see a fully digitized world in the very near future. The improvement is very fast. And currency is very much at the center of it with the fast development of cryptocurrency and spreading of Bitcoin.
But we should also be aware of how unequal the development is. We still have poor villages deprived of the basic technologies that are left behind. I hope these hi-tech advancements would also be able to help these poor communities keep up with the times.
But we should also be aware of how unequal the development is. We still have poor villages deprived of the basic technologies that are left behind. I hope these hi-tech advancements would also be able to help these poor communities keep up with the times.
July 09, 2020, 10:37:37 PM
There are already a number of travel industries that accept payment by Bitcoin, the problem now is people are afraid to travel.
It can be seen that the number of flights currently running is only around 30%, even some flights industries must make a reduction
the employee. This pandemic situation people do not dare to go on vacation, especially abroad. Therefore now it can not focus
develop Bitcoin in the travel industry.
It can be seen that the number of flights currently running is only around 30%, even some flights industries must make a reduction
the employee. This pandemic situation people do not dare to go on vacation, especially abroad. Therefore now it can not focus
develop Bitcoin in the travel industry.
July 09, 2020, 09:28:59 PM
Bitcoin is in great demand for many popular currency investments The global epidemic has seen huge economic changes in many countries, but it has not had any effect on Bitcoin Bitcoin is growing at a certain rate. Bitcoin was created after the recession in 2008 but now there is a lot of potential for the price of Bitcoin to rise amid the epidemic. The market may reach the 2017 position again No matter how bad the situation is, now is the time to invest.
July 09, 2020, 08:57:35 PM
We are living in very interesting times, 2020 has been quite exceptional so far. The global pandemic has seen huge shifts economically in many countries.
Yet still the modern era which has seen huge leaps in technology, from flatter televisions to the ability to create new and exciting cashless systems in the Cryptocurrency sector - business and science still has a problem solving economic downturn during and after a crisis.
Cash just does not flow the same in a climate such as we see in 2020, where many people are just not able to switch hands with cash physically due to lockdown rules.
Stores are still closed in high numbers in cities and towns globally, jobs have been list and industry is in turmoil. Politics does not seem to have answers to the problems of 2020 in which people are limited in physical contact due to health measures, and the ability to drive the economy upwards - the travel industry being effected more than most.
Whole economies rely on tourism... But is there really any need in modern world for Travel Agent Stores?
One answer to the problem of cash flowing through the travel industry could be via Cryptocurrency such as Bitcoin.
Imagine a world in which you did not have to use your credit card or cold hard cash to book a flight or a taxi? Where one simple transaction, secure and quick books your entire vacation through one easy network...
There Bitcoin could make booking and travel interesting - Bitcoin could bring endless possibilities from bookings to food in simple micro crypto transactions or large amounts, with greater speed than regular cash, much more securely. However one such snag could be the 'invisibility' of a customer during transactions. This would have to be overcome, in order to progress Cryptocurrency and travel.
In my opinion, the more industry does not need human workers and moves towards Artificial Intelligence, also automation and robots Cryptocurrency will find its way one way or another. It is the future of a modern world. In any case... Who likes jogging to catch a taxi at the airport and losing your change all over the ground? I don't...
Yet still the modern era which has seen huge leaps in technology, from flatter televisions to the ability to create new and exciting cashless systems in the Cryptocurrency sector - business and science still has a problem solving economic downturn during and after a crisis.
Cash just does not flow the same in a climate such as we see in 2020, where many people are just not able to switch hands with cash physically due to lockdown rules.
Stores are still closed in high numbers in cities and towns globally, jobs have been list and industry is in turmoil. Politics does not seem to have answers to the problems of 2020 in which people are limited in physical contact due to health measures, and the ability to drive the economy upwards - the travel industry being effected more than most.
Whole economies rely on tourism... But is there really any need in modern world for Travel Agent Stores?
One answer to the problem of cash flowing through the travel industry could be via Cryptocurrency such as Bitcoin.
Imagine a world in which you did not have to use your credit card or cold hard cash to book a flight or a taxi? Where one simple transaction, secure and quick books your entire vacation through one easy network...
There Bitcoin could make booking and travel interesting - Bitcoin could bring endless possibilities from bookings to food in simple micro crypto transactions or large amounts, with greater speed than regular cash, much more securely. However one such snag could be the 'invisibility' of a customer during transactions. This would have to be overcome, in order to progress Cryptocurrency and travel.
In my opinion, the more industry does not need human workers and moves towards Artificial Intelligence, also automation and robots Cryptocurrency will find its way one way or another. It is the future of a modern world. In any case... Who likes jogging to catch a taxi at the airport and losing your change all over the ground? I don't...
I think you forgot about the end of 2017. The end of 2017 was a golden time for all Bitcoin users. Bitcoin is in a good position in the current context. No one can imagine the best position of Bitcoin. I don't think the time to invest in Bitcoin has passed yet. I have always considered investing in Bitcoin as an asset.
July 03, 2020, 01:40:26 PM
I don't think people will see the importance of crypto even with stricter guidelines against physical cash, as there are still the likes of Paypal and other online payment processors that can easily be used for payments. While bitcoin saw some surging interest over the past few months for the investors since it gave them free access to profits, I don't think that that in itself would be cause for the public to start giving bitcoin more attention than it used to have. It certainly has the capability to offer such, but why would people drift away from something that they can already used conveniently to try something that is basically unproven in their own views?
July 03, 2020, 06:50:09 AM
Bitcoin should be widely accepted everywhere,not just in the Tourism industry.
The tourism industry is basically destroyed by the closed borders and the lockdowns.In my country,all the hotels are working just to reduce the losses,but I don't think that they will survive for more than one month.
Travel agencies are going bankrupt.In a situation like this,no Travel agency and nobody with a business in this industry would even care about accepting Bitcoin payments.The global amount of active cryptocurrency users is less than 5 million people,which is ridiculously small number.No Travel agency would bother focusing on such small niche of the market,in times of a furious economic crisis.
The tourism industry is basically destroyed by the closed borders and the lockdowns.In my country,all the hotels are working just to reduce the losses,but I don't think that they will survive for more than one month.
Travel agencies are going bankrupt.In a situation like this,no Travel agency and nobody with a business in this industry would even care about accepting Bitcoin payments.The global amount of active cryptocurrency users is less than 5 million people,which is ridiculously small number.No Travel agency would bother focusing on such small niche of the market,in times of a furious economic crisis.
July 03, 2020, 04:50:05 AM
I think what OP says can happen in the future, as we see that new technology is invented by many people every day.
They want to use robots and other automation to makes their life simple.
That can impact the cryptocurrency, and we don't need to use fiat to pay, and we can only scan the barcode from the wallet to pay something.
Right now, you can use crypto to pay something, but well, we can not see many offline or online stores that will accept crypto as a new option in payment method.
But to see cryptocurrency can be used as a secondary payment system will need time.
They want to use robots and other automation to makes their life simple.
That can impact the cryptocurrency, and we don't need to use fiat to pay, and we can only scan the barcode from the wallet to pay something.
Right now, you can use crypto to pay something, but well, we can not see many offline or online stores that will accept crypto as a new option in payment method.
But to see cryptocurrency can be used as a secondary payment system will need time.
It's inevitable for new technologies to develope and expand and take more and more important place in our lives. However, I think that such progress isn't so visible in case of Bitcoin and cryptocurrencies in general. Still very smal people use Bitcoin as a payment, many see it purely as asset and still very limited number of merchants accept Bitcoin or crypto as a payment method. That includes travel agencies too so I don't expect major progress to happen over night. Also, there is lack of regulation for cryptocurrencies especialy in financial world.
In the future we'll might see some improvement, especialy if such pandemics or something even worse become our reality for longer period of time but nothing will happen over night.
July 03, 2020, 03:10:40 AM
I think what OP says can happen in the future, as we see that new technology is invented by many people every day.
They want to use robots and other automation to makes their life simple.
That can impact the cryptocurrency, and we don't need to use fiat to pay, and we can only scan the barcode from the wallet to pay something.
Right now, you can use crypto to pay something, but well, we can not see many offline or online stores that will accept crypto as a new option in payment method.
But to see cryptocurrency can be used as a secondary payment system will need time.
They want to use robots and other automation to makes their life simple.
That can impact the cryptocurrency, and we don't need to use fiat to pay, and we can only scan the barcode from the wallet to pay something.
Right now, you can use crypto to pay something, but well, we can not see many offline or online stores that will accept crypto as a new option in payment method.
But to see cryptocurrency can be used as a secondary payment system will need time.
July 03, 2020, 02:37:22 AM
There are major flaws in your argument op. Firstly, a very small percentage of the crypto investors utilize BTC as a payment method since majority of them see it as an asset and nothing more.
Yes, Bitcoin still being considered as valuable assets than being used and serves its real purposes.
Next issue is that the transaction fees and times fluctuate due to the volatility problem with BTC due to which other digital payment methods would be preferable in comparison.
Business owners doesn't want to risk with volatilities, the reason why they are still not convince adopting
and using this crpytocurrency for payment process.
Another issue is that BTC and cryptocurrencies are not allowed everywhere. Certain countries have banned them due to which people in those countries find it tough to invest into the crypto market.
There are countries that still refusing and ignoring bitcoin, tagging it as scam form of currency.
Your argument makes sense only if all these issues were to be addressed which is possible, but won't happen anytime soon in my opinion.
Agree to that, it takes time to address those issues and bitcoin still working on it in a progressive ways.
July 03, 2020, 01:30:22 AM
Delta airline accept crypto through bitpay I don't know of others airline. There was also a block chain project that launch Mozotoken which could be a gateway to using crypto for booking and doing shopping in more than 3000 shops across the world but the project is currently inactive. The use of AI and Robotics also have its cons and such could easily be noticed in rise in unemployment. Also you make reference to identity when making transaction but I do not think it is necessary for a micro purchase. Is it even necessary for restaurants to know me before I make order for food ?
July 02, 2020, 01:09:34 PM
Merchant adoption has been slowly contracting since it peaked many years ago. There's nothing on the horizon to indicate that's changing any time soon. There've been plenty of travel options that have been and gone.
No one wants to spend it. It's a shame as I would like more options but for most people why would they spend BTC on a sandwich or taxi when it's potentially worth more in future?
And in areas with first world banking you have fee free cards that let you spend in the local currency without extra cost.
No one wants to spend it. It's a shame as I would like more options but for most people why would they spend BTC on a sandwich or taxi when it's potentially worth more in future?
And in areas with first world banking you have fee free cards that let you spend in the local currency without extra cost.
July 02, 2020, 12:57:51 PM
With less money generally flowing around, I think that people's propensity to spend anything, let alone BTC, would be decreased.
First of all, people are becoming unemployed and the economy doesn't appear to be recovering even in countries with very small numbers of cases. Businesses tried to re-open, only to find out they couldn't cover costs. Many large enterprises are waiting for state-sponsored bail-outs or their financial doom.
BTC is largely considered a means to save money, especially robust in a financial crisis as it is disconnected from the system. Given that the situation with the virus has still not been assessed, it's important not to be overly optimistic over anything. Travel though, is one of the industries that was hit the most. This industry is responsible for a big part of the current unemployment wave. Maybe due to reduced cash flowing around, some people would be looking to liquidate some BTC to satisfy lower needs if they don't have other cash flowing around for them.
But sure as hell I couldn't see a trend around spending BTC for travel at the time of the pandemic. Those able in financial terms and healthy enough in terms of age, would have other forms of income to spend first for sure if they wanted to travel.
First of all, people are becoming unemployed and the economy doesn't appear to be recovering even in countries with very small numbers of cases. Businesses tried to re-open, only to find out they couldn't cover costs. Many large enterprises are waiting for state-sponsored bail-outs or their financial doom.
BTC is largely considered a means to save money, especially robust in a financial crisis as it is disconnected from the system. Given that the situation with the virus has still not been assessed, it's important not to be overly optimistic over anything. Travel though, is one of the industries that was hit the most. This industry is responsible for a big part of the current unemployment wave. Maybe due to reduced cash flowing around, some people would be looking to liquidate some BTC to satisfy lower needs if they don't have other cash flowing around for them.
But sure as hell I couldn't see a trend around spending BTC for travel at the time of the pandemic. Those able in financial terms and healthy enough in terms of age, would have other forms of income to spend first for sure if they wanted to travel.
July 02, 2020, 12:23:54 PM
You are severely misunderstanding Bitcoin if you think that being digital is its signature feature.
There's no problem with cash in travel industry, and there's no big problems with card payments. Most people don't see much reason to adopt Bitcoin because existing payment methods already satisfying to them. You are misapplying Bitcoin if you think that it's more convenient or offers better user experience - it's not, because managing private keys is risky, people make mistakes with addresses, the fees can get high, hacks and scams are very common.
The real benefit of Bitcoin is that it removes intermediaries, and in case of traveling it's useful if you need to move a large sum of money, that is much higher than existing limits, across the board.
One answer to the problem of cash flowing through the travel industry could be via Cryptocurrency such as Bitcoin.
Imagine a world in which you did not have to use your credit card or cold hard cash to book a flight or a taxi? Where one simple transaction, secure and quick books your entire vacation through one easy network...
Imagine a world in which you did not have to use your credit card or cold hard cash to book a flight or a taxi? Where one simple transaction, secure and quick books your entire vacation through one easy network...
There's no problem with cash in travel industry, and there's no big problems with card payments. Most people don't see much reason to adopt Bitcoin because existing payment methods already satisfying to them. You are misapplying Bitcoin if you think that it's more convenient or offers better user experience - it's not, because managing private keys is risky, people make mistakes with addresses, the fees can get high, hacks and scams are very common.
The real benefit of Bitcoin is that it removes intermediaries, and in case of traveling it's useful if you need to move a large sum of money, that is much higher than existing limits, across the board.
July 01, 2020, 11:17:13 AM
the only relative argument that you could have made when you speak about tourism and travel is that unlike any other fiat, even the popular everywhere fiat like USD is that bitcoin is a global currency. so it is not just about booking flights or the vacation. instead using bitcoin could potentially have the benefit of not having to exchange your money to another currency before travel which is a hassle for tourists. not to mention that carrying around bitcoin is a lot safer than carrying around money.
But even this could be refuted in the following way: when travelling to many countries nowadays, people can pay for everything or nearly everything with debit cards containing their local fiat which is being automatically converted to fiat of the country where they are travelling. I've done it when goes to Sweden and paid for everything with my Ukrainian debit card without ever needing to exchange money directly or pay any fees for using the card. The conversion rate was as good as it can be and no additional charges applied. My point here is that debit card can offer these things, which means that Bitcoin is not at advantage here, especially given that it can't be used almost anywhere, the fees are very significant sometimes, and the price is quite volatile. 
July 01, 2020, 11:07:23 AM
the only relative argument that you could have made when you speak about tourism and travel is that unlike any other fiat, even the popular everywhere fiat like USD is that bitcoin is a global currency. so it is not just about booking flights or the vacation. instead using bitcoin could potentially have the benefit of not having to exchange your money to another currency before travel which is a hassle for tourists. not to mention that carrying around bitcoin is a lot safer than carrying around money.
June 30, 2020, 02:46:17 PM
I think one of the largest issues would be transaction irreversibility to be honest. Travel with BTC sounds good and all but when you think about it more in-depth, situations such as the current quarantine mean that a ticket from March or April when BTC fell to sub $6k and had it delayed for just a few weeks, it would be worth almost half of the paid price in BTC today. Do you get back your money in the same amount of USD you paid initially or in BTC? Both are able to create issues if the customers don't agree.
The only crypto that will succeed this way and turn to immense adoption is the coin that will be easy to use, easy to understand, has instant transactions with instant confirmations etc. The current features we have today with decentralized cryptos are not helpful at all for large usage. So yes, as much as I love BTC, I have to be realistic and say that it's hard to believe Bitcoin or other decentralized crypto will ever get to the "dream features" for massive adoption before a centralized one will.
The only crypto that will succeed this way and turn to immense adoption is the coin that will be easy to use, easy to understand, has instant transactions with instant confirmations etc. The current features we have today with decentralized cryptos are not helpful at all for large usage. So yes, as much as I love BTC, I have to be realistic and say that it's hard to believe Bitcoin or other decentralized crypto will ever get to the "dream features" for massive adoption before a centralized one will.
Jump to: