With the rise of cryptocurrencies, digital currencies are fast becoming accepted in the travel industry. Crypto tourism started to gain traction in 2017 until the COVID-19 pandemic caused all forms of travel and tourism to cease. Now that more countries are open and travel has resumed, the travel industry is more open to new ideas and learning ways to be more efficient. Some believe that the acceptance of digital currencies could boost the industry’s recovery. Many people are also willing to use cryptocurrencies like bitcoin for travel.
What Is Crypto Tourism?
Crypto tourism is a form of tourism that is dedicated to cryptocurrency enthusiasts. It accepts payment in digital currency for packaged tours and side attractions or sometimes includes courses on cryptocurrency as a part of the tour.
An Understanding of Crypto Tourism
Between 2018 and 2019, many tourism companies launched specific travel programs targeted towards the blockchain industry. Many of these programs include luxury cruises packed with many benefits for crypto-curious travellers
For instance, Blockchain cruises, which gained a lot of attention, were organized by the tourism arm of coin bank, a blockchains solution provider based in Edinburg, Scotland. They have held four big cruises, with the most recent being in Europe in 2019. It lasted for five days and sailed in the Mediterranean. It had about 2500 people in attendance, including many prominent names in the blockchain world. Then the travel industry, crypto tourism inclusive, was brought to a halt in 2020 due to the pandemic.
Another form of crypto tourism is simply travellers who utilize cryptocurrency for their vacations. Before the pandemic, certain tourist companies in Queensland, New Zealand, used travel cryptocurrency in their packages. Tourists got the chance to experience the Southern Great Barrier Reef with their digital coins.
Also, countries like Grenada, Cyprus, Greece and the Bahamas are all receptive to making payments with cryptocurrencies. The Bahamas was one of the first countries to launch its digital currency, the Sand Dollar. Regulators are also pushing for its national adoption. El Salvador also recently became the first country to adopt bitcoin as a legal tender. It could be a game-changer for travel cryptocurrency if more countries follow suit.
Who Uses Crypto Tourism?
Crypto tourism often targets the crypto-rich and famous. However, regular people interested in cryptocurrency may also go on crypto tourism or use digital coins to pay for their vacations. Digital currencies like bitcoin can be used to pay for things like hotels, meals and even airline tickets in some instances.
For those who can afford coinsbank fees, the cruise is more than just fun and adventure; it also serves as an avenue to gain knowledge. It includes hackathons, workshops, conferences and panel talks on vital issues relating to cryptocurrency. These events provide excellent networking opportunities and have prominent industry figures as speakers. The 2019 coinsbank cruise had John McAfee, a cryptocurrency expert, as the headliner. Coinsbank co-founder and CEO Vitaliy Andrusevich was also present and gave a speech.
Such blockchain cruises organized in the past served specific purposes. For example, to promote an Initial Coin Offering (ICO) or launch a new coin. They targeted audiences that were interested in making considerable investments in such cryptocurrency offerings. The programs included conferences, presentations, talks from industry experts and marketing by promoters.
With more countries opening up to travellers, Americans are interested in travel cryptocurrency. A report by Travala.com revealed that 22% of the 1000 people surveyed planned to use cryptocurrency for their travel payments in the second half of 2021.
Pros and Cons of Crypto Tourism
The acceptance of digital currencies in tourism opens up new payment methods for travellers. Also, a tour centred on educating about crypto, blockchain technology, and crypto exchanges like Redot.com may help tourists learn how to navigate and invest in the cryptocurrency market.
Though the current number of participants in crypto tourism is small, there is room for growth in the future. However, some issues have been raised about crypto tourism. The cryptocurrency market is unregulated and not-so-clear. The tours have been accused of being mainly a promotional tool for pitching ICOs and other offerings to participants. In addition, the number of people that use digital currencies is still a fraction of the general populace, so this is a small market for tourists.
- Crypto tourism provides opportunities to learn more about cryptocurrency trends and investments.
- It presents an avenue to meet with industry experts.
- Digital currencies open up new payment methods.
- The crypto market is not regulated.
- Crypto tourism might only be for marketing sometimes.
- The market is just a fraction of the travel industry.
An Example of Crypto Tourism
The COVID-19 pandemic halted the growth of crypto tourism and other forms of tourism. As the industry reemerges, more tours like the coinsbank cruise held in 2019 may occur in future. This cruise hosted top industry players like bitcoin cash supporter Roger Ver and bitcoin advocate Jimmy Song. The overstock cruise aboard the Oasis of the Seas in the Mediterranean started in Barcelona and ended in Rome.
Coinsbank blockchain cruise of 2017 was entertaining and educative, with attendees from 19 countries. Issues affecting cryptocurrency and blockchain technology were discussed at the overstock cruise. It featured presentations from many industry leaders from companies like Ledger, Bitcoin.com, Storifier, Unocoin, etc.
The blockchain and cryptocurrency industry continues to grow despite the volatility of the markets, which has raised investors’ concerns. More people are embracing the use of digital currencies and utilize crypto exchanges like Redot. With normalcy returning, travellers have an increased desire to use cryptocurrencies for their trips.
The Bottom Line
Before the pandemic, there was a lot of activity around crypto tourism, and there were many events and offerings. Cryptocurrency cruises attempt to provide a platform that connects like-minded individuals in the industry and promote selected offerings. While these programs contribute to building networks in the crypto community and providing investment opportunities, participants must do their due diligence before making significant investment decisions.
As more countries open their borders and tourism resumes in full force, cryptocurrency may continue to be a payment option and become more widely accepted soon.