Have you ever wondered, “is it safe to pay for travel with Bitcoin?” If so, keep reading! This post will dive into the pros and cons of bitcoins vs credit cards.
When making travel plans, many people start by ensuring they have their credit card ready. A credit card can be useful for paying for hotels, flights and other travel-related activities.
But, did you know that the adoption of bitcoin is so high now that it is possible to travel using bitcoin? Granted, you might have some problems finding businesses that accept bitcoin, but that does not mean it doesn’t have its advantages. So, how does traveling using bitcoin compare to doing the same using a credit card? Keep reading to find out!
One thing you have to constantly worry about, especially as you travel, is identity theft. Losing your credit card in a new city is devastating and if you do not cancel your credit card as soon as possible, you might start seeing bills and payments you do not know about on your bank statement.
This is not a worry when you use bitcoin. Personal information is not required when using bitcoin and this makes it harder for someone to steal your identity.
Currency Conversion Fees
For every transaction in a foreign currency, you will be charged a currency conversion fee. This amount can add up over time and eat into your travel budget.
Bitcoin is a universal currency. There are no currency conversions or transaction fees associated with using bitcoin in another country. All you need to do is buy the cryptocurrency and have your wallet ready. If you are in Canada, there are several reputable exchanges where you can buy bitcoin Canada – CryptoVantage, for example, curates and reviews the best of them so you don’t have to dig into the details yourself.
It is quite common for credit cards to be frozen when making a payment. This happens for various reasons such as simply being in a different country or suspicious activity on your account. Additionally, the card can be cancelled which would complicate things further. Bitcoin accounts cannot be frozen, so you can keep using yours without worrying.
Credit cards offer rewards on all qualifying purchases. These rewards can come in handy when you need to experience new locations such as restaurants and movie theatres. You can also use your rewards to finance future travels. Bitcoin does not have these rewards and you only get what you pay for.
Because of how prevalent credit card fraud is, card providers, merchants and banks have taken measures to protect you from fraud. Many businesses and card providers will also return your money if you can prove there were unauthorised charges on your credit card. Bitcoin does not have any of these protections and there is no recourse when your bitcoin is stolen when the exchange you use is hacked.
Depending on the credit card you have, you might get perks such as lounge access, trip delay and cancellation insurance, priority boarding and many others. Sadly, there are no travel-related perks when you use bitcoin.
Using bitcoin or credit cards when travelling both have their pros and cons. However, you are usually choosing between convenience, rewards and perks when you use credit cards and safety, security, anonymity and lower currency conversion fees when you use bitcoin.