Cryptocurrency is gaining popularity as a means of paying for vacations
- Bitcoin, dogecoin, and other cryptocurrencies are increasingly being accepted by travel providers
- According to industry insiders, Gen Z and younger Gen Alpha travelers will drive crypto acceptance in the future
- Travala.com takes 50 cryptocurrencies and has built a decentralized, blockchain-like platform for its new home-sharing network
You’ll almost certainly have to pay the ransomware criminal who froze your PC with cryptocurrency, but where else could you put all of your bitcoin, ethereum, and other digital money to good use? Even if Tesla is still hesitant to accept bitcoin for its electric automobiles, cryptocurrency investors can use it in other ways now that travel providers are coming up with the notion. Cheapair.com, Latvian carrier Air Baltic, and Richard Branson’s Virgin Galactic have all long taken bitcoin, and GetYourGuide, Berlin-based tours, and activity booking service began accepting dogecoin in June as part of its expansion into the United States. According to Johannes Reck, CEO, and co-founder of GetYourGuide, cryptocurrency transactions will become increasingly important in the tourism industry, and his company is considering accepting other coins in the future.
Industries are reinventing new ways to use Cryptocurrency
People want to reinvest their cryptocurrency, and travel is one of the most popular categories, he added. They are bringing dogecoin into the real world today; you can use it and receive a kinetic experience in the real world.
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According to industry insiders, cryptocurrency also appeals to younger generations of tourists. Next-generation tourists, according to Alex Simon, co-founder, and CEO of the soon-to-be-released travel app Elude, are seeking new ways to plan and book vacations.
He went on to say that the ability to buy an airplane ticket or a hotel room using bitcoin or other cryptocurrencies is unavoidable. Despite the fact that the travel business is outdated, the new generation of travelers, Gen Z and Gen Alpha will want new payment methods and new means to book trips. (Those born after 2010, often the children of millennials, are assumed to be part of Gen Alpha.)
Other tourism players that accept cryptocurrency include Nevada’s new Resorts World Las Vegas property, which accepts it for select payments through a partnership with UK. crypto exchange firm Gemini, and the Bobby Hotel in Nashville, Tennessee, where guests can book stays and events using dogecoin and other cryptocurrencies via BitPay.
Expedia, for one, stopped accepting bitcoin directly in 2018, but since 2020, 700,000 Expedia Group hotels and accommodations have been available through the crypto-friendly booking portal Travala.com. Travala.com also has a partnership with Viator, a Tripadvisor-owned company that offers over 400,000 bookable activities, as well as Zomato, a food delivery service.
According to CEO Juan Otero of self-described blockchain-based Travala.com, which accepts payment in its own native AVA cryptocurrency as well as 50 other cryptocurrencies, digital coins currently account for 70% of all bookings. The business is currently worth more than $1 million per week, according to the firm. These are significant collaborations with some of the world’s largest online travel firms, all of whom are adopting cryptocurrency, according to Otero. Travala.com has over 3 million travel products in total, making it not only the largest crypto-friendly [online travel agency] but also one of the largest overall.
Is it possible that B&B has evolved into bed-and-blockchain?
The Bitcoin paradigm is beginning to transform the travel sector. Dtravel, which Otero defined as a new decentralized home-sharing network built on the blockchain paradigm and introduced by Travala.com in June, is at its core, according to Otero. He claims that no single corporate board makes all of the decisions. Instead, through its ‘Decentralized Autonomous Organization,’ which any host or guest can join, this revolutionary home-sharing network is fully driven by its community.
Dtravel’s blockchain technology, according to Otero, enables smart contracts between hosts and visitors. TRVL, the platform’s native crypto coin, is at the core. The token is given to all registered hosts and may be purchased by any guest; those who have TRVL can vote in the Dtravel DAO. (According to Otero, the first 100,000 hosts to register with Dtravel will get more than $35 million in TRVL awards.) Dtravel revealed on July 21 that it had 200,000+ homes in over 2,000 cities; the company has set a target of listing over 1 million rentals in its first year.
With more people owning cryptocurrencies and more businesses accepting them for real-world purchases, he believes that traveling is a natural place to use cryptocurrency. Of course, the value of bitcoin and rival coins can fluctuate rapidly, which is why, according to Otero, travel suppliers prefer not to hold the volatile tokens and instead have third-party payment processors convert them to fiat value at the moment of purchase. Consumers, too, keep their options open. When crypto prices are low, they notice more credit card payments for travel than when they are high, according to Otero.