in

Tourism based on cryptocurrency

What Is Cryptotourism and How Does It Work?

Cryptotourism is a type of tourism that caters to cryptocurrency fans by delivering pre-packaged travel tours that can be paid for in digital currency or include lectures or seminars on cryptocurrency as part of the trip.

TAKEAWAYS IMPORTANT

Crypto tourism took up in 2017 and remained popular until the COVID-19 epidemic shut down all types of travel and tourism.
Some countries, such as New Zealand and the Bahamas, promote the usage of cryptocurrencies in their tourism promotion.
As of July 23, 2021, the cryptocurrency market is unregulated.
Using bitcoin and other cryptocurrencies to pay for vacations makes it easier to avoid excessive ATM fees, currency conversion fees, and monetary theft when traveling.
Crypto tourism is a type of tourism focused on travel programming for crypto aficionados and investors, and frequently both.

Understanding the Cryptotourism Industry

Several tourist organizations created dedicated crypto and blockchain travel itineraries in 2018-2019 to meet the needs of crypto and blockchain aficionados. The majority of these vacation programs are cruises, which provide a variety of amenities tailored to cryptocurrency users.

For example, four large crypto tourism cruises were staged by Blockchain Cruises, the tourist arm of Edinburgh, Scotland-based crypto wallet provider CoinsBank. In 2019, they were in Europe for the first time. The voyage was five days long and took place in the Mediterranean. A total of 2,500 people attended the event. The travel industry, including crypto tourism, came to a halt in 2020 as a result of the COVID-19 epidemic.

Other types of crypto tourism include travelers who pay for their holidays with cryptocurrency. Before the outbreak, several tourist organizations in Queensland, New Zealand, used bitcoin to create vacation programs that allowed visitors to enjoy the Southern Great Barrier Reef using digital coins.

Furthermore, countries such as Grenada, Cyprus, and the Bahamas are also welcoming to travellers who wish to purchase using digital currency. The Bahamas was one of the first countries to introduce the Sand Dollar, a digital money. Regulators are aggressively pushing for the adoption of this money on a national level. If the acceptance happens in the summer of 2021, it will be a watershed moment for cryptocurrency travelers.

Who Goes on a Crypto Vacation?

The crypto-rich and famous appear to be the obvious target clients for such tours. Even so, many ordinary people who are interested in bitcoin may go on a crypto tourism trip or use cryptocurrency to pay for their vacations.

Crypto tours and cruises include conferences, exhibitions, and panel discussions on cryptocurrency-related topics in addition to the normal fun and sight-seeing activities. The events featured famous speakers who are thought to be industry leaders in the bitcoin and blockchain space. For example, crypto token proponent John McAfee, CoinsBank co-founder Vitaly Andrusevich, and notable investor and bitcoin cash enthusiast Roger Ver were all on board the 2019 CoinsBank cruise. There is no word yet on what will happen in 2021.

A few similar crypto tours have been arranged in the past for specialized goals, such as promoting a promising initial coin offering (ICO). The events featured conferences, presentations, and market discussions by promoters, industry leaders, and others, and were geared toward audiences interested in making major investments in bitcoin offers.

Americans intend to continue to use digital currency as more countries open their borders to tourists. According to a Travala.com research, 22% of respondents polled stated they want to use bitcoin to pay for travel in the second half of 2021.

The Benefits and Drawbacks of Cryptotourism

When visitors are allowed to use digital money to pay for vacations, it opens up a new avenue for them to pay for their trips. A tour oriented on learning about digital currency may be beneficial for would-be crypto investors by teaching passengers how to invest and navigate the crypto market.

Furthermore, while the number of participants in crypto tourism is now small, it is expected to expand in the future. The technology that underpins bitcoin, blockchain, is making inroads into the travel sector.

However, several concerns concerning crypto tours and crypto tourism in general have been expressed. Crypto tours are sometimes accused of being utilized purely as a promotional vehicle to hawk ICOs and small offerings to participants, given that the cryptocurrency market is already operating in a hazy, uncontrolled manner around the world. Tourists have a small market because most people do not use digital currency, and those who invest in digital coins may be a small number.

Tourists can pay for products in a variety of ways using digital currency.

Crypto tourism programs provide opportunity to learn more about digital currency investing.

During tour programs, there are opportunities to meet with crypto professionals.

As of 2021, the crypto market is unregulated. Crypto tourism could be used as a marketing tool.

The travel industry’s crypto tourism sector isn’t very large.

Cryptotourism as an example

Crypto and other forms of tourism were put on pause due to the Covid-19 pandemic. As the sector recovers, events like the 2019 CoinsBank cruise, which featured crypto token proponent John McAfee, CoinsBank co-founder Vitaly Andrusevich, and notable investor and bitcoin cash enthusiast Roger Ver, may become more common. Royal Caribbean’s Oasis by the Seas cruise started in Barcelona and ended in Rome. There is no word yet on what will happen in 2021.

Even though investors are concerned about the high volatility of cryptocurrencies, the blockchain and cryptocurrency business continues to have supporters. In fact, a research by Travala.com, the “world’s largest cryptocurrency-friendly online travel agency (OTA),” revealed that 38 percent of Americans want to travel in the second half of 2021 as the world opens up to travelers in the summer of 2021. In addition, the survey indicated that people are increasingly interested in using cryptocurrency to pay for their travels.

Frequently Asked Questions about Cryptotourism

What Is the Role of Cryptocurrency in Tourism?

Crypto is applied in tourism in a few different ways. It’s a type of currency that’s used to pay for things like rooms, meals, and, in certain situations, even travel. 8 Cryptocurrency is also a focus in tourist activities, such as a cruise with expert talks and classes on digital money.

What is a Crypto Tourism Cruise, and How Does It Work?
Passengers on a crypto tourism cruise can attend lectures and workshops given by blockchain and digital currency experts.

What Is Blockchain Tourism, and How Does It Work?
Although there is no such thing as “blockchain tourism,” blockchain technology being applied in the tourism and travel business. In the bitcoin business, blockchain is a database that is frequently used. The blockchain organizes data into chunks and connects them. Blockchain is the technology that allows cryptocurrencies to exist, and it is having an impact on the travel industry by offering secure payment methods and assisting with the management of many vendors and platforms.

Final Thoughts

There was a lot of talk around blockchain technology and the multiple crypto tourist options prior to the pandemic, but not all businesses and projects were successful. Crypto tourism programs are a new trend that aims to serve as a platform for connecting like-minded people together and marketing certain products. As governments try to entice tourists back, Bitcoin may become a viable choice for paying for a vacation.

While such specialist programs provide an opportunity to network among the still-nascent crypto community, participants should exercise caution before making their next major investment in the specialized sector.

What do you think?

Written by Winston Williams

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Currencies, Commodities, and Tokens: A Crypto Primer

Litecoin