About 30 years ago, travelers who were heading to international destinations couldn’t just grab their wallets and go. Rather, they had to work with their bank to get traveler cheques that would allow them to make payments abroad. They also would take a wad of cash to the airport where they could convert their domestic currency into the currency used by the locals in their chosen destination. Now, most travelers are able to make reservations online using their own credit cards and even use those same cards abroad. Unfortunately, they are stuck paying a lot of fees for the convenience of this service.
So that’s where the Bitcoin has come into play, and travel industry experts feel it could be the perfect solution.
As a direct result of the advent of social media, a new type of economy has been ushered in. Dubbed the “Sharing Economy,” it has been made possible as a result of social sharing sites that encourage users to buy, sell, trade and offer insight into the goods and services that are available. From crowdfunding sites to travel industry sharing sites like Airbnb, nearly every industry has been impacted by this new economy. The natural next step was a peer-to-peer currency, which is where the Bitcoin enters the picture.
Bitcoin is a cyber currency that operates on a peer-to-peer basis, and does not require a central bank to be involved in the transaction. When an individual uses a bitcoin, the transaction is noted on a Blockchain, which is best described as a digital ledger. It is a secure currency option that is controlled by the individual user, eliminating many of the fees that are associated with international transactions and currency conversions.
Many financial experts and travel industry insiders consider bitcoin to be the perfect option for those who are traveling abroad, which means that this cyber currency has a direct impact on the travel industry as well as the tour and activity sector. Tour and activity operators who opt to accept bitcoin as a form of payment may notice an increase in international bookings, as well as an boost in tech-savvy market segments such as Millennials. Incorporating this currency into your tour and activity company can help you develop your brand and allow you to better promote it to a global market.
Whether you’re ready to begin utilizing the bitcoin or you are going to see how this rising trend plays out, it is important that you accept and convert international currencies. When you create a global online brand for your tour and activity company, you open the door to international travelers. By accepting their currency, you make it easy and convenient for them to book your tours. It’s also a great way to develop brand loyalty amongst these market segments.