Traveling is becoming increasingly popular, with millennials now traveling about three times per year.
Using Bitcoin while traveling may be an extremely easy way for budget travelers to extend their trip by a couple weeks using a few easy strategies.
Do the math and you can see that it will cost you about $11 to withdrawal any amount of money from an ATM while traveling.
Here are the fees for withdrawing some common amounts:
These fees don't seem like a lot at the time, but can add up, especially if you're a budget travel and/or backpacker.
Since most ATMs allow a max of around $500-600 to be pulled out at tone time, a backpacker spending $2,000 per month will have to use an ATM at minimum four times a month. Here's how much travelers can save if they use Bitcoin based on different trip lengths:
While to some this may not seem like a lot, budget travelers know that in countries like Thailand, Philippines, Vietnam or other cheap countries, this can add up. For example, for a 6 month trip, $264 is equal to something like:
Many travelers lose or have their wallets stolen. In this situation, it can be very tough to come up with emergency funds.
By being prepared and having bitcoins, you can feel confident that in any situation you're less than an hour away from having cash.
Before you go on your trip, setup an account with a Bitcoin exchange in your country. Deposit a small amount, like $300, and store it on the exchange.
Since you have a balance, you're one click away from having bitcoins. If you get stuck with no money, you use a computer to buy bitcoins on your account. You send them to the country your in and sell them for cash!
Since the bitcoins are available instantly, your next step is just to find a buyer. In most big cities there are highly liquid markets for bitcoins on LocalBitcoins.com.
In Barcelona, for example, you can see there are many buyers of bitcoins:
You'd simply meet them in a coffee shop and exchange your bitcoins for cash. All major cities have highly liquid markets.
CheapAir is a booking service and flight finder. It finds the cheapest or best flights based on your selected dates and destinations.
Since 2013, the company has been accepting Bitcoin payments.
The easiest option is to use Expedia. The company has been accepting BTC since 2014.