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- 15 Positive impacts of bitcoin on the travel industry in Canada
- Ten adverse effects of bitcoin on the travel industry in Canada
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The value of the Canadian dollar has made Canada more expensive than other countries, but still, many tourists choose this place to visit.
But now, bitcoin can change this scenario as bitcoin is a digital currency. It may be used for travel-related costs such as lodging stays, trips, and purchases, among other things. Moving towards this direction, Canada is leading. Bitcoin is a cryptocurrency and was the first of its kind. So, if you are interested in trading Bitcoins, you can start with https://bitcoin-revolution.ro/.
15 Positive impacts of bitcoin on the travel industry in Canada
May reduce expenditure
Bitcoin can help people reduce their expenditure as they don’t need to carry cash with them. Instead, they need a mobile app that will work as a digital wallet, and money can be sent or received through that.
Using bitcoin, there is no need to pay costly transaction fees.
Easy to use-
Many apps are available for mobile that can be used as a digital wallet. You can also print a paper wallet to keep your money safe.
Transactions using bitcoin are instant, so you don’t have to wait for your transaction to clear the system.
No central authority-
Bitcoin is a decentralized currency and has no authority. It means there is no bank behind this currency, but still, it can be used anywhere in the world.
Peer to peer transactions-
The most important benefit of bitcoin is that you can send or receive money from any part of the world without any restrictions.
Huge and fast-growing community-
There is a massive community of bitcoin users, and this number is increasing day by day.
Bitcoins can be used to buy airline tickets online:
Now you can book your airplane ticket online using bitcoins. A website called flysiesta is available, offering this facility to their customers.
Some hotels are offering bitcoins as payment:
A hotel in Canada accepts bitcoin for their customers to pay their hotel bills using this currency. In addition, there are many bitcoin debit cards available that you can use while traveling outside your country.
It can be used for food ordering online:
A website called eatbycoin has come up to order your food using bitcoins, and it gets delivered to your doorstep.
No extra taxes-
Using bitcoin doesn’t require extra taxes as central banks are not involved in this currency’s transactions.
Eliminate chargeback problems-
The chargeback problem is one of the most critical problems in e-commerce. Bitcoin holders are at an advantage here as there’s no way to file a chargeback complaint against them.
The travel industry is in its nascent stage-
Using bitcoins, you can buy tour packages or gift cards. It’s in its early stages, but many people are still looking forward to using this currency in the future.
May eliminate additional costs-
Bitcoin payments avoid third-party service providers like MasterCard and Visa; therefore, it may eliminate the chargeback problem and extra costs for traveling outside a country.
Bitcoin can be used for flight bookings-
Customers can pay for their flight tickets using bitcoins, so there is no need to carry any other currency while going to another country.
Cryptocurrencies are here to stay, and it will be interesting to see more countries adopting this currency for their people.
Ten adverse effects of bitcoin on the travel industry in Canada
You cannot use it to buy local goods and services:
Even though bitcoin provides many facilities, it is impossible to buy local goods and services. Right now, bitcoins can’t be used everywhere, so you have to rely on fiat currencies.
No option for cash withdrawals :
There are very few options available where bitcoins can be converted into fiat currency, so you have to wait for some time if you want to cash them out.
High transaction fees :
Since a limited number of companies are dealing with bitcoins, they are charging high fees for transactions, which is one of the most significant drawbacks of bitcoin.
Bitcoins may harm your computer system :
Using bitcoins, there is a possibility that may harm your mobile or laptop as malware and viruses have been developed, which can be used to hack digital wallets, so you have to take full responsibility.
It is not regulated:
As there is no authority behind bitcoins so they can’t be regulated. It means there are risks of shutting down the network and losing money.
Risks associated with hackers:
To make digital transactions, you have to save your secret key securely, and the bitcoin market is full of hackers, so if they hack your key, you will lose all your money, so it is one of the most significant drawbacks of using bitcoins.
There is a fluctuating rate of bitcoins:
The value of bitcoins changes daily, so you must wait until the rate becomes stable. When you plan to use this currency on travel sites, it may create problems for you.
No insurance from the government:
As there is no central authority behind bitcoin transactions, there is no insurance from the government in case of any problems.
Hard to understand for ordinary people:
Bitcoin is not easy to understand and is still in its early stages, so most people don’t trust it yet. So using bitcoins may create a problem for you when traveling abroad.
Cannot be used everywhere :
Because of the limitations, you cannot use bitcoins everywhere. Furthermore, it is still in its initial phases, so you have to wait for some time before using it on travel sites.
Bitcoin is a decentralized cryptocurrency with some positive impacts and some negative parts. There are many more benefits of bitcoin that can foster the tourism industry in Canada. It will help users access more services and facilities through their mobile phones and even visit restaurants and hotels to get discounts on their purchases.
Bitcoins will help many small businesses and retailers worldwide expand their business internationally with less investment.
Thank you for reading!