Tuesday, January 31, 2023

Crypto tourism is a kind of tourism that focuses on cryptocurrency enthusiasts, providing packaged travel experiences payable for using digital currency or including lectures or seminars about crypto as part of the trip.

  • The tourism industry, like many others, has warmed up to these virtual digital assets.
  • Some crypto-friendly tourism attractions accept digital currency payments.
  • There are a few general warning flags concerning cryptocurrency tours and crypto tourism.

Cryptocurrencies have soared in popularity in recent years. They have progressed from a speculative asset class into one gaining widespread mainstream acceptance. And it is not only individual investors who are interested; cryptocurrencies are finding use in various sectors, including tourism.

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Yes, the tourism industry, like many others, has warmed up to these virtual digital assets. It has even spawned a new kind of enterprise, namely crypto tourism. Crypto tourism is a kind of tourism that focuses on cryptocurrency enthusiasts. Tourism provides packaged travel experiences payable for using digital currency or including lectures or seminars about cryptocurrency as part of the trip.

A breakdown of crypto tourism

There are two types of crypto tourism. The first refers to cryptocurrency-powered tours and vacation packages. This is hardly unexpected, considering how many other sectors have started accepting cryptocurrency payments. The number of crypto-friendly brands and corporations is steadily increasing, ranging from high-end fashion firms like Gucci and Balenciaga to vehicle manufacturers like Tesla.

Several airlines, tour companies, and travel aggregators have started to accept cryptocurrency payments. Emirates Airlines, the UAE’s premier airline, announced that it would soon accept cryptocurrency as payment. Air Baltic, a Latvian airline, has long accepted bitcoin. Furthermore, airfare services such as Cheapair.com and Travala.com allow cryptocurrency payments, with the latter taking over 50 digital currencies. Tour and activity booking websites such as GetYourGuide have also begun taking Dogecoin payments.

Some crypto-friendly tourism attractions accept digital currency payments. These include places like the Bahamas, which has its digital currency, the Sand Dollar, and allows cryptocurrency payments.

Furthermore, certain tourism firms in Queensland, New Zealand, provide travel plans where visitors can experience the Southern Great Barrier Reef using digital money.

The second kind of crypto tourism relates to tours and travel packages that include cryptocurrency conferences, workshops, or lectures as part of the plan. One may ask why somebody would take a vacation to attend a blockchain lecture or learn about blockchain. These vacations are not for the average traveller. Instead, they cater for entrepreneurs and cryptocurrency enthusiasts who want to network, meet like-minded people, and discuss business ideas.

The Blockchain Cruises organised by CoinsBank, a Scottish crypto wallet, are an excellent example of such travel activities. Before the COVID-19 restrictions took effect, the company hosted four cruise vacations between 2019 and 2020. These cruises lasted up to 5 days, with travels across the Mediterranean. These cruises drew over 2,500 people from all over the globe.

Who benefits from crypto tourism?

The crypto-rich and famous are the apparent target clientele for such vacations. Nonetheless, many ordinary people interested in cryptocurrency may go on a crypto tourism experience or use cryptocurrency to pay for their vacation.

Crypto cruises and tours feature conferences, exhibits, and panel discussions on cryptocurrency-related topics in addition to normal fun and sightseeing activities. The events have included famous speakers regarded as industry leaders in the cryptocurrency and blockchain fields. The 2019 CoinsBank cruise, for instance, included crypto token proponent John McAfee, CoinsBank co-founder Vitaly Andrusevich, and notable investor and bitcoin cash backer Roger Ver. There has been no announcement about events for 2021.

Previously, firms organised a few such cryptocurrency tours for particular goals, such as promoting a potential initial coin offering (ICO). The activities comprised conferences, presentations, and market lectures by promoters, and industry experts, geared toward audiences interested in making significant investments in cryptocurrency offers.

Americans want to continue using digital currency as more nations open their borders to tourists. According to Travala.com’s survey, 22% of respondents polled want to utilise cryptocurrency to pay for travel in the second half of 2021.

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The pros and cons of crypto tourism

When digital currency gets accepted in vacation payment, it opens up a new avenue for visitors to pay for trips. A tour targeted at learning about digital currency may be beneficial to would-be crypto investors by educating passengers on how to invest and navigate the crypto market.

Furthermore, although the pool of participants in crypto tourism is modest, it has the potential to develop in the future. The blockchain technology that underpins bitcoin is making inroads into the tourism sector.

However, there are a few general warning flags concerning crypto tours and crypto tourism. The cryptocurrency sector is already functioning in a hazy, unregulated environment worldwide. Therefore, crypto tours are criticised for being utilised purely as a promotional platform to push ICOs and small products to participants. It is also a modest market for visitors since most people do not use digital money, and those that invest in digital currencies may be a small group.

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