Cryptotourism is a real thing. Here is a quick guide

Cryptocurrencies have seen a meteoric increase in the last couple of years. They have gone from a speculative asset class, to one that gets massive mainstream adoption. And it’s not just private investors who are showing interest; Cryptocurrencies also find utility across industries, including tourism. Yes, like many other sectors, the travel industry has also warmed up to these virtual digital assets. It has even given rise to a new genre of operations, ie cryptotourism.

What is cryptotourism?

Cryptotourism can be divided into two broad categories. The first refers to trips and travel packages that are paid for using cryptocurrency. This is not surprising given that so many other industries have begun to accept cryptocurrencies. From high-end fashion houses like Gucci and Balenciaga to car manufacturers like Tesla, the number of crypto-friendly brands and companies is growing rapidly.

Several airlines, tour operators and travel aggregators have begun to accept cryptocurrencies. The UAE’s leading airline, Emirates Airline, announced that it would soon accept bitcoin as a payment method. The Latvian airline Air Baltic has also long accepted bitcoin. In addition, airline sites such as Cheapair.com and Travala.com also accept cryptocurrencies, with the latter accepting more than 50 digital currencies. Trip and activity booking sites such as GetYourGuide have also started accepting payments in Dogecoin.

There are also several crypto-friendly tourist destinations where digital payment is widely accepted. These include destinations such as the Bahamas, which has its own digital currency called the Sand Dollar and also accepts cryptocurrencies. If you feel like diving, you can do so using your cryptocurrencies. This is because some tourist companies in Queensland, New Zealand, offer travel programs where travelers can use digital coins to experience the Southern Great Barrier Reef.

The second type of cryptotourism refers to travel and travel packages where crypto conferences, courses or lectures are a large part of the travel itinerary. You would wonder why anyone would go on vacation to attend a lecture or learn about blockchain. Well, these vacations are not for general travelers. Instead, they target entrepreneurs and crypto enthusiasts who want to network, meet like-minded people and discuss business ideas.

Blockchain Cruises organized by the Scottish crypto wallet, CoinsBank, is the perfect example of such travel arrangements. The company held four cruise vacations between 2019 and 2020 before the COVID-19 restrictions took effect. These cruises sailed around the Mediterranean and lasted for up to 5 days. Around 2,500 participants from all over the world took part in these cruises.

In addition to regular sightseeing and relaxation, these cryptocurrencies also feature lectures from prominent speakers and industry professionals. For example, one of the CoinsBank cruises featured a guest appearance by John McAfee, CEO of the bitcoin mining company MGT Capital Investments and a popular crypto champion.

Advantages and disadvantages of cryptotourism

Crypto tours are perfect for those who want to learn about cryptocurrencies, network with like-minded people and at the same time relax. It’s also great if you want to use digital currencies to pay for your vacation. No need to worry about currency conversions or loss of physical currency.

On the other hand, since it is a very niche market, the options are limited and very few travel partners accept cryptocurrencies. In addition, the organizers of some cryptocurrencies often use these events to present ICOs and other marketing activities.

First published: IST

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