In the last few years, the volatility of the Bitcoin market has taken cryptocurrency speculators on the wildest of rides. It was during the crazy run-up of Bitcoin in 2017 that turned thousands if not tens of thousands of people into instant millionaires. What do you do if you go from having a little money to having a lot of money, you spend it.
The spike in the market allowed Bitcoin speculators to live a life of luxury. Many of them did just that by buying homes and expensive cars and booking extravagant vacations. Of course, they tapped into their crypto platform and used Bitcoin to pay for their extravagance.
If you suddenly find yourself sitting on a pile of cash from your Bitcoin investment, you too can book an exciting luxury vacation online. Here’s some information on how you can make that happen.
Understand How the Process Works
Most online travel merchants aren’t interested in speculating on cryptocurrencies. Just the same, they do want to offer access to a payment platform that will allow customers to make purchases with their favorite coins.
In order to avoid speculation, they have set up their system to work as follows. They start by selecting a popular crypto payment processing platform. They set up their system to accept certain coins, Bitcoin usually being the most prominent option. When customers make their payments in Bitcoin, the payment amount is immediately and automatically converted into fiat currency and transferred to a bank account.
Why is understanding this process important for you? You need to understand that while you are paying in Bitcoin, the travel merchants are getting paid in cash. They are insulated from hacking and market volatility while you have to concern yourself with managing the process as tightly as possible.
Timing Your Purchases
If you are booking a lavish trip from India to Europe, you can expect to pay thousands of dollars. If you plan on covering your travel costs with Bitcoin, you owe it to yourself to get as much value from your coins as possible.
The way you would do this is simple. You would need to start by loading your crypto wallet with money and buying your Bitcoin. Simultaneously, you would want to start charting out your reservations (air travel, accommodations, special events, and attractions). Now, you wait. You wait for the Bitcoin price in India to move in your favor. When it does, you make your reservations and immediately close the deals.
Locating Travel Merchants That Accept Bitcoin
The last piece of the puzzle is making sure you are using travel merchants that have facilities in place to accept Bitcoin. What’s really interesting is travel merchants were early to the game. By 2015, travel companies like Expedia were already accepting Bitcoin payments.
In 2018, Expedia decided to stop accepting Bitcoin, most likely in response to the tremendous drop in value that occurred in early to mid-2018. That was a shocker for merchants that were caught hoarding coins.
The recent news is more encouraging. Top online travel companies like CheapAir, Bitcoin Travel, Virgin Galactic, aBitSky, Travelbybit, airBaltic, and Travala all deal in Bitcoin. As Bitcoin’s popularity as a means of exchange increases, you can expect a lot of the mainstream travel merchants to join the fray.