BITCOIN TRAVEL
BITCOIN TRAVEL EXPERIMENT — A very special a round-the-world trip!
A 20 something year old Berliner by the name of Felix Weis spent 18 months traveling to 27 countries and 50 cities. So what? You’re probably thinking… BITCOIN TRAVEL, that’s what! Felix aimed to spend only Bitcoin, proving the currency is truly global. The rules: 1) no banks (that meant no Western Union, no money exchanges, no converting USD to euros, no euros to yen) 2) use Bitcoin first and 3) cash only for Bitcoin (recognizing that there would be times when he would need local currency, he allowed himself to do peer-to-peer exchanges of Bitcoin for cash).
Bitcoin travel is not for the faint of heart according to Mr Weis — “I had to do all this research, finding places that would accept Bitcoin, meeting with these Bitcoiners, figuring out where to get cash. But the challenge connects you with people and can save conversion and credit card foreign transaction fees.”
Brave enough to give it crack? Check out the following 6 Bitcoin travel tips!
1. Decide how to store the majority of your Bitcoin
If you store the bulk of your Bitcoin on a hardware wallet like a Trezor, as Weis did, create a backup of your private keys. You can do this with a 12-word phrase that you store safely in indelible ink on paper that you can later use to derive your master private key if you lose your wallet.
2. Get a smartphone wallet for daily expenditures
“If you don’t control your money, it’s not your money.” Weis advises transferring only money that you imminently need to a smartphone wallet like Coinbase or Blockchain or Copay for daily expenditures. During Grexit, banks limited withdrawals to 60 euros, higher for Bitcoin ATMs.
3. Know what businesses accept Bitcoin
You can pay for hotels and flights with Bitcoin on Expedia and CheapAir. Use Coinmap to find local Bitcoin-friendly stores and restaurants in your destination. Get the Airbitz wallet, a Bitcoin wallet that also has an integrated map of Bitcoin businesses.
4. Connect with other people in the community
Use LocalBitcoins to find people willing to buy your bitcoin for fiat currency. Search for local Bitcoin Meetup groups. When Weis was having trouble paying for items in Bitcoin, he would often introduce himself on local Facebook Bitcoin groups and get tips.
For instance, in Argentina, Weis was originally using a service that essentially allowed him to pay for Uber using Bitcoin. When Uber in Argentina stopped operating, the Argentine Bitcoin Facebook group connected him to a taxi driver who accepted Bitcoin. Local groups can also help direct you to smartphone Bitcoin apps centered on that country or city.
5. Spend at least a few hours researching before going to each destination
Figure out which businesses (like restaurants and groceries) in your new destination will take Bitcoin and with whom you can exchange for cash. It’s best to put out an ad for your bitcoins on LocalBitcoins at least 48 hours in advance of arrival.
6. Be ready to improvise
Weis ran into problems, like a Bitcoin ATM being offline, or his LocalBitcoins connection not showing up. During these times, he had little to no local currency to spend and so had some hungry days.
On the flip side, when he went to Brazil, he found local prices for Bitcoin were about 12% higher than on exchanges in other country, so he would make money every time he sold. Either way, be prepared for emergencies and be ready to take advantage of opportunities.
SOURCES: FORBES & BITCOIN TRAVELER
Originally published at VISIONAIRE.
