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Author Topic: Bitcoin as a way of avoiding to change money when travelling abroad  (Read 1521 times)
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August 28, 2017, 02:06:18 AM
 #41

You have the point it really more convenienced for travelling people but this is also possible if the establishment or lets say the money changer itself is also engage in bitcoin investment that they will receive bitcoin and other coins but  still requires a minimal or less service fees in all of their transactions but it minimize the hassle atleast.

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August 28, 2017, 02:13:44 AM
 #42

Finally, when all these are done, Bitcoin will lose the privacy and secrecy behind it. It won't be decentralized anymore. May be it will still appeal to people that way. May be not. I know what level of documentation people go through with exchanges asking for one document verification or the other just to transact business with them. And this is kind of frustrating.
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August 28, 2017, 02:31:04 AM
 #43

If you travel abroad from time to time, you are probably used to change money: to do so, you have to find a change office and accept the rates they offer. Many of them also ask to pay a fixed-amount fee, they want more money than what they get from the fx rate.... If it is a touristic place, there may be a little competition from different change offices, at least, if they don't agree prices. But in general, as an individual, you have very little power, you can't hardly negotitate, only accept what they propose... On the other side, if you choose to withdraw money from an ATM with your credit card, you will be paying the FX rate your bank decides to apply to you, with potentially other fees...

However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...

Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.

But of course, prior to that, it will need to become widely accepted and have a more stable price

What do you think? Have you ever used bitcoin when travelling abroad?


I think it's really good to use bitcoin as a money that accepted by people around the world. It's good for traveler and backpacker, they can easily change their money into the local fiat but many people still don't know about bitcoin. It's hard to make it into reality right now, maybe someday it can happen.
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August 28, 2017, 03:34:01 AM
 #44

Yes this is possible and would just relax our lives. At least for those who are world traveller will benefit from such services very easily. The developments are already going on for internation crypto cards by using which you can transact in the local currency very easily. It's not necessary to have bitcoin card itself, but you can use any altcoin to use it. Hope to see such projects become reality so as to grab one of those cards. :-)

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August 28, 2017, 11:15:30 AM
 #45


Finally, when all these are done, Bitcoin will lose the privacy and secrecy behind it. It won't be decentralized anymore. May be it will still appeal to people that way. May be not. I know what level of documentation people go through with exchanges asking for one document verification or the other just to transact business with them. And this is kind of frustrating.

Why would it become decentralised currency? Just because it's going to be used in the world ? I don't think so. There are many ways by using which bitcoin still stays on the blockchain and it is converted to fiat currency algorithmically. There are many stuffs we don't know about bitcoin yet, but developers must have thought of something to make it reality one day. Blockchain is big thing, it can be upgraded and its open source. So developments are possible.

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August 28, 2017, 01:40:46 PM
 #46

I agree with you. But it is hard to find a store which accept bitcoin right now. Bitcoin is famous cause of its price, but there are not many people thinking about buying bitcoin. Because of that fact, the number of merchants accepting bitcoin is still very small, especially in developing countries. Well, maybe in the future, we will have more chance to use bitcoin in any place on the world
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August 29, 2017, 07:22:43 AM
 #47

I agree with you. But it is hard to find a store which accept bitcoin right now. Bitcoin is famous cause of its price, but there are not many people thinking about buying bitcoin. Because of that fact, the number of merchants accepting bitcoin is still very small, especially in developing countries. Well, maybe in the future, we will have more chance to use bitcoin in any place on the world
This is a good idea to use bitcoin to travel abroad and yes its hard to find merchant that accept bitcoin as payment for now. Many will love to use bitcoin by most traveller. If this would happen bitcoin will attract more users.

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August 29, 2017, 05:08:42 PM
 #48

If you travel abroad from time to time, you are probably used to change money: to do so, you have to find a change office and accept the rates they offer. Many of them also ask to pay a fixed-amount fee, they want more money than what they get from the fx rate.... If it is a touristic place, there may be a little competition from different change offices, at least, if they don't agree prices. But in general, as an individual, you have very little power, you can't hardly negotitate, only accept what they propose... On the other side, if you choose to withdraw money from an ATM with your credit card, you will be paying the FX rate your bank decides to apply to you, with potentially other fees...

However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...

Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.

But of course, prior to that, it will need to become widely accepted and have a more stable price

What do you think? Have you ever used bitcoin when travelling abroad?

Well never really tried to travel abroad but this is really a good idea,
We could really use bitcoin to buy their currency without fees with their local FIAT exchanger.

I think there will be no difference between changing your local currency to foreign country's local currency and buying bitcoins to use as a payment method and probably you will spend more money from using it due to the transaction fees on transfering bitcoin . Being able to travel abroad using bitcoin would be good as it will also help introduce our beloved cryptocurrency to many people but we still have to look for a way where we wouldn't have to spend much .

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August 29, 2017, 05:12:00 PM
 #49

Still far from happening but yes, if it really is widely-used, then there's little reason to buy fiat in the country you are travelling to. Just load up your bitcoin wallet, get on a flight, enjoy.

Price and the rate would still be your main problem. I don't travel and hate little economic knowledge but as I've seen in videos, even a singular currency in the EU didn't really solve price differences. There may still be time when you might want to use the country's fiat rather than bitcoin.
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August 30, 2017, 01:25:43 AM
 #50

You have the point it really more convenienced for travelling people but this is also possible if the establishment or lets say the money changer itself is also engage in bitcoin investment that they will receive bitcoin and other coins but  still requires a minimal or less service fees in all of their transactions but it minimize the hassle atleast.
I think bitcoin is the best currency to take along with you because it is very reliable and convenient to use. Bitcoin currency is famous and acceptable in several countries it made bitcoin more powerful than before. It is now using for the traveling because it is easy to carry with you and you can make a profit by keeping your bitcoin in your wallet it will make bitcoin more powerful than before and also good for the future of the bitcoin.

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August 30, 2017, 01:39:04 AM
 #51

This may likely to happen in the future but as of the moment this is not possible in bitcoin as we can see transaction fees are very frustrating many merchants worldwide may not accept bitcoin because of very high fees even if this method of payment is existing right now still I will not use btc because of fee and confirmations take too long bitcoin should used a lightning speed of transactions before this could happen.   

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August 30, 2017, 11:11:55 AM
 #52

And now you can change bitcoins from any country in the world for local currency, but it is very inconvenient. Perhaps in the future, miners will realize that it is better to reduce the cost per transaction for stores. If it is to develop trade with bitcoin, the money that goes into the pocket of the exchangers will go to the miners and everyone will be happy.
Yes, the only doubt in using it is the transaction fee, yet it is mostly convenient especially if were into travel and already spend all the country cash ,we can use btc if that cointry liie Japan implemented it.
Yes, people are having some problems with transaction fees and I think they are not much high. But if they are having some serious issues with transaction fees, then an immediate action should be taken not to lose the customers. I hope so all the countries soon implement digital currencies.

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darligo
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August 30, 2017, 11:30:47 AM
 #53

Depends the country and the rate of the company, you can also use a debit card loaded with btc.
You have in some cases good level of anonymity, fair fees, good valuation for each coins.
But personal suggestion, it's better save then spend btc Cheesy

I do agree with you to save it instead of spending)

It a really good idea, especially attractive for sellers, if we take in a count bitcoin's rapid growth)
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August 30, 2017, 11:36:58 AM
 #54

do you really want to spend your bitcoin now? LOL
More seriously, I don't know anything dedicated to the traveler in the cryptocurrency world. this is an idea to be investigated further ...

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olliedickman
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August 30, 2017, 12:10:50 PM
 #55

Still far from happening but yes, if it really is widely-used, then there's little reason to buy fiat in the country you are travelling to. Just load up your bitcoin wallet, get on a flight, enjoy.

Price and the rate would still be your main problem. I don't travel and hate little economic knowledge but as I've seen in videos, even a singular currency in the EU didn't really solve price differences. There may still be time when you might want to use the country's fiat rather than bitcoin.
Right now, I believe that we can still do that Wink You can carry your bitcoin to everywhere that you like because most of the countries right now have places that will convert your bitcoin into fiat. And it is true that we will still need to wait for a long time for bitcoin to be used by most of the people on the world Wink
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August 30, 2017, 12:26:05 PM
 #56

Bitcoin is the universal coin which can be exchanged for any currency in the world, but we still need to use the exchanger. Now we don't even have the ability to spend bitcoins at any online store. It'll be a long time before the situation will change and we will get all the benefits of bitcoin.

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August 30, 2017, 12:42:36 PM
 #57

Right now, I believe that we can still do that Wink You can carry your bitcoin to everywhere that you like because most of the countries right now have places that will convert your bitcoin into fiat. And it is true that we will still need to wait for a long time for bitcoin to be used by most of the people on the world Wink
That being said, it is still great to use bitcoin nowadays when one is travelling because some countries have a local web wallet of their own that can be used to exchange btc to fiat money that a specific country uses with ease. One good example for this is Philippines' coins.ph website and many more. We wont need to wait that long though for bitcoin to be accepted by a lot of stores in the world it might happen soon enough if bitcoin adaption still continues at this phase if not, then we have to wait for at least a decade or two.
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August 30, 2017, 12:50:25 PM
 #58

If you travel abroad from time to time, you are probably used to change money: to do so, you have to find a change office and accept the rates they offer. Many of them also ask to pay a fixed-amount fee, they want more money than what they get from the fx rate.... If it is a touristic place, there may be a little competition from different change offices, at least, if they don't agree prices. But in general, as an individual, you have very little power, you can't hardly negotitate, only accept what they propose... On the other side, if you choose to withdraw money from an ATM with your credit card, you will be paying the FX rate your bank decides to apply to you, with potentially other fees...

However, if Bitcoin become an accepted currency in shops worlwide, we could avoid to change money to the local currency. We will still need to change from OUR currency to Bitcoin, but I feel that we have a much larger negotiting power on that:
- you can do it anytime from your home
- you may automatically buy Bitcoin with a given limit at interesting rates, intead of accepting the prices proposed by a few change offices in the area
- you may have already created a Bitcoin wallet and be used to it: you will automatically understand if a price in a shop is cheap or expensive because you are used to see prices in bitcoins, instead of having to translate into your currency...
- you may keep the remaining money in Bitcoins and still be able to use it when you are back home, etc...

Bitcoin would work as a parallel universal currency, a situation that already exists with USD in many countries, where it is used in parallel with the local currency.

But of course, prior to that, it will need to become widely accepted and have a more stable price

What do you think? Have you ever used bitcoin when travelling abroad?

Well never really tried to travel abroad but this is really a good idea,
We could really use bitcoin to buy their currency without fees with their local FIAT exchanger.
It would really be great if we would able to experience such adoption but i guess this thing would be hardly implemented because those exchange places wont easily let this thing happen for sure and might do a petition or they would able to compete with the rates with it but its hard to think off that this would be implemented easily.If it does then this would really be a big comfort for us to those who do travel actively.


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August 30, 2017, 12:53:15 PM
 #59

This will greatly facilitate the life of those who travel, but unfortunately not yet everywhere you can use bitcoins and this must be taken into account when traveling.

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August 30, 2017, 01:25:41 PM
 #60

You can always use bitcoin debit card. It's actually quite simple to use. Just check the fees before you actually do anything.
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