Cryptocurrency is gaining traction as a way to pay for many types of transactions, including travel.
In fact, companies are now looking to attract crypto holders globally, and booking travel with the digital currency is growing, Travelnoire.com reports.
Despite the surge, people should be aware of the risks that come with such activity. For the most part, there are no consumer protections when you pay for travel with a cryptocurrency, observers say.
Some 22% of Americans are booking travel with cryptocurrency or eyeing it to pay for part of their next trip, a Travala.com survey showed. The online travel firm says 75% of the roughly $3.4 million of its bookings made in August used crypto. The included accommodations, flights, activities, and integration fees.
In general, Crypto can be used to buy goods and services globally. Such notable currencies include Bitcoin, Dogecoin, and Ether. Famous investors reportedly include Tesla CEO Elon Musk and rapper Snoop Dogg,
“People want to put their crypto back into the system [and] travel is one of the biggest categories there is,” he stated. “We take dogecoin now into the real world; you can apply it and actually get a real-world, kinetic experience.”
CheapAir.com is among a few travel companies that accept bookings to be paid in crypto, Travelnoire.com reported. It revealed Travala.com allow you to now book over 3 million travel products worldwide. Travel giant Expedia has engaged into Bitcoin through a partnership with Travala.com, which allows booking 700,000 hotels from the website’s listings with over 30 different cryptos, including Bitcoin.
The avoidance of exchange fees is among the top perks for travelers using crypto, experts say. They say another benefit is you have price stability in countries where currencies are unstable.
On the beware side, use of crypto can be volatile and unpredictable depending on market conditions.
And different from credit cards where you can debate charges under the Fair Credit Billing Act, you have no such rights when paying with crypto, USA Today reported. It reported the Federal Trade Commission got so many consumer complaints that it issued a warning a few years ago about paying with Bitcoin.