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Key Points
With the increase in adoption rates, it is feasible to travel the world using only stablecoins, including paying for flights, hotels, and dining expenses.
To travel the world using stablecoins, you must acquire stablecoins through an exchange and transfer them to your crypto wallet.
Stablecoins can hedge against currency fluctuations, offer low transaction fees, and enable almost instant international payment transfers.
You need to identify flights, hotels, restaurants, and shopping destinations that accept cryptocurrency and plan your trip accordingly.
If traveling the world has always been your dream and you only have stablecoins in your wallet, you might wonder if you can achieve this dream without selling stablecoins for cash. Due to the increasing global adoption of cryptocurrency, it is feasible to travel the world relying solely on stablecoins.
From booking flights and hotels to dining out, stablecoins provide exciting possibilities for global travel, although you must consider different regulations, merchant acceptance, and transaction fees.
This stablecoin travel guide explores whether stablecoins are a viable option for traveling the world, highlighting their potential advantages and the obstacles you may face while traveling.
What are Stablecoins?
Stablecoins are cryptocurrencies designed to maintain a stable value. But how do they maintain stability?
They are pegged to underlying assets like the US dollar or gold to keep their value stable. Unlike other cryptocurrencies that may be highly volatile, stablecoins provide a secure way to store and transfer value, making them particularly attractive for international travel, where currency fluctuations can sometimes create uncertainty.
Examples of stablecoins include Tether's USDT and USD Coin (USDC), which are commonly used for trading and are essential to the digital economy.
With many businesses around the world now accepting cryptocurrency payments, travelers can more easily use their digital assets without relying on traditional banking systems or foreign exchange services.
But is it realistic to travel the world relying solely on stablecoins?
Let’s find out.
Preparing for a Digital Journey: How to Start Using Stablecoins
Before heading to your destination, acquiring stablecoins is the first step. Prepare your travel plans, determine your budget, and acquire an appropriate amount of stablecoins.
Here’s how you can acquire stablecoins:
Create an account on a cryptocurrency exchange: Sign up on platforms like Binance, Coinbase, or Kraken to purchase stablecoins like USDC or USDT. You will need to complete the Know Your Customer (KYC) process to finalize your registration.
Fund your account: Deposit fiat currency into your exchange account via bank transfer, card payment, or other supported methods.
Purchase stablecoins: Use a debit or credit card linked to your bank account to buy stablecoins like USDT or USDC. To complete the purchase, select the stablecoin, pay the chosen amount, and confirm the transaction.
Set up a crypto wallet: To securely store your stablecoins, obtain a wallet like MetaMask or Trust Wallet. For convenience, software wallets (including exchange wallets) are also available. If you prefer not to hold cryptocurrency, you can opt for a hardware wallet.
Transfer stablecoins: Transfer the stablecoins you purchased from the exchange to your wallet by copying the address and initiating the transfer.
With stablecoins in your wallet, you are now ready to travel the world!
Scenario Setting: A Stablecoin Journey from New York to Singapore
Let’s take an example to help you understand whether you can travel the world using only stablecoins.
Imagine you are a cryptocurrency enthusiast and stablecoin supporter living in New York City, deciding to travel the world using only stablecoins.
Starting in North America, you travel from New York to Toronto, then cross Europe, stopping in Edinburgh and Amsterdam, and finally arriving in Singapore in Asia. This adventure will help you learn where and how to use stablecoins for seamless, borderless cross-continental payments without traditional currency exchange.
How to Use Stablecoins to Book Flights and Accommodations
Assuming you start your journey by booking all your flights using stablecoins. As a cryptocurrency enthusiast, you choose a travel service provider called Travala.com, which accepts stablecoins for booking flights, hotels, and other travel services.
You can pay without converting your digital assets into traditional currency, as Travala.com supports cryptocurrencies, including stablecoins, as payment methods (see below).
Travala.com supports over 60 cryptocurrencies, including Bitcoin (BTC), Ripple (XRP), and Solana (SOL), as shown below.
The image below illustrates how to pay for your journey to Toronto, Edinburgh, Amsterdam, and Singapore. For example, you can transfer 77.92 USDT to the provided wallet address via the TRC-20 network, or complete the payment by scanning a QR code within 30 minutes. Once verified, Travala.com will confirm your booking.
Similar to booking flights, you can also book accommodations on Travala.com. The process is straightforward: select your destination, length of stay, and travel dates.
How to Use Stablecoins in New York
New York City offers travelers various options for using stablecoins, from everyday shopping to luxury experiences. High-end fashion companies like Gucci now accept cryptocurrency, allowing customers to purchase designer clothing and accessories with stablecoins. When paying at a Gucci store, you can scan the payment using your crypto wallet after receiving an email with a QR code.
There are many restaurants, cafes, and bars in New York that accept cryptocurrency, where you can walk in and choose your favorite food and drinks. These include Starbucks, Subway, and Burger King, where you can pay with gift cards purchased using stablecoins.
You can also use stablecoins to pay for services like rides, as some local Uber and Lyft drivers accept crypto payments through third-party platforms like BitPay.
Did you know? Due to price fluctuations and regulatory requirements, refunds (if applicable) will be processed as travel credits and credited to your Travala.com account.
Second Stop: Toronto - Cross-Border Travel Begins
Toronto is a vibrant crypto hub, and it’s no surprise given the city’s strong emphasis on finance and innovation. It regularly hosts blockchain conferences, including the annual Blockchain Futurist Conference.
Several establishments in the city and surrounding areas are happy to accept cryptocurrency payments. Here’s how to explore Toronto using stablecoins:
Snakes & Lattes (Board Game Café): If you’re looking for some fun, head to Snakes & Lattes, where you can play games and pay with stablecoins.
Urban Living Suites (Accommodation): Looking for a place to stay? Urban Living Suites offers comfortable accommodations for crypto travelers. You can pay for your stay with stablecoins without worrying about traditional currency exchange.
Gogo Sweaters (Clothing): If you need some cozy Canadian fashion, check out Gogo Sweaters. You can purchase hand-knit sweaters produced by the company using stablecoins.
Figures (Restaurant): Ready to dine? Figures is another local restaurant that accepts stablecoins, with a diverse menu. Whether you’re looking for casual or more upscale dining, you can check out with cryptocurrency.
Instacoin ATMs (Currency Exchange): If you need to convert stablecoins into fiat currency, there are Instacoin ATMs throughout the city. It’s quick and easy, so you can convert cryptocurrency to cash whenever you need.
Crypto Exclusive Tour (Explore Toronto): Feeling adventurous? You can join a complete cryptocurrency-exclusive city tour and pay for everything with stablecoins. It’s a fun way to experience Toronto while fully immersing yourself in the crypto world.
Third Stop: Edinburgh - Exploring the UK with Stablecoins
In Edinburgh, you can experience the charm of Scotland while seamlessly using stablecoins for payments.
Hotels and Accommodations: Book your stay through Travala.com, which directly accepts stablecoins for hotel payments, ensuring you don’t need to convert to traditional currency.
Dining and Shopping: While direct crypto payments are limited, you can use CoinGate gift cards to purchase Uber and Uber Eats services, or shop on Amazon UK by redeeming gift cards purchased with stablecoins.
Transportation: You can use CoinGate gift cards to pay for Bolt rides in Edinburgh, providing seamless travel options with your digital assets.
It has been observed that compared to cities like Toronto or New York, Edinburgh offers fewer places where stablecoins can be used directly. Nevertheless, the existing options still allow you to enjoy Edinburgh while sticking to your preferred use of digital currency.
Fourth Stop: Amsterdam - Touring the Netherlands with Stablecoins
Amsterdam boasts a rich cultural and historical heritage, vibrant nightlife, and diverse cuisine. Its extensive canal network alleviates road traffic, creating an ideal environment for cycling. Biking allows you to fully experience the city.
Here’s how you can enjoy Amsterdam using stablecoins:
Starbikes: This bike service offers the convenience of renting bikes using cryptocurrency. Alternatively, if biking isn’t your preferred mode of transport, consider a group boat tour.
Amsterdam Boat Events: It offers a range of crypto-friendly options, including enjoying a barbecue on your own private boat.
Barbershop: If you’re looking for a more unconventional experience, you can visit Barbershop, which offers a unique combination of social gatherings, refreshments, and personal grooming services.
Gentle Place Coffee: At Gentle Place Coffee, you can grab a hot cup of coffee to energize yourself.
While the above merchants do not explicitly state that they accept stablecoins, you may still be able to use your stablecoins through gift cards.
Did you know? In the second quarter of 2024 (ending June 30, 2024), stablecoin transactions reached an astonishing $85 trillion, involving 1 billion transactions. This transaction volume is more than double that of Visa during the same period ($39 trillion).
Final Destination: Singapore - Using Stablecoins in the Asian Hub
With the implementation of crypto-friendly regulations, the number of businesses in Singapore accepting stablecoin payments is increasing. From watches to handbags, you can confidently use your cryptocurrency.
Here are a few places in Singapore where you can access using stablecoins:
Charles and Keith: Charles and Keith is a Singapore fashion brand where you can purchase shoes, handbags, clothing, and accessories for children using stablecoins.
Uchu Wasi: When you've shopped enough and seen enough, you can walk into Uchu Wasi and enjoy world-class cuisine using USDT and USDC.
2ToneVintage: At 2ToneVintage, you can purchase antique watches, wristwatches, and pocket watches with stablecoins.
Sarnies: This is a café where you can enjoy gourmet sandwiches, soups, salads, and homemade baked goods, and pay with stablecoins.
If you want to book a taxi in Singapore using stablecoins, you can use the ride-hailing app Tada.
Benefits of Traveling with Stablecoins
As you may have already realized, there are many benefits to traveling with stablecoins:
Hedging Against Currency Fluctuations: Stablecoins protect you from the impact of traditional exchange rate fluctuations and shield you from the volatility common to other cryptocurrencies. However, it is important to note that stablecoins rely on the stability of their underlying assets.
Low Transaction Fees: You do not have to pay the high fees that traditional banking systems typically charge for cross-border payments.
Transfer Speed and Convenience: Unlike traditional bank transfers, which may take days to process, you can transfer stablecoins almost instantly.
Challenges of Using Stablecoins
Given the global adoption of stablecoins, using them for cross-border payments is a practical use case, but it is not without risks:
Limited Acceptance: While many businesses accept stablecoins, you may encounter restrictions in some countries and institutions. Therefore, it is advisable to do your research before filling your wallet with stablecoins to traverse continents.
Regulatory Issues: Some countries have strict regulations regarding cryptocurrencies, which may limit your ability to freely use stablecoins.
Volatility of Crypto Exchanges: Although stablecoins are designed to be stable, the volatility of the crypto market or sudden regulatory changes may affect their value.
Are Stablecoins the Future of International Travel?
Modern international travelers may prefer stablecoins because they combine the advantages of digital currencies with price stability. These travelers often prioritize fast transactions, saving on traditional currency exchange fees, and crossing borders without financial friction.
However, challenges still exist. Limited merchant acceptance, regional crypto regulations, and reliance on the stability of underlying assets mean that stablecoins have not yet become a universal solution. This requires travelers to plan carefully, ensuring they choose crypto-friendly countries and reliable platforms to convert stablecoins when needed.
In this article, you explored the journey of traveling in various cities using stablecoins. The use and acceptance of stablecoins depend on your route, with some destinations being more crypto-friendly than others. Research, preparation, and flexibility are key to making such travel possible.
As global adoption of digital currencies continues to grow, increased acceptance may herald a future where traveling the world without touching fiat currency becomes the norm.
So, can you travel the world relying solely on stablecoins? With the right planning and destinations, the answer is increasingly leaning towards "yes."
Wishing you a safe and smooth journey, embracing the future of finance!
Related: How Bitcoin Investors Can Avoid Tax Fraud
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