6 Tips For Traveling While Spending Mostly Bitcoin

Want to prove to yourself that Bitcoin currency is truly global ? TRAVEL THE WORLD JUST USING BITCOIN !

(Courtesy Felix Weis)

While traveling with it as one’s sole currency isn’t for the faint of heart... The first steps would be finding places that would accept Bitcoin, meeting with these Bitcoiners, figuring out where to get cash” — the challenge connects you with people and can sometimes save you in currency conversion and credit card foreign transaction fees.

Here are six tips for doing it right.

(Courtesy Of Felix Weis)

1. Decide how to store the majority of your Bitcoin.
   If you store the bulk of your Bitcoin on a hardware wallet (learn what a hardware wallet is here) like a Trezor, as Weis did, make sure to 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.

1. Get a smartphone wallet for daily expenditures.
   Weis recommends being in control of as much of your money as possible, which means transferring only money that you imminently need to a smartphone wallet such as Coinbase or Blockchain or Copay for daily expenditures. As he said he learned during Grexit, when banks limited withdrawals to 60 euros at a time but Bitcoin ATMs, like the one in this photo, had higher limits, “If you don’t control your money, it’s not your money.”

1. Know what businesses accept Bitcoin.
   You can pay for hotels and flights with Bitcoin on Expedia and CheapAir. Use Coinmap, a map of businesses that accept Bitcoin, to find local Bitcoin-friendly stores and restaurants in your destination. Get the Airbitz wallet, which is not only a Bitcoin wallet but also has an integrated map of Bitcoin businesses.

2. 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, he 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.

1. Spend at least a few hours researching before going to each destination.
   During this time, you’ll want to figure out which businesses (particularly restaurants and groceries) in your new destination will take Bitcoin and with whom you can exchange your Bitcoin for cash. It’s best to put out an ad selling your bitcoins on Local Bitcoins at least 48 hours in advance so you can obtain local currency upon arrival. Here, Weis is photographed after paying for his PADI diving certificate in Bitcoin.

1. 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.

(Courtesy Felix Weis)
Sources: (Forbes, Wikipedia, Santa Clara University)