3 Reasons Why Travelers are Embracing Cryptocurrencies

Reading time: 3 minute(s)

hiker traveller

Our world is getting smaller and smaller every day, and Cryptocurrencies are part of it. One group embracing cryptocurrencies are global travelers. The extent of travel ranges.

It could be “digital nomads”, people who use telecommunications technologies to earn a living more generally, conduct their life in a nomadic manner.  Or it is folks that have flexible lifestyles, such as my writer-friend who spends 1 month/year working from Mexico with her husband and two kids in tow. Expats from other countries living in, or visiting Canada also have an interest.

1. Cryptocurrencies Eliminate the National Middleman

Many are saying that cryptocurrency will do to banking what the internet did to media. Having free and open access to information has changed our world forever. Those who travel know that even doing the simplest transactions can be complicated. Blockchain technology means that anyone can send funds internationally and there is a clear ownership record. Transactions are documented on a permanent decentralized record and monitored securely and transparently.

2. Instability in International Currencies

It is an unfortunate reality is that in some parts of the world, governments lack the stability and security that we take for granted in Canada. As a result, some new Canadians with family still abroad look to diversify to Cryptocurrencies when they are unsure of the future of their currency at home. Canadians living and working abroad using the same logic also look to buy and hold cryptocurrencies such as bitcoin.

3. Ideology

Many global travelers get an enhanced perspective based on their experiences. Although we are used to central authorities when it comes to banking, blockchain offers a new, consensus-based perspective, encouraging them to embrace cryptocurrencies. According to Travelshift:

“Because a transaction is processed on all computers in the blockchain, the algorithm ensures that there is a consensus regarding the validity of every transaction. This means that Blockchain data is always complete, accurate, trustworthy and widely available. It’s a shared record of the truth.”

Being able to store coins in your wallet is like having your own private bank – you make the rules.

How BitCanuck Can Help

Here at BitCanuck, many of our investors are New Canadians and those who travel. We are happy to offer unparalleled service and we are here to help if you have any questions.