BEST PRACTICES FOR PAYING FOR TRAVEL WITH BITCOIN

Daniel A. Tanner - Mar 19, 2021
0

You are probably thinking of using your credit card to pay for your air ticket and make travel-related purchases. However, you do not have to do this when you have Bitcoin. Just like traditional currency, you can use digital currency to pay for your travelling expenses.

Paying for travel with Bitcoin is no different from paying for travel with a debit or credit card. All you need to do when paying for travel online is to select Bitcoin as your mode of payment. You will be directed to an online platform that deals with digital currency. When there, follow the instructions given to complete the payment. When making these payments, there are a few practices that you need to keep in mind. Some of these practices are discussed below.

Be Careful When Choosing The Travel Portal To Make Travel Payments Through

You will probably need to make your travel payments through a travel portal when using Bitcoin to pay for your travel. If you make these payments through a travel portal that is not legitimate, you may end up losing your money. To avoid this, look for legitimate travel portals by doing extensive research on the internet. Choose a travel portal with many positive reviews as it is likely to be legitimate. However, if you have to use a travel portal that does not contain a lot of information, be cautious.

Use Bitcoin Network Wallets When Making The Payments

You should use Bitcoin network wallet applications when paying for your travel as they can manage network fee payments. Some of these wallet applications include Wallet Of Satoshi, Blue Wallet, Electrum Wallet and Breez Wallet. You can open the wallet, copy and paste the Bitcoin address or scan the Bitcoin’s QR code.

Include Exchange Fee In Your Payments

Your payments are likely not to be accepted if you do not enter the correct figure when it comes to the Bitcoins that need to be paid. To avoid this, add extra funds when making the payment to cover on-chain network fees. An exchange platform wallet is likely to accept your payment when you do this.

Pay What You Can Afford To Loose

Although Bitcoins are not prone to identity theft, they can still be stolen. The high chances are that you will not get your funds back after this happens, especially if you were using a non-trusted wallet. Therefore, it is advisable to give out Bitcoins that you can afford to lose. On the same line, do not borrow Bitcoin funds to pay for travel as you will need to pay them back even if they are stolen.

BEST PRACTICES FOR PAYING FOR TRAVEL WITH BITCOIN

Read More About Bitcoin Payments Before Using Bitcoins To Pay For Your Travel

You are likely to make a mistake when paying for travel with Bitcoins if you do not know much about them. To avoid this, read about Bitcoins and how to use them before making your payments. Usually, you can find this information in the help center section of the travel websites to make payments. You will also want to keep track of Bitcoin price to ensure it’s up in value when you make the purchase.

Although many banks are likely not to allow you to buy Bitcoins using their credit cards, there are other options that you can still use. For instance, you can use ACH transfers, debit cards or peer-to-peer platforms to make these purchases. All these options have their merits and demerits. Therefore, you need to be careful when choosing the option to use. To make the best decision, think about the size of the purchase you want to make, the fees involved and the time needed to make the purchase. For instance, if you want your transaction to be speedy, buying Bitcoins with a debit card will be the best option for you. However, this option will not be good for you if you do not want to pay a high fee.

Comments

Add Comment