Accessing Your Crypto Wallet When Travelling Abroad

Fredrick Awino
23.08.2022
307 Views

When travelling abroad, one of the things that always trouble people is whether it will be possible to access and use their money. It does not matter how travelled one is or level of awareness. Honestly, people will act confident but in the deep of thoughts lies questions if really their Mastercard or visa bank cards will work at the new destination. The question is not any different for holders of cryptocurrency.  

WARNING: Investing in crypto, or other markets, can be of a high risk for your savings. Do not invest money you cannot afford to lose, because there is a risk for losing all of your money when investing in crypto, stocks, CFDs or other investments options. For example 77% of retail CFD accounts lose money.

You can just imagine the anxiety that comes with relying on virtual currencies as the sole security when travelling abroad. It doesn’t matter how much assurance one has that any person can use the private and public crypto wallet keys to use or transact their coins wherever they are. Generally, the proverb that seeing is believing has really gotten into people’s consciousness. Don’t be surprised that some people would feel safer withdrawing their cryptocurrencies and carrying the fiat money. Still, no problem. That is a possibility but better still, why withdraw your crypto at home yet they can be used anywhere else?

Let’s try to demystify the reality about possibilities of accessing and actually using the cryptocurrencies wherever you are. We open the boundless opportunities that any person can use the cryptocurrency wallet abroad. 

Optimism and enthusiasm about cryptocurrencies today

The existing degree of optimism about cryptocurrencies is unexplainable. In fact, there is a huge perception that in 10-year time, cryptocurrency will still be in existence. This belief is shared globally as everyone who knows a bit something about crypto is deeply optimistic. The revelation on crypto optimism is more reasonable beyond doubt. 

If you are an enthusiastic traveller, then you must be aware that in some occasions managing international currency is hectic. Therefore, it is vivid that you are able to find ways of managing the amount of money you carry. Reason being, some currencies may not be allowed into the country of your destination or due to the international tax laws. 

The reasons above prompts one to explore options as they travel the world while at the same time managing their money no matter their location. Well, there is no need for any worry since cryptocurrency provides you a secure and private way to control your money. This is possible regardless of where you are and there are no excessive fees involved.

But first, what is Cryptocurrency?

Well, there is a perfect alternative to online payment through virtual or digital currency. This mode of virtual payment is greatly secured by cryptography which allows you to transfer funds directly. The transfer can be directly made between two parties and there need not be a third party like in the case of a bank. 

Basically, this is what is meant by cryptocurrency. All that is involved is the creation of financial technology that allows you to transact your digital money online. There is no possibility that you would touch and feel your cryptocurrency physically but you would trade and buy digitally. 

However, there is a platform that allows you to carry out your every transaction. It is known as the blockchain technology a highly intensive technique of cryptography. With such a technology, transactions are secure along the cryptocurrency blockchain. All your digital ownigs and currencies are stored in your cryptocurrency wallet. 

Travelling the World with Cryptocurrency

A great gratitude to the internet and the roaring rise of cryptocurrencies which has hugely prompted borderless economies. There are digital investors and traders bouncing from one economy to the other. Most travellers have resorted to using their cryptocurrencies to establish more control over their financial accounts.

Amidst the existing pitfalls particularly on the protection of your digital security, cryptocurrency has become more mainstream. But the most important and amazing fact is that you can actually travel the world with your crypto wallet.

As you explore your crypto nomad life, or just want to enjoy a beer with your BTC, safety of your crypto wallet is key. You can access and control your digital money regardless of your location without attracting any extra fees. Besides, there aren’t any sort of limitations applied to it.

There are no back and forth calls with your bank or even call waiting and on hold with your bank’s customer care. Cryptocurrency has taken over the world and almost everyone is talking about it. But just why and how is it possible that one can be able to access their crypto wallet while abroad.

Countries that Accept Bitcoin for Transactions

Cryptos were supposedly created as a mode of online payments. In the past, most businesses had a reluctance to acknowledge cryptocurrency as an alternative means of payment. But today, many countries and businesses are slowly adopting cryptocurrency as a mode of payment. 

In today’s economy, it is possible that you can buy and sell your jewellery, software, apparels, take flights, and visit restaurants. And all these can be paid for through cryptocurrencies. In general, the adoption of crypto payments has been explicitly slow but a sure growing process. More online businesses are embracing cryptocurrency payments. 

It is beyond any reasonable doubt that you will find people in any economy who are willing to accept bitcoin. Indeed, for obvious reasons, some countries have voiced their support of cryptocurrency as a mode of payment at a national level.

If you are visiting China, there is no need to have any worries at all. The Chinese government has categorically stated its future focus on blockchain technology and digital currencies. South Korea is also closely following China with a huge appetite for cryptocurrency. Venezuela has already adopted cryptocurrency as a legal tender.

Western countries like the US, UK, Canada, the EU states, and Australia, are having major strides on adopting crypto. Such states have adopted cryptocurrency through crypto ATMs, merchant traders, and marketplaces. You can easily exchange your BTC for cash as merchants can accept cryptocurrencies directly. 

What you Could Possibly do with your Cryptocurrency while Abroad

The list is obviously endless since crypto is not connected to any specific state. Travelling while at the same time being able to access your crypto wallet can help reduce the money exchange fees while transacting. There are thousands of shops accepting bitcoin as a mode of payment.

The major businesses that would allow you use crypto as a mode of payment are:

  • PayPal
  • Microsoft
  • Whole Foods
  • Newegg
  • Overstock
  • Starbucks
  • Home Depot

Many more businesses have joined the fray and all you need to do is to just find them. It is also possible that you can convert your BTC into gift cards. Buy gift cards and comfortably spend your cryptos and through this numerous rewards and discounts awaits you. 

In other news, you can simply convert your crypto into cash through a marketplace, the Local Bitcoins. Select your country and find people nearby who intend to exchange BTC for cash. 

 

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Author Fredrick Awino