Using Bitcoin to Take Cash Abroad as Vacation Spending Money
It may have not dawned on you as something you may be interested in doing, and that is to use Bitcoin and your digital currency wallet as a way of taking your holiday and vacation spending money with you in a safe and secure way.
Obviously, you are faced with lots of different ways of taking your holiday spending money with you when you do venture oversees, and some people may use a prepaid debit card or may even prefer to take cash with them, however there are risks associated with doing so.
By getting a digital wallet however and then funding it with Bitcoin before you venture off on holiday you can then access the funds held in that digital wallet and turn them into cash at any time of the day or night, and there are a couple of different ways of doing so.
The first is by locating one of the thousands of different Bitcoin ATM’s that are now available all over the world, and by using those machines to turn your Bitcoin into cash you can then do so in a cost-effective way and by doing so you will be able to withdraw any amount of local currency when you need cash.
The other way is by using the peer to peer type of trading platform, by doing so you will be able to be paired up with someone nearby where you are staying on holiday and can then do an on the spot trade by meeting the other person and exchanging your Bitcoin for local currency too.
Avoid Being Stung with Excessive Fees
It can be quite costly turning Bitcoin into cash, for each way that you will come across for doing so such as by you using a digital currency change you will be faced with fees and charges not only for transaction and processing fees but also when you choose to select one way of being paid out for turning your Bitcoin holdings into cash.
Therefore, it really is going to pay dividends for you to spend some time shopping around and comparing the prices regarding the fees and charges that different digital currency exchanges force you to pay.
There can often be all manner of different promotional offers available, often the best valued ones are available to first time users of an exchange, and it may be worth using an exchange you have never used before to take advantage of any reduced fees and charges they are offering newly signed up customers.
There is also the spot price of Bitcoin to factor into when you buy and also sell your digital currencies such as Bitcoin, as the price can be volatile, so always try and buy when the price is low, as that way you could also profit from any increase in eh value of Bitcoin or any of the many other digital currencies, however sadly that is easier said than done as there is never any way of knowing when the prices will rise and fall of course!
Digital Exchanges with Pre-Paid Debit Cards
There is also a growing number of next generation digital currency exchange that are going to allow you o apply for their own fully branded Visa or Mastercard pre-paid debit cards, and by doing so you are then always going to be able to top up your prepaid card with funds held in your digital wallet.
That may be another way to take your holiday and vacation spending money with you in a safe and secure way, however always be aware that when using such a card there will be a range of nominal fees to pay when you do move money onto those prepaid debit cards and then use them.
So, compare the cost of for example using an ATM with such a card and check out if there are any additional fees for topping up those cards and find out whether you are going to have to pay a small fee when using those cards to buy goods or pay for things when you are abroad and on holiday too.
Whilst the price of Bitcoin for example could rise in value whilst you are on holiday the price could also fall too, so just make sure that you are aware of the risks associated with using Bitcoin or any other cryptocurrency regarding the price volatility of them all as both a buying or seller of any cryptocurrency.