Refer A Friend Today!

Love to Travel? Here's Why You Need a Bitcoin Wallet

For many crypto nomads, Bitcoin has become the travel currency of choice. And it's not surprising why —it's borderless, safe, and convenient.

 

Plus, with more and more businesses accepting Bitcoin all over the world, it’s getting much easier to live on nothing but your favorite crypto during your travels. 

 

However, when you spend so much time abroad, the most important thing is to be able to access your coins and pay for whatever you need to. The way to ensure that is to use a Bitcoin wallet. 

What Is a Bitcoin Wallet 

Technically speaking, this crypto can’t be stored anywhere as it lives in the blockchain —the online ledger, and never leaves it. However, if you’ve been trading it for a while and know how Bitcoin works, it’s easy for you to grasp this concept. 

 

To access your wallet and sign transactions, you use private keys that correspond to the Bitcoin address of that particular wallet. They are proof that you own a certain amount of Bitcoin and can use it at your will. Without your private keys, you lose access to your Bitcoin, so make sure you keep them safe. 

Why Do You Need A Bitcoin Wallet When Traveling

When you have a Bitcoin wallet, you have control over your funds anytime, anywhere. Here are a few reasons why you should have one while traveling:

1. Not having to Deal With Exchanging Currencies

With a bitcoin wallet, you don’t need to worry about:

  • Having cash upon arrival at your destination

  • Exchanging money from fiat to local currency 

  • Dealing with exchange fees

  • Being left with unspent currency

  • Getting traveler’s checks

 

So before you travel, transfer your coins onto one or more crypto debit cards. Do your own research for crypto debit cards, and depending on your spending intentions, decide what suits you best.

2. Resting Assured That Your Money Stays Safe

Traveling with a wallet full of cash or credit cards can be stressful —you may lose it or become a victim of theft. But with a Bitcoin wallet, as long as you take measures to secure your wallet, you will feel more relaxed because your travel funds are safe.

 

Without knowing the private keys to your Bitcoin wallet, no one can get access to your coins.

3. Accessing Cash as Needed Via a Bitcoin ATM

Through a Bitcoin ATM you can buy, sell or send Bitcoin. Let’s say you’re in a situation in which you need an emergency fund during your travels. What do you do? To get cash in the local currency, simply follow these steps: 

 

  • Check Bitcoin ATM Map to locate the nearest Bitcoin ATM near you 
  • Create an account with a Bitcoin ATM operator in case you don’t have one
  • Log in to your account via a kiosk, indicating the wallet address you want to sell from and the amount of Bitcoin you want to exchange
  • Wait for the notification that your transaction has been verified on the blockchain
  • Withdraw the cash

 

So easy, right? Keep in mind that the operator, as well as the miner, can apply charges.

4. Spending Your Bitcoin Easily

If you want to book another destination while traveling, you can simply go to travel sites accepting Bitcoin and pay with Bitcoin straight from your wallet. All you need is to copy-paste the recipient’s address or scan their QR code, and that’s it! There is no need for using credit cards, transferring money into local currency, or performing other tedious actions. 

What Are the Main Types of Wallets

While it's true that you have options, know that when traveling, there is no ideal Bitcoin wallet. Most of them are a compromise between security and convenience. However, let’s go through the main categories of wallets, so you can get a better understanding of which one would serve you best.

1. Desktop 

This type of wallet works as a program that you can download on your computer. 

 

Upsides: It can be the safest wallet option, as you don’t have to rely on some third-party service to store your coins. You keep them on your hard drive. 

Downsides: With desktop wallets, it’s more difficult to spend your Bitcoin on the go, and you can also lose your Bitcoin if you don’t back up your laptop.

2. Web

These wallets are hosted on third-party websites and are a popular choice. The reason is that they are associated with cryptocurrency exchanges, so users get them automatically when buying or selling Bitcoin through these platforms.

Upsides:  They are easy to set up and work similarly to bank accounts. So if you lose your keys, you won’t be able to access your Bitcoin. 

Downsides: Web wallets are connected to the internet and can get hacked. Also, the cryptocurrency exchanges can shut down without notice, and your Bitcoin can disappear with them.

3. Mobile

These wallets are apps that run on mobile devices, and they can be a very convenient option for people on the go like you. 

Upsides: You have the option to send Bitcoin through QR code scan and they are safer than web-based wallets.

Downsides: Your wallet can get hacked through malware or viruses. Plus, if your phone is stolen, and you haven’t secured it, you may lose your coins too. 

4. Hardware

These are the wallets that come in a physical form, unlike all other options. 

Upsides: Hardware wallets are the most secure type of wallet, and you can use them for everyday transactions.

Downsides: This type of wallet is the most expensive of all. Also, connecting it to the internet requires another password that can lock you out of your Bitcoin should you lose it.

Trading Bitcoin Is Fun but Using It Smartly Equally Important

How many times in your life have you left the house without your wallet? Probably not that many.

 

Likewise, if you love to travel, make sure you don’t forget about your Bitcoin wallet. Now that you know why you need one, you are empowered to use your Bitcoin better and get more out of your crypto nomad lifestyle. 

 

For more strategies and ongoing education on this topic, join our Simple Wealth Elite program. Inside, you gain mentorship, access to a community of like-minded people, and a fast-track to going full-time crypto. 

Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.