Cryptocurrency was supposed to be a unifying currency, which helps take banks out of the equation as we travel the world. Has that been the case? Well, certainly not if you’re traveling to countries like China, Russia or Columbia.
Right now, crypto seems to be dividing the world of currency instead of unifying it. That being said, there are still a lot of remote workers and digital nomads around the globe who are traveling on crypto.
Is it right for you?
Is There Such Thing as Borderless Money?
There are some people who feel that living abroad on BTC or crypto will help you reach a new level of world traveler, and truly get into a beyond borders type of mentality.
One such traveler spent a year and a half traveling the world, while only spending crypto. He converted his life savings into crypto and used digital currency to buy everything from his food to paragliding lessons.
But, even he admits that things can be challenging if you’re going to go this route.
Traveling with, or on, cryptocurrency may not be for you, if:
- You’re new to this world of crypto
- You’re not comfortable with high fluctuations on an investment
- You won’t have the time or mobile internet access to stay on top of things
- You’re worried by silly little things about losing access to all your money while overseas
If you’re an adventure seeker, this could be for you. If you feel you already have enough stress and uncertainty in the nomad lifestyle, you may want to pass.
How to Keep Your Crypto Safe While You Travel
Just because you don’t carry crypto in your wallet, doesn’t mean it’s safe. You still carry it in your pocket, so to speak.
One of the first things you will need to do is buy a new SIM card every time you get off of an airplane in a new country. You need to stay on top of changes to a very volatile market, and you can’t be waiting for hostel or coffee shop Wi-Fi access.
You will also want to plan your travel around areas where crypto has a large market penetration, and lots of fans or users in the area. You can find this out with sites like CoinMap.
As ambitious and adventurous as traveling the world on Bitcoin or crypto may seem, you really should prepare yourself with some sort of safety net, in case things get ugly and you need a Plan B.
Even the daredevil world-traveler we mentioned above backed himself up by buying an Interrail Pass for one month so he could always return home to Germany, no matter what.
If you’re not going to use traditional currency or plastic as a safety net, maybe set up a safety net with a person back home who can quickly transfer you some money in a crisis situation.
Also, do yourself a big favor and avoid making crypto transactions over public Wi-Fi networks, or protect yourself with encryption or a VPN. Otherwise, you may be attacked by people like this guy who stole over $100 K in Bitcoin over a public network.