Tourism is one of the largest industries in the world. It was stated to be worth over $7.6 trillion in 2014. Increased purchasing power combined with cheaper air travel has shrunk geographical boundaries. While travel becomes cheaper, more and more people now prefer to go for a vacation overseas than in their own country.
Tourism also promotes foreign exchange. However, tourists end up paying more with the local currency due to foreign exchange fees and other related expenses. Also, every country has a higher limit for the amount of cash one can carry out of or bring into the country. Tourists rely on a small amount of cash they carry from home and any additional expense is either charged on their cards or travelers cheques. Every time someone swipes a foreign card or use an ATM in a foreign country, they end up losing some money towards conversion from their home currency to that of the host country.
Now, with the emergence of bitcoin as a truly global currency, one can pay the exact amount in bitcoin for any goods or services purchased overseas. Bitcoin transactions don’t come with any additional costs. However, bitcoin is still in the process of being