Traveling the World Using Only Bitcoin: Insights and Challenges

2023-05-15 08:28:08

As bitcoin (BTC) grows in popularity, more and more people are using it in various fields, including as a form of investment and payment. But what is it like to travel halfway around the world and only use bitcoin?

Proponents of the cryptocurrency believe that for bitcoin to be widely accepted, it must continue to find more and more uses.

One fascinating example of how bitcoin is used is a From a traveler named Paco de la India comes from someone who set out to travel halfway around the world using only bitcoins. In a recent interview with crypto e-commerce platform Bitrefill, Paco talked about the global adoption of bitcoin, his memorable experiences, and the potential for hyperbitcoinization.

So far, Paco has visited 40 countries in South America, North America and Africa. Paco’s experience highlighted the challenges of introducing bitcoin in the countries he visited. He painted a rather bleak picture, noting that the volatility of the exchange rate is making people shy away from relying on bitcoin.

Instead, he observed that stablecoins like USDT are more popular among locals who HODL their bitcoin rather than use it for everyday transactions. In this case, it became a challenge for him to pay with bitcoin in selected areas.

Overall, he pointed out that adoption is gradual, but accelerated efforts are needed.

Paco says people tend to be generous during the bull market, which made it easy for him to accept donations (his trip was made possible through crowdfunding). However, during the bear market, things became more difficult, resulting in a drop in donations. It is noteworthy that the traveler started his journey when bitcoin was around $50,000 and then reached an all-time high of nearly $69,000.

“…Everyone was very happy, life was going well, but slowly and gradually the exchange rate began to fall. The company started to withdraw, people started to leave… I couldn’t go as freely, so I was always looking for people who hosted me in their houses, and that way I also gained an insight into what the locals are like.” – He told.

As an interesting point, he mentioned that his trip was cut short due to the regulatory uncertainty affecting some of his sponsors. In particular, he highlighted that he was affected by the closure of the Paxful peer-to-peer trading platform. It’s worth noting that Paxful’s services have since been restored.

Looking ahead, Paco noted that he intends to continue his mission while helping to create new Bitcoin communities. He pointed out that educating people to accept bitcoin is essential.