Digital nomads are now traveling the world in search of their next adventure. These days, all remote workers need is an internet connection, and the universe is their oyster. So, what about cryptocurrency enthusiasts? Is it possible to travel the world using digital assets?

We're all adjusting to the new world order as the dust settles from the collective Covid experience. During the worst of the pandemic, many of us worked from home. This made company executives realize that not everyone needs to commute to the city center. And they didn't have to spend a fortune on a trendy inner-city office.

Another thing we've discovered is that we don't have to be at home to work. We can go to a café with our laptop computers. Or go to the beach. Or spend months living in a van. We could go to a Greek island and work for six months. Or you could live in a Tongan village. Or in a high-rise building in New York.

Hello and welcome to the world of the digital nomad! Countries are even attempting to attract this new workforce by offering digital nomad visas, which allow nomads to earn money abroad but invest it locally.

There are job boards devoted exclusively to digital nomads. Finally, home-swapping sites exist for those who want to spend an extended vacation in each other's homes while working remotely in order to have a place to return to after an adventure.

The Crypto Dream

It's almost as if we've become borderless. And this is the fantasy endgame. In a world without seams, crypto can be used as a universal currency.

While this is fantasy, the reality is a little more startling. We are still in the early stages of using digital currency to travel the world. In practice, it can be quite clumsy. However, the journey of a thousand miles begins with the first step.

The ethos of crypto is what keeps the dream alive. Clayton Roche is UMA's Director of Community and Communications. "One of the things I like best about cryptocurrency is that I am its custodian. This means that no matter which country I visit, and no matter what my home country does with its banks, I'm confident I'll have access to my own funds. In my viewpoint, this is the revolution. Banks and centralized exchanges are beneficial rails for funds, but I try not to expose any more assets to traditional financial institutions than necessary."

Furthermore, using it is enjoyable no matter where you are in the world. "I frequently give tips or other payouts in crypto when I've made a connection with an individual," says Roche. “For instance, after a private sightseeing tour in Barcelona, I gave the guide $UMA tokens as a tip. This is a fantastic way to introduce people to digital assets! ”

How to Get Started as a Digital Nomad

Taariq Lewis founded volume. He claims that if he were a digital nomad, he would travel to Japan and make all purchases with a Visa-linked crypto card. "Because of its price stability, Bitcoin is my preferred cryptocurrency. This is the future money because, as a digital nomad, I want my digital assets to be limitless alongside me."

He claims that the best way to travel across multiple countries using digital assets is with a Crypto Visa card provided by any reputable cryptocurrency exchange.

Lewis recommends using Paloma's automation services when paying with cryptocurrency on the road.

Visit Crypto-Friendly Nations

Claudiu Minea is SeedOn's co-founder and CEO. "If I were a digital nomad, I'd go explore Dubai. Because of the strong potential to decentralize the existing payment system as we know it, Dubai's jurisdiction is extremely encouraging and supportive of crypto startups."

Geode was founded by Simon Furlong. "I'd probably visit the nations that are most welcoming to cryptocurrencies. Currently, this could be Singapore, Portugal, or Switzerland. I believe this is how the money will be in the future. Because internet access is virtually ubiquitous in today's world, and blockchain networks never close, it provides enormous flexibility while traveling.”

“There is no requirement to deal with traditional cross-border payment services or rely on transactions that could take several days to complete. Crypto adoption greatly benefits digital nomads due to its increased convenience, privacy, and security. So I believe it is reasonable to expect it to continue to improve and grow in the future."

The cryptocurrency of Choice

Minea recommends that a digital nomad recognize the most popular and stable cryptocurrencies, and avoid anything volatile, broadening across BTC, ETH, USDT, USDC, and BNB. Despite some volatility in price evolution, "in the long run, they have demonstrated to be some of the most reliable and trustworthy cryptocurrencies."

He anticipates a widespread adoption of payment systems in the future. However, it is risky. "El Salvador was the world's first country to accept Bitcoin as legal tender." Bitcoin prices fell due to the bearish trend, causing El Salvador's holdings to nosedive, putting the country in potential debt of $1 billion."

Citizens' mass adoption did not occur as expected. "What happens in El Salvador in the future will either be a big success for Bitcoin encapsulation in their country's economy. Or it will be a harsh lesson from which we can all learn." 

The Dangers of Digital Nomads and Cryptocurrency

Web3Auth's Chief Operating Officer is Elisha John Koh. "Some exchanges, such as Crypto.com, have designated credit cards for users to spend their cryptocurrency directly, similar to traditional banks. However, because these centralized platforms govern those wallets, users risk being locked out of their accounts or having withdrawals frozen. This happened when Celsius and Voyager went Bankrupt."

When traveling with digital assets, losing or forgetting a seed phrase is the most common issue. "No one will be able to assist, and the cryptocurrency will be lost forever. Approximately $545 million in digital assets have been lost in this manner, which is insane when you think about it."

"Users also don't have to worry about forgetting their seed phrases because they are able to use their Twitter or Google logins for multi-factor authentication to obtain their wallets or reset forgotten seed phrases," according to Web3Auth.

While things are returning to normal post-pandemic, Koh believes it has demonstrated the benefits of working remotely and that physical offices aren't as important as we once thought.

A world in which we can be somewhere and use the same virtual currency is tantalizingly close. Let us all look forward to the day when we will be able to pay in cryptocurrency for everything.

Do you think that cryptocurrency will have mass adoption in the future? Let us know your thoughts by sharing this article on social media.

Posted 
Sep 19, 2022
 in 
Digital Lifestyle
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