Cryptocurrencies are slowly but steadily becoming a part of the global economy. Different countries are adopting this new form of currency at different speeds. The Netherlands is one such country that has taken to Bitcoin and other cryptocurrencies with open arms. If you are interested in bitcoin trading, visit btc-newstrader.com to acquire an utter guide to crypto trading.
The travel sector in the Netherlands has been booming in recent years. This has made it easier for tourists to book their trips and pay for them using crypto.
Moreover, the Dutch government has also announced that it will be developing a new cryptocurrency called DNBcoin.
This new cryptocurrency will be specifically designed for use in the travel sector. It will be used to pay for hotel rooms, airline tickets, and other travel-related expenses.
7 Ways how crypto affected the travel sector of the Netherlands
1. The rise in the value of Bitcoin and other cryptos has led to an increase in the number of people traveling to the Netherlands to purchase goods and services with cryptocurrency.
2. Due to the relative anonymity of cryptocurrencies, they are becoming increasingly popular among tourists as a way of avoiding paying high transaction fees associated with traditional methods such as credit cards.
3. Cryptocurrencies are also being used to pay for travel-related services such as hotel bookings and airline tickets.
4. Some Dutch businesses have started accepting Bitcoin and other cryptos as payment for goods and services, further boosting the country’s burgeoning cryptocurrency industry.
5. The Dutch government has been supportive of the growth of the cryptocurrency industry and has taken steps to ensure that it is adequately regulated.
6. The Netherlands has emerged as a global leader in the cryptocurrency sector and is attracting businesses and investors from all over the world.
7. The Netherlands is well-positioned to become a global leader in the cryptocurrency-based travel industry.
7 Negatives of cryptocurrency
1. Price Volatility
Cryptocurrencies are highly volatile, and this has harmed the travel sector in the Netherlands. For instance, the value of Bitcoin plummeted from $20,000 in December 2017 to $3,500 in February 2018.
This volatility makes it difficult for businesses to price their products and services in cryptocurrencies as they are not sure what the value of these currencies will be in the future.
2. Uncertain Regulations
Governments do not regulate cryptocurrencies, which has led to uncertainty among businesses in dealing with them.
For instance, the Dutch Central Bank has warned companies against dealing with cryptocurrencies as they are not regulated.
This has led to a reluctance by businesses in the travel sector in the Netherlands to accept cryptocurrencies as payment.
3. Lack of Consumer Protection
Governments do not regulate cryptocurrencies, so there is no consumer protection against fraud or theft. For instance, in January 2018, the Coincheck cryptocurrency exchange in Japan was hacked, and $530 million worth of cryptocurrencies were stolen.
4. Lack of Infrastructure
Cryptocurrencies are not widely accepted as payment, which has led to a lack of infrastructure for businesses to take them. For instance, few places accept Bitcoin as payment, making it difficult for travel sector companies to take them.
5. Hacking and Theft
Cryptocurrencies are susceptible to hacking and theft, which has negatively affected the travel sector in the Netherlands.
For instance, the Coincheck cryptocurrency exchange in Japan was hacked in January 2018, and $530 million worth of cryptocurrencies were stolen.
Cryptocurrencies are often used in scams, which have negatively affected the travel sector in the Netherlands.
For instance, there have been cases of people being scammed into buying cryptocurrencies that are not worth anything. This has led to a distrust of cryptocurrencies in the travel sector.
7. Negative Public Perception
Cryptocurrencies have a negative public perception, and this has harmed the travel sector in the Netherlands.
For instance, there is a perception that cryptocurrencies are used for money laundering and illegal activities. This has led businesses in the travel sector to be reluctant to accept them as payment.
Despite the negatives, cryptocurrencies are likely to play an increasingly important role in the Dutch travel sector in the years ahead.
The Netherlands is well-positioned to become a global leader in the cryptocurrency-based travel industry. However, more needs to be done to address the negative aspects of cryptos, such as price volatility, lack of consumer protection, and hacking and theft.
This will help to ensure that the travel sector in the Netherlands benefits from the advantages of cryptocurrencies while avoiding the negative aspects.