With most things being available digitally, it is no surprise there is a growing interest in cryptocurrencies. Where tourism is concerned, it’s important for payment methods to be easy to access, safe, and offer global transactions – all of which can be found with crypto. More tourist hotspots are now accepting a variety of payment methods including cryptocurrencies, the latter of which seems to be heavily influencing this sector. New York’s own Finger Lakes, a thriving tourist hotspot, seems to be at the forefront of cryptocurrencies revolutionizing the tourism industry.
Most crypto users can agree that the best part of utilizing this currency is the simplicity of transacting or making a payment. As a result of its decentralized and borderless nature, it should take little to no effort for Finger Lakes visitors who own digital assets to make payments. They can do this using a reputable crypto wallet that guarantees secure and low-cost payments that are almost instant. For one, this eliminates waiting times and transaction fees associated with a regular bank or credit card. Booking accommodations or paying for a restaurant reservation has never been easier as the need to exchange foreign currency is eliminated, as well.
Currently, there are no physical Finger Lakes stores that accept this method as of yet. However, it is becoming increasingly common for large chains like Microsoft, Baskin Robins, and Starbucks to accept cryptocurrency as payments in the US. For example, Finger Lakes branches of AMC allow customers to purchase movie tickets with Bitcoin, with some local branches of Subway joining the bandwagon, too. Besides being more savvy for tourists, using crypto payments can be safer for many businesses as it means there is less chance of fraudulent transactions or theft, which is always a positive!
As convenient as crypto payments can be, it does not come without its challenges – one major concern being its fluctuating value. Understandably, many businesses would be hesitant to accept crypto payments as pricing can become unstable, which is a big loss for the party on the receiving end. While up to 2300 businesses in the USA and nearly 15000 businesses globally accept currencies such as Bitcoin and Ethereum, it is still a relatively new platform with much to be explored.
Therefore, freely offering knowledge on what cryptocurrency is and how it works can benefit customers and businesses alike, especially in less technologically advanced tourist areas. And naturally, this means it may take a longer period and much more education on the topic before more businesses begin integrating cryptocurrencies as one of their accepted payment methods.
Besides the lack of knowledge of cryptocurrencies, there is also the added impact of potential skepticism from locals in the area. As to be expected, most tend to avoid what they do not understand and this is no different when it comes to crypto – and often, this can paint things in a negative light which can impact business owners’ willingness to make use of crypto payment options. Since the Fingers Lake region is already a tourist attraction with franchises that accept crypto payments, it has the potential to position itself as a leader in crypto-friendly travel.
However, this is all dependent on the time it takes for Finger Lakes businesses to adapt to this emerging trend. For example, encouraging local businesses to switch to digital payment methods as a first step might be a great start, before educating tourists on how efficient crypto wallets prove to be. While it’s true that traditional payment methods will always be available, introducing cryptocurrency payment options opens the door to many new opportunities. This can include extending Finger Lakes’ target audience and even going so far as to expand the region’s economic growth!
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