Many people with limited knowledge of cryptocurrency see little point in a parallel currency operating outside standard monetary systems. It is safe to say these people will not appreciate the complexity that can be involved in living in more than one country.
To those who just live here in the UK, the familiar pound Sterling will do just fine. Whether paying by card online or in person or even handing over old-fashioned notes and coins, the transactions will be familiar and straightforward.
The Benefits Of A Multinational Currency
Of course, it might have been different. Back in the 1990s there appeared a genuine possibility that Britain might join the single currency project in the EU, before it joined Sweden and Denmark in opting out when the Euro was launched in 2002.
And if you have a life that is split between the UK and a Eurozone member country, you will soon be familiar with using two currencies. However, those who might split their life between two or more Eurozone currencies are in the easier situation of being able to use the same money all the time.
The benefits of this are obvious; no messing around with fluctuating exchange rates, fees and card charges, all making life much easier, which is exactly how it was designed to be.
Of course, the Euro has not been quite such a success as hoped, especially with the same currency being used by multiple countries with different approaches to government spending, borrowing and tax, as seen when countries like Ireland and Greece needed bailouts.
None of that, however, will apply to cryptocurrency, since this has the advantage of lying outside the state-sanctioned (or EU-sanctioned) monetary systems used to tax people or facilitate government borrowing. This is where a crypto visa card can come into its own.
The Limits Of Euro Usage
Cryptocurrency takes the convenience that the Eurozone enjoys across borders and extends the principle. Take the EU: At present, 20 out of 27 EU members use the Euro, with six of the other seven planning to (Denmark is the exception).
The currency is also used in Montenegro and the microstates of Andorra, San Marino, Monaco and the Vatican City. Kosovo, which not everyone recognises as an independent country, also uses it, as do some overseas Dutch, Belgian and French territories.
While all that may be great if you want to visit the Vatican while in Rome, cross from France to Monaco or fly from Paris to enjoy a sunshine holiday in Martinique, it still leaves the rest of the world where neither Sterling nor the Euro will do. Some may use the US dollar as a hard currency, but more often than not they will require payment in their own money.
This means the currency exchange inconveniences and costs still exist, for instance, for those who split their lives between countries like the UK and Australia (around a million Australian residents are UK-born, while over 80,000 Australians live in Britain).
How Crypto Can Help With Temporary Stays
Having a crypto card that can be accepted in multiple countries that do not share a currency is the most obvious answer. This does not just apply when residency means having a home in more than one country; it can be even more important when work regularly takes you between countries, as a crypto card can pay for costs like hotel stays.
When travel firms accept crypto, this can be invaluable for your flights, ferries and cross-border rail journeys, or maybe even car hire if you need to acquire a vehicle for temporary use on an overseas trip.
The more the frequency of your overseas travels, the more all these costs will add up, especially if there are extra charges for converting between currencies.
Given that many leading hotel chains now accept crypto, the benefits are clear whether you might use them for an occasional holiday, for work trips in your own country, or when making frequent visits abroad. The sheer flexibility of using crypto and having a card facility to pay for things this way means what was once all too complex will become simple.
The other advantage of all this is that it is easier to keep track of costs. If everything can be totted up in units of crypto, rather than whatever the cost is one week in pounds, the next in Euros and the next in Australian or US dollars – all while exchange rates are fluctuating – the cost to you can be easier to calculate, making budgeting simpler.
Splitting your life between different countries can bring various challenges and complexities from language barriers to driving on different sides of the road. Buy with a crypto card, one problem can be avoided.