Queensland on 1 Litecoin a Day
One of the issues that continues to plague Bitcoin and other cryptocurrencies is its lack of acceptance among merchants at the point of sale. The reasons are numerous — high transaction fees during Bitcoin’s big bang in early 2018 dissuaded consumers from using it; transaction times are noticeably slower than normal credit cards, and if the volatile currencies drop in value, the merchant is left with less money than they expected.
Currencies like Dash, and the prevalence of crypto wallets, help to ease the pain, but another solution is on the horizon. TravelbyBit, a blockchain startup in Australia, has partnered with the government of Queensland to offer cryptocurrency holidays in the state.
TravelbyBit books your trip so that you can pay for everything — flight, hotels, food, and more — with cryptocurrency. The merchants use a point of sale platform that accepts Bitcoin, Ethereum, Litecoin, Dash, and Binance Coin. You can use a variety of wallets, including Coinomi and Loaf.
One client already onboard with TravelbyBit is the Brisbane Airport Corporation, the first airport in the world to accept cryptocurrencies. They have also implemented a blockchain-powered Point-of-Sale (POS) system across several tourist destinations in this state.
This is a clear use case for crypto holders who are finding it hard to actually use the coins they own. And, in the case of tourist spots that may have trouble processing credit cards, due to state interference or hesitation on the part of big finance, TravelbyBit’s service could solve the problem with its peer to peer mobile payment system. And, as anyone who’s traveled extensively abroad knows, credit card fraud is an ever present risk, especially when using online purchasing. Thanks to TravelbyBit, this is no longer a possibility.
Designs on the Future
TravelbyBit has received an AUD 8.3 million grant as part of the Advance Queensland Initiative.The partnership between the Queensland state government and TravelbyBit ticks all the boxes. Here you have a state government that’s serious about realizing the tourism potential of the state, as well as creating a raft of knowledge-based jobs well suited for the future world economy.
Cryptocurrency is one part of the Advance Queensland Initiative’s goal to modernize the state. Other programs involve empowering Aboriginal scholars, providing a helpful environment to entrepreneurs, and a broader push to incentivize companies to go digital.
It would surprise no one, however, if blockchain became a fundamental part of more parts of the initiative. Australia as a whole has been on the forefront of the technology for some years now, and has distinguished itself from other countries as an ardent supporter of the power of secure, decentralized networks.
Recently it partnered with IBM for a five-year deal worth AUD 1 billion.The deal integrates blockchain and AI with many government services in order to improve security. Other use cases include going paperless, streamlining border crossings, and reducing banking fees and transaction costs.
If Australia continues to embrace cryptocurrency and blockchain through initiatives such as TravelbyBit and its partnership with IBM, it will go a long way toward weaving these now cutting edge technologies into the daily life of its citizens.