It’s one small step for the digital economy, but one gigantic leap for the Australian travel industry when a soon-to-be-released travel cryptocurrency takes us all well and truly into the digital age.
It’s still very much a secret, but KarryOn has been in clandestine correspondence with an industry insider who has revealed that the Australian travel industry will soon announce that they too have gotten on the blockchain train, with plans to unleash a new digital currency into the market.
Soon to be traded on all major cryptocurrency exchanges (such as Binance and KuCoin) under the code TRVL, TravelCoin will be an Australian-wide payment system that consumers can use to pay for their travels.
As a decentralised payment system, travel companies both here and abroad will be able to offer their products and services to the Australian market directly, cutting out the middleman and potentially passing on incredible savings to the Aussie traveller.
Pretty exciting huh?!
CryptoBnB: A potential competitor to TravelCoin.
According to the industry insider, the new cryptocurrency will gradually replace credit vouchers and eventually be the sole method of payment for travel for three of the major players* in the Australian travel industry.
The source also revealed that certain high-ranking movers and shakers in the industry have already purchased the equivalent of $6.4 million in TRVL tokens, such is their belief in the future success of this new cryptocurrency.
The blockchain nature of the new payment method means that travel agents will no longer have to wait for BPAY deposits to enter the store account, as deposits will be instant.
It also means that they will no longer have to charge clients credit card fees when collecting payment.
When finally released, TravelCoin won’t be the first digital currency in existence that could be used to purchase travel.
Back in 2013, CheapAir.com was the first online travel agency in the world to accept Bitcoin payments. And Expedia currently accepts Bitcoin for hotel bookings.
But if adopted by the entire Australian travel industry,TravelCoin will be the first travel-specific cryptocurrency in the world.
Just when TravelCoin will be available for purchase on the exchanges is still up in the air. It’s unlikely to be anytime soon, as South Korea, China and even the USA continue to introduce measures to stop the surging popularity of Bitcoin and other digital assets.
But the rise of cryptocurrencies,TravelCoin included, is inevitable, so when they are finally available for purchases on the exchanges, you may want to take note and purchase a few dozen TravelCoins…
Because who knows, in the next few years, you may be one of the first TravelCoin billionaires!
Stay tuned to KarryOn for more deets as they come to light.
*When pressed for details, our source was reluctant to divulge further information, and for the sake of keeping this source in our corner, we decided to honour this and hound him/her no more.
**IMPORTANT NOTE: This is a KarryOn Comedy article and is obviously satire. It should in no way be taken seriously unless you want to that is. This particularly pertains to the “financial” advice included above. Sorry to mislead you in the opening paragraph, but seriously you should know better by now!