The native country of Bitcoin is Indonesia. The first time people in this country heard about bitcoin was when the cryptocurrency exchange platform launched its campaign on 7 January 2016 on Indodax. You can click on the btc news trader to learn more about bitcoin trading.
The tourism sector is one of the sectors with significant growth potential if it is available and accessible to all public. In addition to making payment facilities more convenient, private companies also provide several appealing services for Bitcoin users.
7 ways bitcoin benefits the tourism sector of Indonesia
1. Makes it easier to pay
Because many localities do not provide payment facilities through cards, cryptocurrency becomes the solution.
You can enable all of the data you want with Bitcoin Storage for Android. All transactions will be recorded in real-time to prevent double-spending so that everyone can check the transaction records in Blockchain.
2. Be your bank
The primary purpose of bitcoin was created to give users decentralized control over their money without a central authority who controls them. Bitcoin Wallet allows you to access all information on your smartphone device easily.
3. Accessible 24/7
Bitcoin can be sent or received anywhere at any time, which you can access it anytime, even if the office is closed. Just like email, bitcoin transactions are conducted by email too.
All transactions will be recorded in real-time to prevent double-spending so that everyone can check the transaction records in Blockchain.
4. Intuitive Privacy Protection
Bitcoin wallet for Android devices is designed to ensure your privacy and security. Each transaction will be recorded using numerical pseudonyms instead of your details, which you can quickly check-in Blockchain. It’s like creating a new alias (key) every time you make payment. So the more often the fundamental changes are unique, the safer they will be.
5. Transparency and Publicness
Since the information is recorded in Blockchain, you can easily monitor your account using a bitcoin wallet for Android. Furthermore, all sources are valid so that no counterfeit data can enter the system.
6. Financial inclusion for all
Bitcoin is decentralized so that everyone can participate in the system. This makes it easier for people who have not yet had a bank account to store money outside traditional financial institutions.
7. Increasing Revenue of Online Businesses
Several online businesses are already accepting bitcoin as payment, including travel websites.
In addition, if the price is in bitcoin, there are no banking fees and currency exchange hassles.
5 negative effects of bitcoin on the tourism market of Indonesia
1. Increase in prices
The number of Bitcoin users has increased rapidly, increasing the value of this cryptocurrency. If you buy a bitcoin today at $ 2,000 and then sell it tomorrow at $ 3,000, your money should have doubled. Bitcoin Wallet allows you to monitor the daily price changes for any cryptocurrency.
2. Taxation issues
Any institution does not regulate Bitcoin, so there are still no regulations governing Bitcoin’s use in Indonesia. Although the tax office considers bitcoin transactions as part of electronic commerce, it needs further attention due to its complexity.
3. No security and safety guarantees
The use of Bitcoin Wallet for Android devices is straightforward and straightforward, but it can be risky. If you lose your smartphone device, your bitcoin account will be lost too because the information is recorded in Blockchain. The risk increases if other people gain access to your smartphone device.
4. No insurance coverage
Bitcoin does not provide insurance cover for its users because cryptocurrency is decentralized, and all information is recorded in Blockchain. This can make investors lose their money since there is no guarantee that they will get it back if the value of bitcoin drops rapidly or due to hacking.
5. Illegal transactions are done anonymously
Bitcoin Wallet for Android devices is handy because it allows you to make anonymous payments anywhere and anytime. But unfortunately, this can be used for illegal purposes, such as buying illegal weapons or drugs on the deep web.
If the government of Indonesia does not pay attention to regulating bitcoin transactions, it can cause adverse effects on the tourism industry of Indonesia. This is because many online businesses are beginning to accept this digital currency as payment.