By Basil Elotol, CEO and Co-Founder of Triphop
Experiencing life abroad can be expensive, especially if you harbor a serious case of wanderlust. Airfare, hotels, tours, nightlife, and, of course, foreign cuisine, can be costly depending on your destination of choice. Noticing the dent you made in your bank account towards the end of your trip is enough to make you mutter “there’s no place like home,” even though you secretly wish you had the funds to extend your stay. What’s a travel digital nomad to do? How can travelers stay on the open road and cash in on their adventures, too? Luckily, with blockchain on the rise and cryptocurrency making major market moves, there’s now a way to receive consumer and guest benefits when remaining loyal to your favorite foreign hotspot. Crypto points are empowering worldwide travelers with new opportunities that reward them for exploring the world outside of their homes.
Crypto points and loyalty programs based on the blockchain offer travelers complete freedom when it comes to choosing where to go and how to spend their valuable vacation time, while simultaneously releasing them from the limitations of traditional loyalty programs that come with gimmicks and conditions written in fine print.
Crypto loyalty programs increase point value, point blank. How? Because the rewards and loyalty points that are accumulated through continuous visits to specific hotels, hotspots, airlines, and other destinations will never go to waste. Not because of an application reminder or an automated use action, but because of blockchain’s ability to convert loyalty benefits into another publicly coveted form of finance; a crypto asset. Points that can easily be transferred to a traveler’s portfolio of assets reassures them that have attained a truly valuable reward as a result of their wanderlust, that also comes without time restriction or the added pressure of flying somewhere before it expires.
Just as points can be transferred to a portfolio as a new crypto asset, tokens and coins can be transformed into “off the chain” gift cards. These gift cards can be spent at the host’s locations or on a service that is aligned with another loyalty program. Gift cards are an ideal solution for users who find themselves in a constant state of worry for wasting their points, or feel that they need to travel when the time isn’t right in order to use them. With crypto-based loyalty programs, users don’t need to run the risk of holding onto a token long term in a volatile market.
Managing separate sets of rewards and loyalty points amongst an array of programs can be stressful and become a financial mess. The unification of loyalty programs allows these fragmented systems, which primarily consist of flight miles, hotels, and car rental points, to come together in one place. This way, rewards and benefits are no longer split up and found amongst different gift cards, accounts, or host companies.
Travel rewards and loyalty benefits are often lost in translation when they were collected as a result of an overseas trip. This is one of the most prevalent limitations of traditional loyalty programs, but is a non-issue when participating in a crypto-based program. Currency exchange and its associated commissions are irrelevant on the blockchain, allowing points to be cashed in or used abroad without excess transaction fees or international regulations. This makes it easier for travelers to store value points from foreign destinations that can be redeemed anywhere.
Crypto points are revolutionizing loyalty programs within the travel industry by unifying the different sectors of transportation and hospitality, all while sustaining a valuable, trustworthy method of reward. Travelers choosing to frequent their favorite destinations can attain loyalty assets in the form of miles, coupons, and points without having to worry about time limits set on use or being in a specific location according to currency when attempting to redeem points. Now, a greater point value has been established through coin and token rewards, and travelers can move freely throughout the world while their points on the blockchain simply follow their footsteps without getting lost or forgotten.
Basil Elotol is the Co-Founder and CEO of Triphop, the online travel company that gives travelers the freedom to reward themselves by providing a simple, immediate, and extremely generous token rewards program. Triphop has grown to become the most rewarding online travel website in the hotel booking marketplace. With over 15 years in the travel and technology industry, Basil has become a leading expert in the space. Prior to founding Triphop, Basil was part of the executive team of a travel and roaming technology startup and played an instrumental role in successfully growing the company until its successful acquisition. Basil started his career working for Fortune 500 companies such as Accenture and SAP.