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The future is cryptic
Cryptocurrencies are here to stay. Bitcoin was the  rst decentralised cryptocurrency, launched in 2009. All Bitcoin transactions are recorded in the Blockchain, a peer-to-peer platform similar to PayPal, but without the intervention of a  nancial institution.
Governments and companies are looking closely at the success and development of Bitcoin, as
it has the potential to disrupt existing payment infrastructure and entire economies. The Chinese central bank PBOC has cracked down
on Bitcoin, while looking to launch its own cryptocurrency; this allows the Chinese economy to continue its digital revolution, while the PBOC keeps control over the  nancial market.
The impact on the travel industry could be immense, not only in the way people pay for travel, but also by simplifying loyalty schemes and through smart contracts. German start-up Etherisc, for example, has used Blockchain
to write a fully-automated travel insurance pay-out programme.
With the price of Bitcoin currently going up, it is a great investment, but not necessarily a good way to pay for your holiday in advance. As cryptocurrencies become more widespread in the future, the market should stabilise, and it will become much more compelling as a retail concept. The bigger the ship, the easier it is to weather the storm.
Daniel Scott
Co-founder, CoinCorner
ASIA
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