BPC, aka Backpacker Coin, is a stable cryptocurrency that is aimed to revolutionize the travel industry worldwide with the power of blockchain technology. The innovative new cryptocurrency is launched on July 7th in Singapore. On the launch event, the BPC spokesperson said, “Not Libra coin, but BPC is the first stable cryptocurrency in the world”. His statement grabbed quite some attention from the media houses, considering Facebook’s recent launch of their own cryptocurrency called the Libra Coin. He further added, “We have been working on this idea from the past 8 months and finally launched a cryptocurrency with a promise to maintain the price at $1 for at least the next 30 months”. The event held at The Metropolis Tower two, 11 North Buona Vista Drive, Singapore was attended by selected promoters/ambassadors and leaders of BPC from around the world.
BPC coin explores the opportunity offered by the ever-growing travel and tourism industry, accounts for about $8.8 trillion and 319 million employment to the world economy. The problem with centralized systems is, however, that it involves a lot of unnecessary fees and commissions imposed by middlemen in the travel industry. Apart from the booking costs, other major fees like a 15% currency exchange, etc., causes a lot of cost to the travelers. This is when the Backpacker Coin comes to light, that aims to revolutionize the travel industry by bringing decentralization into the system which will eventually decrease the end cost to the consumers and provide them a more efficient way to plan their travel.
One of the major advantages of using digital currency while traveling is that the transaction fees are almost negligible. BPC will serve as a payment alternative while traveling which will eliminate the currency conversion charges and the need for carrying large amounts of cash when traveling to foreign countries. The travelers can also avoid the bank fees that are charged while withdrawing cash from the ATM and the need for using credit cards as well. The BPC ecosystem will have easy cryptocurrency payment integration and a digital arbitration system. Being based on the blockchain technology means that the coin will be open to everyone and remain functional on the worldwide platform. To maintain security, BPC will be stored securely on an encrypted crypto wallet. The BPC payment is backed up by the Smart Asset Blockchain through which the security, dependability and quick transactions are already proved.
In addition, BPC will make cryptocurrency dealings easy and efficient. The travelers can use the BPC wallet on supportive websites to order travel tickets, book hotels and hire a car or other lodgings. The annual inflation rate of BPC is estimated to be 4.25% and with increased usage of the coin, the value if expected to increase substantially. BPC is an organization distributed in a blockchain managed by DAMO, the first decentralized autonomous meritocratic organization.
More information about the Backpacker Coin can be found on its official website.