Abstract
This research aims to provide an overview of the technological solutions of instant payment with cryptocurrencies in the tourism sector. The analysis has been done on various cryptocurrencies and technologies related to them, their transaction processing speed, alternatives on how to optimize it, and what impact it has on cryptocurrency payments adoption to the tourism sector. It was noticed that various places of services in the tourism sector could take a lot of benefits from accepting the cryptocurrency transactions, such as an additional group of clients, eased payment mobility and fast settlement of the received funds, but they are also avoiding accepting the most popular cryptocurrencies due to the volatility of their market, high transactional costs and low transaction confirmation speed, which would cause an issue to manage the customers’ queue while comparing to traditional currency payments. This research revealed that there are solutions to avoid the mentioned drawbacks by offering less popular cryptocurrency acceptance or taking the possible risks of accepting 0-confirmation transactions. The prototype of instant payments solution is suggested where cryptocurrency payment adoption in the tourism sector could be reached by accepting 0-confirmation transactions of the most popular cryptocurrencies with an instant exchange to fiat currencies at the merchant side.
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Acknowledgement
This project has received funding from European Regional Development Fund (project No 13.1.1-LMT-K-718-05-0006) under grant agreement with the Research Council of Lithuania (LMTLT). Funded as European Union’s measure in response to Cov-19 pandemic.
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Laptevaitė, K., Krampas, E., Masteika, S., Driaunys, K., Mačerinskienė, A., Šapkauskienė, A. (2022). Research of Cryptocurrencies Function of Instant Payments in the Tourism Sector: Risks, Options, and Solutions. In: Lopata, A., Gudonienė, D., Butkienė, R. (eds) Information and Software Technologies. ICIST 2022. Communications in Computer and Information Science, vol 1665. Springer, Cham. https://doi.org/10.1007/978-3-031-16302-9_6
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DOI: https://doi.org/10.1007/978-3-031-16302-9_6
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