Cryptocurrencies in Travel and Tourism Report 2023, phemex cryptocurrencies and Berkeley Travel

The globalization and digitization of travel and tourism are both driving the demand for easy-to-use and cheap international transaction processes and payment systems. Blockchain technologies are predicted to substantially transform the tourism industry. Tourists are beginning to discover that cryptocurrencies offer such opportunities-by simplifying cross-border transactions and overcoming the associated foreign currency exchange costs. At present, cryptocurrencies are the most advanced application of public blockchains that promise benefits such as a universal means of payment and minimal fees through the removal of intermediaries. Trust is fundamental in the use of cryptocurrencies. Although there are no intermediaries to be trusted, users need to trust the payment system as a whole, as perceived trustworthiness determines the use of cryptocurrencies.

               

In the tourism industry, although many tourism vendors have been accepting cryptocurrencies and the potential of using cryptocurrencies in travel-related consumption has been intensively documented, existing knowledge about travelers' intention to use cryptocurrencies for payment purposes is limited. Traditional models do not account for the idiosyncrasies of cryptocurrencies and are therefore less appropriate to foster the understanding of travelers' adoption of travel-related payments. Blockchain technology, which by itself consists of a multitude of protocols, platforms, consensus mechanisms, and cryptographic primitives, is far from being fully developed. 

The crypto market is immature and constantly evolving. It includes established cryptocurrencies such as bitcoin and ether and newer entrants like Solana and Avalanche. In addition to these cryptocurrencies, numerous companies offer a wide range of supporting services. As the crypto market evolves, new players will emerge, and the landscape will change significantly over the next two years.

 

What Is Phemex?

Phemex is a centralized exchange founded by Jack Tao, a senior executive from Morgan Stanley, with the goal of bringing professionalism and trust to the crypto ecosystem. The exchange is based in Singapore and supports over 200 countries, but is, notably, not available in every jurisdiction. Traders turn to Phemex for its ease of use, highly liquid markets, and a breadth of ecosystem features. 

 

 

Phemex Key Features

When it comes to centralized exchanges, Phemex is up against some stiff competition from industry giants like Binance, Coinbase, Crypto.com and countless others. Phemex holds its own, though, thanks to a host of innovative features — some of which you won’t find anywhere else. 

Lots of Supported Tokens: Phemex makes it easy to buy, sell, trade, and speculate on almost every type of well-known crypto token. The exchange allows you to deposit funds using a number of fiat currencies through both direct transfers and credit card payments.

“Phemexia” Web3 Ecosystem: As the first “Semi-Centralized” exchange, Phemex is creating an entire web3 world complete with DAO governance, an identity NFT, a crypto wallet, and much more. Phemex blurs the lines between DeFi and CeFi in a unique and refreshing way. 

Innovative Platform Features: On Phemex you can do a lot more than just trade crypto. Copy the profitable strategies of other traders, set up trading bots, and even swap your assets peer-to-peer. There are also prediction markets, high-APY staking pools, a Launchpad for early supporters of new projects, and even a “Learn & Earn” program where you get paid to learn about crypto. 

Contests & Prizes: As Phemex is gearing up for the release of their Phemex Token in late 2023, they’re sweetening the pot for new members by offering large giveaways of ETH and rewarding users in xPT tokens for referring their friends. 

Phemex Fees

Centralized exchanges have two main types of fees: maker fees & taker fees. Whenever you are adding liquidity to the orderbook, you are considered a market “maker” and whenever you are taking liquidity out of the orderbook, you are considered a market “taker”. 

Phemex Homepage

Most exchanges charge higher taker fees than maker fees, as they want to incentivize traders to add liquidity rather than take it away. Phemex does this for its contract markets, but it charges a flat fee for makers and takers in their spot markets, which is a benefit that many competitors don’t offer. 

The Phemex fees themselves are relatively straightforward:

Spot Markets: 0.1% maker & 0.1% taker fees

Contract Markets: 0.01% maker and a 0.06% taker fees

Withdrawal Fees: Relatively low, but different for each coin (see full list here)

Trading fees can be reduced by taking part in the Phemex VIP program where traders get a discount on fees based on trading volume. The VIP program is split up into different discounts for spot trading and for contract trading. 

Our Expert Review Of Phemex 

Phemex provides all of the services you may have come to expect from large exchanges, including a number of ways to buy and sell crypto, spot markets, perpetual contracts markets, and yield-bearing savings accounts. 

Phemex stands out in important ways, however. The platform’s biggest differentiator is its “Semi-Centralized” hybrid model that borrows web3 features like DAO governance, an identity NFT, and cryptographic proof of reserves. 

Let’s start at the basics and take a look at everything the exchange has to offer.

Phemex FAQs