Author: admin / Date: August 9, 2022 / Tags: cryptocurrency
You’ve got some crypto coins, maybe you were one of the lucky GameStop investors or you sold an NFT for a nice chunk of Ethereum, and you’re ready to buy your next car. Can you buy a Bentley with Bitcoin? Let’s take a look at what car companies are accepting cryptocurrency as a form of payment for one of their vehicles.
If you’re in the market to purchase a new car, but are not familiar with cryptocurrency, this is the short definition: it’s digital currency that can be used in exchange for goods or services by whomever accepts this form of payment. It can get a bit confusing if you want to know how cryptocurrency works. Because it’s digital money, it cannot be printed, making it much more difficult to counterfeit than paper money. The entire thing works using a technology called blockchain, in which numerous publicly viewable computers record each and every transaction in a virtual ledger, making it nearly impossible for any type of interference, such as fake transactions.
Similar to the stock market, there are different types of markets in cryptocurrency. Two of the most popular cryptocurrency today are Bitcoin and Etherium. They each have their own value, and, much like the stock market, it fluctuates on a daily basis, 24/7 since the virtual markets never close.
The good news for car enthusiasts and crypto collectors is that many dealers in the U.S. and the U.K along with several other European dealers are taking virtual currency, particularly luxury brands, as high net worth individuals tend to be leading the way in cryptocurrency transactions.
By the time this article posts there will probably be more to add to the list because new companies accepting Bitcoin are popping up every day, but here are a few places where your digital funds can become your real life drive.
Online sites like CarCoin and Europe’s Bitcars are making it easy to hop on the internet and purchase a dream car with your crypto. Tesla may have stopped accepting crypto but that isn’t slowing the market down any. As Bitcars tweeted: “Sorry @elonmusk, we sold @Tesla for #Bitcoin years before you came up with the idea. We will keep going! Thanks for freeing up the space 😉
Many businesses are already ahead of the game, but more and more are going to be joining in and taking advantage of a new way of doing business. Cryptocurrency has gained overall value since it all started, causing a bit of a stir in the business world and consumer world.
If you do purchase your crypto-car online, don’t forget to take into account the delivery / shipping of the vehicle! And if you’re importing, here are some tips to help you save!