In the modern age, from online gift vouchers to movie tickets, nearly anything can be bought with Buy a Car with Cryptocurrency. Amidst the skyrocketi
In the modern age, from online gift vouchers to movie tickets, nearly anything can be bought with Buy a Car with Cryptocurrency. Amidst the skyrocketing popularity of cryptocurrency, the automotive industry has also stepped into the crypto marketplace. This leaves many people wondering how to purchase a car using cryptocurrency.
Since cryptocurrency was publicly launched in 2009, it has been attracting a massive degree of attention. During the financial crisis in 2008, cryptocurrency was primarily found as a way to regulate money circulation without involving a centralized authority.
If we take a look at the statistics from 2021, we realize that transactions carried out in Bitcoin per day reached up to 40,000. On top of that, Ethereum is expected to be processed over 1.1 million times a day. Over the last 12 years, trading in cryptocurrency has taken the financial world by storm. Therefore, making bigger purchases like cars comes as no surprise.
Speaking of buying cars with cryptocurrency, AutoCoinCars serves as an ideal car dealership platform where you can pay in almost all popular forms of cryptocurrency. Being a market leader, AutoCoinCars has partnered with over 500 luxury auto brands to allow access to its customers to more than 5,000 automobiles. All of the high-end vehicles can be but using cryptocurrency with no strings attached.
Fun fact: Soon after AutoCoinCar was launched, one of the crypto-holders in the UK purchased a Range Rover with Bitcoin on AutoCoinCars in 2018.
Read More: Buy Luxury Cars With Cryptocurrency
Before we enlighten you on how to buy cars with crypto, let us understand how cryptocurrency works.
How does cryptocurrency function?
Unlike how fiat currency works, cryptocurrency functions decentrally. Rather than relying on a centralized authority, such as a bank or other financial intermediary, cryptocurrency uses cryptography to make and verify its transactions. It exists independently as digital units.
Cryptocurrencies do not require knowledge of monetary systems. They work in a peer-to-peer fashion, implying that two parties can directly transact with each other without a third party interfering. Not to mention, you can carry out crypto-based transactions online from anywhere in the world.
Cryptocurrency is a virtual currency where every transaction is stored on a public digital ledger, also known as a blockchain, and every recorded transaction is encrypted.
When transactions are carried out, they keep getting added permanently to the ledger. Once entered, the transactional records become invulnerable to malicious attacks. Also, the information of both the participants involved is kept secure and confidential on a blockchain.
Using digital currency is the same as using a debit card for bank credit. It involves a complex system that issues digital currency and records transactional data to electronically send and receive currency.
How can we purchase a car using cryptocurrency?
Although purchasing a car with cash or through financing is different from buying it with digital currency, it is definitely possible. Here are a few possible options you can opt for when considering buying a vehicle with cryptocurrency. In order for you to make a prudent decision, we have enlisted the pros and cons of each option.
Option 1: Find a dealer who is open to accepting cryptocurrency in the form of payment.
Benefit: A very low or negligible transaction fee is involved because there is no need to have your digital currency converted into cash.
Drawback: Finding a reliable dealer that accepts payments in cryptocurrency can be quite challenging. However, with AutoCoinCars, it becomes a hassle-free exercise as you can find more than 500 car vendors listed on the website.
Moreover, mostly, car dealerships and private dealers only accept Bitcoin as a form of payment. Therefore, if you own Ethereum or any cryptocurrency other than Bitcoin, finding a dealer that accepts your desired currency gets even harder. Again, AutoCoinCars comes to the rescue by offering you a one-of-a-kind opportunity to pay in nearly all forms of crypto.
Option 2: Get in touch with a private seller who accepts payments in digital currency.
Benefit: Yet again, there are nearly no transaction fees. Also, since there is barely any paperwork involved, the process is potentially faster and does not require as much hassle.
Drawback: Similar to finding a dealership, looking for an authentic private seller is equally challenging. It should be noted that the cost of a vehicle bought from a private seller tends to be much higher than what you would pay to a dealer.
Option 3: Convert your cryptocurrency into fiat or traditional currency to finance your car purchase.
Benefit: After having your digital currency converted into cash, you can potentially utilize the cash to make other purchases.
Drawback: The biggest drawback associated with this option is a whopping conversion fee. As much as it sounds easy, making your car purchase with crypto turned into cash could cost you a lot of money.
Should you buy a car with cryptocurrency?
In light of the above-mentioned channels. the decision on whether or not to buy automobiles with cryptocurrency is completely up to you. It is your call. Keeping in view the best possible options listed earlier, you can choose to buy your favorite car however you like.
Book your favorite car on AutoCoinCars.
AutoCoinCars offers a large inventory of high-end and premium luxury automobiles to choose from. Including Porsche, Ferrari, Mercedes, Rolls Royce, Range Rover, Audi, BMW, etc.