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Cryptocurrencies as a payment method for buying cars

couple at car dealer buying new car 2022 12 16 22 39 13 utc

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3 July 2023

Cryptocurrencies are one of the defining features of the digital age. Ever since the great technological discoveries of the 21 first century, mainly the information age, there has been a great process of digitalization. This means many meaningful real lives objects have been digitalized in the information virtual world.

Cryptocurrencies nowadays are being integrated into the real world and are acknowledged as payment methods even for purchasing a vehicle. Many automobile dealerships have accepted crypto as a legitimate payment method.

 Crypto Currencies in the automobile business 

Modern-day cryptocurrencies are used for various activities, including trading, wagering, and betting. Many of them have been in use by online casinos and betting sites as separate payment methods, but there are still betting sites like novibet.ie, specialize at bringing betting online that exclusively use traditional payment methods.

Cryptocurrencies are now considered part of the mainstream, and, as mentioned above, many automobile companies have accepted crypto.

One of the first dealerships to accept crypto as payment was the Californian Lamborghini dealership, which accepted crypto back in 2017. Other Luxury car dealerships started to follow the trend in places like New York, Atlanta, and Albany. Tesla is another famous car dealership who have recently accepted trading Telas for Bitcoin. The first payment of bitcoin for Tesla can be traced back to 2013 when a man bought a Tesla for 100,300 dollars worth of bitcoin.

BMW now accepts cryptocurrencies as well. There are many vendors across the UK and the US who now sell items and services for digital payments. BMW’s choice to shift to crypto is considered good since crypto is still gaining in popularity.

There are also car dealerships that were founded to trade exclusively with crypto, such as Bitcars. Before they started dealing with cars, Bitcars sold bitcoin-themed watches, but afterward, they founded a company that is heavily focused on dealing with luxurious and collectible cars.

How to Get Cryptocurrencies 

Cryptocurrencies are, as the name suggests, protected by cryptography, which means the identity of the person using them will be hidden. The key idea behind most cryptocurrencies is that they will protect the identity of the individual.

Cryptocurrencies can be mined in a process called mining or purchased in centralized and decentralized exchanges or peer-to-peer transactions. The person who wants to own a cryptocurrency must hold a crypto wallet. However, the majority of cryptocurrencies are purchased not simply to be used for transactions but for speculation in the market.

The Crypto World in 2023 

Cryptocurrencies are not immune to world economic trends, so like any other financial subject, they have been witnessing a downtrend over recent years. Many financial experts have doubts over crypto, seeing that the cryptocurrency, primarily bitcoin, has failed to succeed in its ambitious idea of being the real transaction alternative of the normal fiat currency. Many brands have dropped accepting payments in virtual currencies from time to time, like Tesla in May 2021, although they promise to once again accept payment. However, it is still early to establish if the cryptocurrencies will fail or if they will continue to get adopted as a normal payment method.

 

 

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Business Motoring is the motoring resource for small businesses and SME small fleets running company cars and business cars.

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