Bitcoin is gaining popularity which means that more and more vendors are also accepting it as payment.
Combining this fact with bitcoin reaching new all-time highs, many are looking for opportunities to purchase big-ticket items, such as a car, with their coins directly.
The reality is that purchasing a car with bitcoin is possible and easier than ever before.
Historically, using digital assets to purchase a car would require someone to cash in their crypto on a cryptocurrency exchange, pay the associated fees, and then use the transferred funds to make a purchase.
Conducting a transaction in this way is still possible but can be costly.
Now, bitcoin can be used in transactions directly through a global crypto marketplace that offers automotive vehicles or by locating a car dealer that accepts bitcoin.
Global Marketplace
Using a global marketplace, purchasers may use one targeted at car sales or one that sells big-ticket items in general.
CryptoExchange offers a marketplace escrow service to safely purchase a number of large ticket items in their marketplace, including exotic cars.
Autocoincars is another platform that operates in a similar manner. Using this portal, bitcoin buyers can search for a car they are interested in buying.
Buyers can then contact the dealer and confirm their willingness to accept cryptocurrency for their product.
Once the dealer agrees, the buyer can then connect with Autocoincars and agree to the cryptocurrency and rate of exchange that will be used.
Once the terms have been agreed upon, funds are sent to Autocoincars, who will convert the money into the local currency and transfer it to the seller. The buyer will then be required to pick up their new vehicle.
Dealers That Accept Bitcoin
In Canada, S.A.S.S. Auto Group allows bitcoin enthusiasts to use their tokens to buy a car in Ontario.
The company has relationships with many who work in the cryptocurrency industry and will help with conducting the transaction.
When a transaction occurs, bitcoin is simply converted to Canadian currency after transferring from wallet to wallet.
Since cryptocurrencies are known to be volatile, the team will work to set a range value in CAD that your cryptocurrency might be worth at a given point of sale.
The European Union (EU) platform, Bitcars, is another option for making luxury car purchases. While most of the cars are located in Europe, cars can be found and shipped worldwide.
To make a purchase, buyers can send an inquiry to the platform.
Once the car has been found, the Bitcars team will register the car and seller on their webshop so users can complete their purchase through their online payment processor.
The company will handle the associated paperwork and payment details. Most cars can be transported immediately but may be different if a purchaser requires customizations on the vehicle.
Recently, Tesla has announced that they will start accepting digital currencies for the purchase of their vehicles in the very near future.
Additionally, many BMW dealers in the United States and the United Kingdom are already taking bitcoin for payment of luxury vehicles.
This is believed to extend towards non-luxury vehicles if there is enough interest in this payment option.
Before making a purchase through one of these platforms, it is important for consumers to consider customer reviews of each platform.
Since vehicles can be expensive, it is important to know exactly who you are dealing with before putting any of your hard-earned cryptocurrency on the line.