Cryptocurrency is seeing extensive adoption in the transportation and automotive industry. The days when the volatility and wild swings in the cryptocurrency prices would drive people off have subsided, and an increasing number of people have started trading in digital currencies.
Although the regulations regarding cryptocurrency are still unclear in some parts of the world, most of the countries have now devised policies that allow cryptocurrency owners to purchase commodities and services using their coins.
Today, cryptocurrency is also accepted as a payment method for transportation. Public transport riders in some parts of Argentina can now use Bitcoin to pay for bus and train fares through the ‘SUBE card’ – a unified electronic ticket system. With progressive developments and widespread adoption, digital currencies are now acknowledged as a legitimate method of transaction in various industries.
How to purchase a car with cryptocurrency?
As the number of people owning crypto assets is gradually increasing, more and more merchants and dealerships have begun accepting digital currency in place of fiat currency. Now, you can purchase a luxury apartment, book your ticket, or buy a car using your digital coins. As long as you can find a dealership that accepts cryptocurrency as a mode of payment, you are ready to strike a deal.
Below are some of the methods to purchase your favorite car with cryptocurrency.
1. Buy online:
With the popularity and unexpected boom in the prices of various cryptocurrencies, many online car buying and selling services have emerged that cater to the needs of cryptocurrency owners. There are many online services that allow car buyers to purchase a vehicle with cryptographic money. There are other services that connect car buyers and private sellers who accept cryptocurrency as a method of payment.
Many startups have also joined hands with online platforms to do their cryptocurrency bidding. Truebil, for instance, has partnered with Unocoin to sell vehicles without accepting cryptocurrencies directly. If a buyer wants to buy a car from Truebil, s/he pays the cryptographic money to Unocoin, who then deposits the money in Truebil’s account.
You can also look for private car dealers in online marketplaces and buy your favorite car. However, it is advised to be wary of shady deals, especially when purchasing an inexpensive item. Here are a few tips that can keep you safe from online frauds and scams when buying a vehicle.
- Do your research and investigate the seller by performing a background check
- Inspect the car and check the vehicle history before making a purchase
- Buy the car in person as photos can be misleading
As the concept of buying a car with cryptocurrency is relatively new, there is always a chance to get yourself into trouble. Be extra cautious of the process because once the digital coins leave your cryptocurrency wallet, it is hard to recover them.
2. Buy from a dealership:
The increased knowledge and exposure of digital payments have urged many car dealerships to accept cryptographic money as a mode of payment. Many who do not accept cryptocurrency directly have contacts with intermediaries who facilitate the conversion of coins into fiat currency. Several web-based companies and websites have emerged as the ‘middle man’ between individual car buyers and dealerships.
However, it is advised to do a thorough background check before trusting any intermediary company with your digital currency. Visit their website and read the reviews and feedback to see what other customers are saying about the service.
Although dealerships prices tend to be a little higher than private sellers, they have plenty of advantages too. They are more reliable, safer, and often offer extended warranties and freebies. If you have good negotiation skills, you can always strike a good deal.
3. Convert your cryptocurrency to cash:
In case you find it hard to locate a dealership or a private seller who accept cryptocurrency, you can convert your coins to cash before buying the vehicle. This is perhaps the simplest and most hassle-free way to buy a vehicle without asking the seller to accept cryptocurrency. There are plenty of online and offline trading platforms that convert digital currency into fiat currency. For a small fee, the trading company will exchange your cryptocurrency and deposit the funds to your bank account.
Here again, do proper research and investigate the trading service before handing them your coins for exchange. Also, check the exchange rate for the particular cryptocurrency to make sure you get the right amount for your coins.
Moving towards a cashless economy:
No one can deny the comfort and safety that cryptocurrency provides. With a powerful decentralized and distributed ledger technology behind it, no bank or central governing authority control your money, you do! Additionally, cryptocurrency frees you from the need to carry cash or cards. With a single swipe of your finger and a QR code, you can purchase your dream car or buy your favorite apartment. The ease, comfort, and security make cryptocurrency as the money of the future.
Cryptocurrency and the technology that underpins it, have already disrupted various industries since their rise a decade ago. However, no technology goes from rare to ubiquitous overnight. Cryptocurrency has still a long way to go, and as the knowledge about it increases, more and more people will switch to the medium. This will help the digital currency go mainstream and pave the way for innovative methods and solutions.