Is the idea of buying a car with crypto still futuristic? The answer is NO.
Using virtual currency to buy assets as big as cars was once an idea so futuristic that it was nearly impossible for most people to envisage – the very notion has become fairly fathomable and is now being widely practiced in the modern world. With cryptocurrency’s burgeoning popularity in the UK (or around the world), a massive number of people, who were once deprived of the ability to buy even regular and substandard cars, has started to invest in cryptocurrencies, including Bitcoins and NFTs, to buy a car.
Why should you invest in cryptocurrencies when considering purchasing a car?
Statistics reveal that the cryptocurrency market is worth over $3 trillion as of 2021 – the market size is speculated to take a huge leap from $1.6 million to $2.2 million in the next 5 years. Moreover, more than 300 million people utilise crypto globally, with +18,000 businesses currently accepting virtual payments.
Furthermore, the transactions conducted between the participants involved are secured and made safe via several authentication processes and checks – unlike the counterfeit transactions associated with traditional payment modes. As for the transaction fee, it could plummet as low as zero, contingent upon the exchange rate used. Another plus is that if the value of the digital currency rises, a car that is worth more than what was paid in crypto could potentially be bought – definitely a cherry on the top!
A digital currency transaction provides a great degree of transparency between the parties engaged. This allows retailers and consumers to save time, effort, and resources as they are not required to perform manual checks.
In the light of the aforementioned facts and figures, it is safe to say that investing in cryptocurrencies, in an attempt to buy a car, is a great approach.
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Now that you have many reasons to invest in crypto, especially when it comes to buying a car, it’s also worth knowing which crypto to invest in in the first place.
Which cryptocurrency to invest in?
Mostly, people confuse cryptocurrency with Bitcoins alone, which is one of the many or thousands of digital currencies existing under the “crypto” umbrella. Nevertheless, BTC tends to be the talk of the town for its highest market capitalisation. Following are the top five types of digital currency in trend in terms of trading volume:
Bitcoins (BTC): It is the “first” digital asset – original form of cryptocurrency, inaugurated in 2009, which currently has the highest market cap of all other virtual currencies.
Ethereum (ETC): Its popularity is surging due to it being effectively compatible with NFTs and virtual apps, and also because of its ability to initiate a contract, automatically, once the buying conditions are met.
Tether (USDT): Tether is considered one of the most stable coins as each Tether token (USDT) is tied or “tethered” to one $, thereby providing traders a stable space to park their funds.
Binance Coin (BNB): Binance Coin is an exchange-based utility token that is issued by Binance – the largest cryptocurrency exchange worldwide. It can be used to make payments and buy several goods and services.
USD Coin (USD): Being another stable-coin, USD Coin is also pegged to the value of a United States dollar and is held in segregated accounts that are controlled by the U.S. financial institutions.
Once you’ve invested in a certain digital currency, the question arises, how can you buy a car with crypto?
There are apparently two ways to do so: it can be bought directly from either a dealer, who accepts digital currency, or a private seller dealing in crypto. Although either of the options could be availed, it is prudent to work with a dealer, as finding the “right” private sellers who are comfortable with the currency involves a great deal of hassle. Therefore, as a matter of fact, the majority of people opt for a dealer.
Wondering how to access credible dealers in the UK? AutoCoinCars serves as one of the leading and most reliable car dealership platforms in the UK. It provides access to purchase flagship and regular cars for day-to-day use using cryptocurrency. By partnering with over hundred dealerships internationally, AutoCoinCars provides a great opportunity for its customers to connect with dealers accepting digital currency in the UK, and thus, helps them acquire their favourite cars in the most affordable manner.
Steps to purchasing a car using crypto:
Step1: You need to assure you possess tons of cryptocurrency (Bitcoins) in your digital wallet as it is most widely accepted as a mode of payment by car dealerships.
Step2: You need to have a digital wallet accessed via eToro or Coinbase.
Step3: Spend ample time researching and learning about several crypto exchange apps that are secure and easy-to-use, such as BitPay or BTCpay. Download the app and create your account.
Step4: Make sure the virtual currency you have matches the currency the dealer or dealership you’re interested in working with accepts.
Step5: Link your digital wallet to the app so that payment can be requested by the car dealer through the crypto app.
Step6: Choose the vehicle of your choice and you’re all set to cruise!
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