On December 17, 2017, Bitcoin hit its record trading peak of $20,000 per coin. Early adopters who believed in the technology and bought the cryptocurrency for pennies on the dollar we’re hailed as smart investors because they hung on to their coins despite all uncertainty. They made way more money than what they paid for and reaped the enormous benefits when Bitcoin made its record-setting bull run. Right now, Bitcoin is well below the $20k record, but one coin is still worth plenty of money, $7,307.80, to be exact as of this writing.
You can buy a lot of things with just one Bitcoin, imagine what you can do with ten?
The short answer is yes. You can buy a car with Bitcoins – as long as you can find a seller or dealership that would accept cryptocurrency as payment. The good news is that there are plenty of places where you can use Bitcoin as payment for a used or brand new vehicle. The wrinkle in this situation is that your purchase won’t be anonymous anymore, which defeats the purpose of using Bitcoins as a form of payment. Many people use cryptocurrencies to pay for products or services anonymously.
However, when you’re buying a car using cryptocurrency, you’d need to meet up with the person or go to the dealership, provide your driver’s licenses, pay taxes, insurance, and transfer the vehicle’s title to your name. If you’re an upstanding citizen who has a few disposable Bitcoins, this won’t be an issue.
There are plenty of advantages if you choose to use your Bitcoins to buy a vehicle.
● If you bought your coins before the bull run, you’re getting the car you’re buying for free, or at the very least, for a few hundred bucks.
● Bitcoin’s peer-to-peer network makes transactions faster and ensures security by way of encryption. According to internet fraud statistics this way you’re reducing the risk of fraud, and you’ll only have to wait a few minutes for confirmation.
● You can avoid the additional costs of paying bank fees.
● Most auto dealerships that accept Bitcoins as payment offer flat-rate pricing because their payment processing fees are lower.
There are several places where you can find car sellers that accept Bitcoins as a form of payment, but they’re not as common as the ones that accept cash or credit cards.
You can check car forums and ask the community for referrals on people who accept cryptocurrency as payment. Reddit, Craigslist, and eBay Autos are a good starting point to look for sellers that are willing to trade their ride for your Bitcoins. BuySellCarWithBitcoin is a specialized service that deals only with buyers and sellers who want to transact using Bitcoins. Anyone can post their car up for sale, and the site connects the seller with interested buyers.
If you do make a deal with someone online, don’t forget to do your due diligence and conduct a background check on the person before meeting up. Bring a trusted mechanic to give the car a complete checkup and test drive the vehicle before agreeing to anything. Lastly, check the car history to get more information, like ownership, and if the car was ever in an accident.
Several authorized dealerships accept Bitcoins as a mode of payment for their vehicles. If you’re looking to buy new instead of used, going to a car dealer is the way to go. Dealerships offer more advantages versus private sellers. For starters, you can be sure that a warranty covers the car you’re buying. Another plus is that dealers can offer better freebies and optional upgrades.
The best resource to find dealerships near you that accept Bitcoins as payment is SpendBitcoins. There are about 28 dealerships in the U.S. where you can buy a car using cryptocurrency. If you’re in the market of a supercar or exotic, you can check out autocoincars.com to find a luxury car dealership near your location. Be prepared to go through your Bitcoin stash, though, because the vehicles here can be quite expensive.
There’s no denying that cryptocurrency is the future of payments. There’s nothing like the freedom of being your bank and controlling your assets. There’s an old notion that you should HOLD on to your Bitcoins in anticipation for the next bull run, and that’s sound advice. The number of Bitcoins is finite: only 21 million BTC will ever exist. However, you can spare a few extra coins for a car purchase if you have a large enough stash when the market picks up again. You can even convert your Bitcoins into cash if there’s an emotional attachment to spending them.
Patrick Peterson is a writer/editor at AutoDetective. Born and raised in the automotive world. He’s a passionate writer who crafts exquisite content pieces about everything related to cars and bikes.