How to buy your favorite car with cryptocurrency

The pain of having your fav wheels drive past you is real. When you don’t have the bank balance to cut your favorite deal, you have no choice but to give up.

But, hang in there!

Digital currencies may turn out to be your knight in shining armor. If you have saved some bucks over the last few years, now is the best time to invest in cryptocurrencies. Who knows, you may end up with enough money to buy your dear car next year?

Going back in the past

Historically, if someone was willing to use their cryptocurrencies to buy a physical asset, they had to cash their crypto through a regulated exchange process. This often brought extra charges making the exchange heavy on their pockets.

However, many crypto owners preferred complete anonymity. They liked the chances to buy directly from the seller using their crypto coins. This was not possible until recent times. Wide-scale adoption has led to crypto-trading and the acceptance of cryptocurrency as a valid payment mode.

You can buy anything with your virtual currency these days, ranging from a mansion in Los Angeles to a vehicle you were eyeing for a long time.

Buying a car with a cryptocurrency

As mentioned above, you can now buy your favorite wheels using Bitcoin or any other cryptocurrency.

The only challenge you will encounter is finding a car seller who accepts it as a payment mode. Until recently, there were a few people who worked in this domain.

Nonetheless, we are now living in a different economic climate. You can buy a car online from Autocoincars or any other portal you find reliable. They bring a straightforward process where the buyers have a vast range of new and used vehicles to choose from.

Sellers, on the other hand, have also realized the massive potential of cryptocurrencies. They are less inclined to use traditional portals like eBay to sell their wheels. Instead, they put up their cars for sale on platforms like Autocoin to reap the rewards from this frantic crypto adoption.

You can also scan the online marketplaces for private car sellers. Some people accept cryptocurrency as payment, but there is a catch – buying big-ticket items online can be risky! You must complete the process with due diligence and find adequate information about the seller.

Buying a car with cryptocurrency – step-by-step explanation

Once you have spotted a reliable car selling portal, the following are the steps you must take:

• Search the portal – Look if your favorite car is available on this platform, whether new or old.
• Contact – Next, you have to contact the dealer and confirm if they will accept cryptocurrency payment
• Negotiation – The negotiation process is where you ask the seller to make some concession
• Agreement – When the deal is final, the buyer has to contact the central platform and agrees on the cryptocurrency usage as well as the agreed exchange rate

After the agreement, the buyer has to dispatch the crypto payment to the hosting platform. Once they convert it to the local currency, the dealer gets the agreed balance. The buyer receives permission to collect their car.

Play safe

Keep in mind; it is impossible to recover your digital money once it is out of your wallet. One has to go an extra mile before every deal to make sure he/she has credible people on the other end.

We suggest you talk to the cryptocurrency community. You must become active and join a forum where people discuss their ideas and experiences regarding virtual money. If you find someone who is heavily invested in this domain, you can ask for a referral. Perhaps they know someone willing to sell your favorite car in exchange for the cryptocurrency.

Buy from a dealership

Going a little old-school can bring a lot of perks for you!

You can buy your favorite car from a dealership if you have a habit of communicating sellers via dealers. Dealerships have plenty of advantages over private sellers. For instance, they offer freebies, warranties, and discounts from time to time.

You will find several dealerships online that offer the crypto payment option. In case you want to reach out to the dealers physically, we suggest you look up on SpendBitcoins. It informs you about the nearest dealership where you can buy a car using cryptocurrency.

Why must you buy a car using cryptocurrency?

Cryptocurrency is the money of the future. We are gradually shifting in a time where carrying cash or plastic money won't be a necessity.

With the speedy transactions and the wide-scale adoption of cryptocurrency, we can state that digital assets will begin pushing at the front. There are no major parties involved, and high transaction security is maintained.

Being able to purchase from a reliable platform takes all the risk away from the customers. They don’t have to sit around watching their digital assets reduce down in value, converting it into cash by deploying rational means at their disposal.

According to CB Insights, Blockchain and crypto startups raised $2.6 billion in the first quarter of 2021. This is because more entrepreneurs realize its true worth.

Hence, the next time you go to a dealership to buy a BMW, you don’t have to carry a massive sum of money in your pocket. You can drive your cherished wheels back home after swiping a finger and entering a QR code.

Parting Thoughts

The cryptocurrency market is expanding exponentially. When you use a credible platform to conduct the purchase, it also reduces the risk of volatility. It is about time we accept this payment mode and drive towards a secure transaction process. Bitcoin is your best bet as it held a 66% share of the total market in 2020.

The straightforward transaction process will compel you to incline towards it in the future too.

So, what are you waiting for? It is about time you open your digital wallet and buy the car of your dreams.

We hope to see you flaunting it around the street soon!

Author Bio

Alycia Gordan is a freelance writer who loves to read and write articles on healthcare technology, fitness and lifestyle. She is a tech junkie and divides her time between travel and writing. She is currently associated with the Auto coin car team. You can find her on Twitter: @meetalycia.