Do you have a small fortune invested in cryptocurrency? Well, buying a car with crypto is actually far more popular than you might have thought.
A couple of years ago, a company decided to start accepting Bitcoin as a form of currency in exchange for high-value jewellery products, and was largely successful. Shortly thereafter, Bit Dials started expanding their products from Jewellery to luxury supercars, motorhomes, motorcycles and luxury yachts and, as you guessed it, all could be bought with Bitcoin as well.
Since then, several other car dealerships hopped on the crypto game, not only selling supercars, but regular commuter cars too. They did this in exchange for not only Bitcoin but Litecoin and even Ethereum cryptocurrencies.
It all sounds wonderful, but there is a bit of a problem with it though, as it's not necessarily as straightforward as paying hard-earned cash. It is very possible to walk into a dealership, pick out a car that is worth, let's say $50,000, but the next day, Bitcoin raises in value. The dealership won't let you exchange the car for the same value Bitcoin, it will then be determined by the amount of Bitcoin you originally bought the car for, so you lose substantially. On the contrary, though, you could score quite nicely as well if the value of Bitcoin were to drop after your purchase. So, at the end of the day, it's a bit of a gamble.
Lastly, environmentalists are devastated about all these Bitcoin transactions as, in order to mine Bitcoin, a substantial amount of energy is needed. This energy mostly doesn't come from renewable sources, which was the defining factor for Tesla to stop exchanging products for Bitcoin. Perhaps in the future, a carbon emission tax will be added for each and every Bitcoin transaction...who knows?
Take a look at the video below by the YouTube channel, Ideal Media, on You Can Buy A Car With Bitcoin!
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