Everybody has been talking about Bitcoin lately.
You’ve probably heard about this cryptocurrency for the longest time now. However, nobody has talked about it much until the past few months. If the future is cashless, then BitCoin just might be the key. And since people have been starting to go purchasing using crypto, one question comes to mind: Can you buy a car with a BitCoin?
The Answer Is – You Can Actually Buy A Car Using BitCoin
In fact, there are already quite a lot of people who are doing such even before Elon Musk became the poster boy of using cryptocurrency. A certain Christopher Basha, a car dealer based in Georgia, was already steps ahead with buying cars using BitCoin long before Mr. Musk endorsed doing so. But, is it difficult to do? Not really, according to Basha. “Someone bought a pizza with bitcoin. Buying a car with bitcoin didn’t seem that crazy,” he said in a report by US News.
Since 2015, he’s been accepting payments using the fabled cryptocurrency. However, nobody really bothered to pay in such a way that he completely forgot about it. It was only two years after that one customer bought four vehicles from him worth more than $150,000. It is reported that in 2017, Bitcoin prices went up in the stock market. Since then, he receives customers buying cars using bitcoins from time to time – even more so now that the bitcoin prices are going up since late last year.
Basha’s dealership is only just one of a small group of car dealerships that accept bitcoin and other types of cryptocurrencies as a payment mode. If people think that Tesla’s head honcho initially started this “revolution”, these people got it wrong. These dealerships were already accepting cryptos long before Tesla announced that they purchased $1.5 billion of the cryptocurrency. Yes, Tesla is going to start accepting bitcoins as a valid currency.
Smoothing Out The Process, Bit By Bit
Now that you know that you can buy a car with a bitcoin, the next question should be: are there any issues when you do? Unfortunately, there are. But perhaps in time, these problems would be all sorted out.
One problem when you allow crypto transactions is its risk factor. Basha said that every time he gets crypto as payment, he needs to convert it immediately. Although bitcoin’s price can go up, there’s an uncertain possibility that it would crash just as fast. So for those dealerships who can’t afford to gamble, then bitcoin should be converted fast.
Just when the conversion isn’t a hassle enough, forgetting the password is another thing. Basha shared that one time he forgot the password of his bitcoin account. He also said that when he wasn’t able to remember the password, he freaked out.
Maybe in the near future, bitcoin and other cryptocurrencies will become bigger than they already are in the present. But until then, you may just have to rely on cash or credit to purchase your next vehicle. Although you can buy a car using bitcoin, you probably need to hold on to it for a little bit.