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Buy Car With Bitcoin…Is It Possible?

last updated June 3, 2019

There are many vehicle dealerships that accept other forms of payment such as Ethereum, Litecoin and Bitcoin. You can walk in a licensed dealership that accepts Bitcoins and drive out in your new Subaru or the latest model of BMW. Here’s is a simple guide on how you can buy a car with Bitcoin.

Buy Car With Bitcoin

 Buy luxury cars with Bitcoin

If you’ve accumulated Bitcoins in your wallet and have been eyeing the latest Bentley or Rolls-Royce model, I am here to give you some good news. You can now buy any luxury car using Bitcoins as a number of high-end vehicle dealers announced that they would be accepting Bitcoin payments for their vehicles.

 How to buy a car with Bitcoin

To buy a car with Bitcoins, follow the following simple steps that we have created to guide you every step of the way.

·Find a Seller

Go online and search for the type of vehicle that you want to buy. Make sure that you choose a seller who accepts Bitcoins for payments. It is also of utmost importance to ask if the price includes delivery or you will have to pay for shipping from your own pocket.

If you can’t find a seller who accepts Bitcoins in your area or internationally for the car model that you want, you might consider changing the Bitcoins to fiat money or other forms of cryptocurrency that are accepted as payment methods.

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·Initiating the Transaction

In order to pay for your new vehicle using Bitcoins, you need to initiate the transaction on the seller’s site and pay according to the payment terms of the seller. You should search for one with pay-on-delivery to ensure that you are not being conned. Once the vehicle is delivered, you can then make the payment using the cryptocurrency.

Many people are not comfortable trading over the internet due to the security threats that one is prone to at any given time. If you are one of these people, worry not as we have a solution for you. You can approach a middle man who will carry out the exchange of fiat money into Bitcoins and the transfer of the currency to the seller at a fee. You should, however, carry out thorough research before trusting an intermediary with your money.

·Finding the Bitcoins

You might have heard that you can buy a car with Bitcoins and are wondering where people get Bitcoins. Bitcoins are mined in various sites online and you can watch YouTube videos on how to go about mining Bitcoins. Another simple way to get your hands on Bitcoins is to sell things online and accept payment in the form of Bitcoins. You will be surprised at how many people are willing to pay for products and services using cryptocurrency.

Why You Should Buy a Car using Bitcoins

Anonymity

One of the biggest advantages of using Bitcoins is that you remain anonymous. An intense privacy policy was followed when creating the code used to run Bitcoin. The system is created in a way that allows the payment process to be completed without revealing the details of the individuals involved. Cryptocurrency users can create numerical usernames and codes with which they identify themselves with.

Exchanges

Bitcoins have specific exchange points in various states where you can exchange your Bitcoins for hard currency or another cryptocurrency. This is advantageous in that it allows on to top up their cryptocurrency levels to be able to buy something online. It also enables people to profit from the changes in the Bitcoins exchange rates by buying more Bitcoins when the exchange rate is low.

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Security

All Bitcoin users are given a set of private keys which they use to login into their accounts. This serves to protect one’s account against the probability of outside interference. The private keys should be stored in an external storage device that has no access to the internet to protect it from hackers. With your set of private keys in a safe location, you can mine Bitcoins and use them to buy a new car over the internet and have it delivered to your doorstep.

Transaction Fees

When compared to paying for a new car via the bank or credit card, Cryptocurrencies attract a lower transaction fee. The charges per Bitcoins exchanged varies from one online site to the other but all transactions involving Bitcoins don’t attract a transfer rate of more than 1%.

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Easier Transactions

You might consider using Bitcoins to buy your new car if the vehicle dealership is outside your country of residence. This is because it is easier to pay for international transactions using Bitcoins. The code used to develop Bitcoins allows them to be transferred instantly from one account to another. You also don’t have to incur additional charges for transferring payments across borders.

Factors to Consider Before using Bitcoins

Before deciding to use Bitcoins to buy your new car, it is important to understand some of the disadvantages that you might expect.

·Risk of theft

There are a number of security issues that revolve around the use of Bitcoins to buy a vehicle. Although it is impossible to duplicate Bitcoins, they are prone to theft. A team of skilled hackers can find the weak points in the cryptocurrency code and exploit it for their own gain. A number of public traders in Bitcoins have fallen victims and lost billions of Bitcoins in the process.

·Legal Protection

Many governments lack rules and regulations regarding the usage of cryptocurrency as they are still trying to understand how it really works. The fact that the cryptocurrency is independent of any banking authority in the world creates a gray area for justice to be sought and enforced against thieves and fraudsters. It is also impossible to catch them because of the anonymity of Bitcoin usage as it allows them to use the Bitcoins without any possibility of being traced.

·No Refunds

The lack of a traceable path in the use of cryptocurrency also makes it hard to get a refund for goods not delivered by the seller. If you release Bitcoins from your wallet there is no chance for you to get a refund or chargeback.

Final Word

The number of retail shops that are accepting Bitcoins is growing by the day and this is highly attributed to the anonymity of this payment method as well as its lack of political ties. Before you rush to exchange all your fiat currency for Bitcoins, it is important to understand all the security threats that surround the internet.

Although cryptocurrency has many features to be admired, it is still not recognized as an official payment means which doesn’t make a good substitute for money. In case of any questions on how to acquire or pay using Bitcoins, don’t hesitate to give us a call.

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