For over ten years, many different cryptocurrencies have been discovered and established from Bitcoin to now over 19,000 cryptos.
As the use of cryptocurrency is becoming more and more known and therefore used by companies, did you know that you can buy cars with crypto?
In the past, if someone wanted to buy a more physical asset with crypto, such as a car, they would have to cash out their cryptocurrency through a regulated traditional exchange. However, many people didn’t want to do this for various reasons.
The costs associated with cashing out bitcoin through an exchange can often be highly excessive, plus your crypto can be subject to a capital gains tax.
Once the checks have been completed (KYC and AML), the cryptocurrency is converted and paid into the user’s designated chosen bank account.
A lot of crypto users prefer to remain anonymous and would like to buy directly, from a seller to avoid the stress of converting.
Once the cryptocurrency is exchanged, it needs to be declared by HMRC, as it is a form of income.
This process can then be delayed by the user’s traditional bank as it can take up to 90 days for crypto funds to transfer into an account in GBP as the bank will want to do its checks on the money. Many traditional banks are not too trusting of crypto which is why many crypto holders leave their funds in the exchanges.
However, businesses are rising that accept crypto payments. One thing crypto holders are looking to buy is cars.
Finding a car dealer that accepts cryptocurrency, can be challenging to say the least.
Up until recently, only a very small number of car dealers were comfortable with the idea of accepting cryptocurrency payments, which made it extremely difficult for crypto users to spend their crypto directly, without getting it exchanged.
Luckily, AutoCoinCars is a company partnered with over 700 car dealers, who accept cryptocurrency payments for cars! Amazing news, right?
AutoCoinCars.com is an automotive marketplace offering an off-ramp service with many new and used cars for sale available to cryptocurrency users.
Many car buyers have now realised there is little point in searching for cars on sites such as eBay, with the idea of investing with cryptocurrency payments, as it is very difficult for them to find a dealer that will accept the payment.
The steps to using AutoCoinCars are as easy as pie, demonstrated below;
- The buyer finds their desired car, that they are looking to buy with crypto.
- The buyer then contacts the car dealer to confirm that they will accept their cryptocurrency payment.
- Once the deal has been agreed, the buyer contacts AutoCoinCars and agrees on the cryptocurrency to be used, and the rate of exchange.
- When this has been agreed, the buyer sends AutoCoinCars the required amount of crypto to cover the agreed balance with the car seller.
- AutoCoinCars converts the crypto to local currency and then make the payment to the dealer for the full invoice price.
- The buyer is then available to collect the car that they have bought with cryptocurrency!
AutoCoinCars have sold a very large number of cars in Europe and the UK to cryptocurrency buyers. They accept Bitcoin, Bitcoin Cash, Litecoin, Ethereum and many of the leading cryptocurrencies.
Whether you’re looking for a low end or high-end car, AutoCoinCars is partnered with over 700 dealers across the EU and UK. It’s safe to say that you won’t be short of choice!
If you’re not invested in cryptocurrency, it might be worth having a look into it today, and buy a car with crypto!
Cryptocurrency is becoming more and more popular, we predict that shortly, it will be the only way to make everyday payments.
They are also looking for more and more car dealers every day to be partnered with them, to widen their range of cars for sale and therefore, the choice to customers!
Get in touch with them today to find out more!