Cryptocurrency, well Bitcoin to most people has been around a while now. It has stood the test of time well and is in daily use in many countries. People use crypto to buy coffee, clothes and software. Many high street retailers across the globe accept crypto.
The UK is way behind many other countries in the acceptance and use of cryptocurrency. There are plenty of people in the UK that hold cryptocurrency but spending it is a little more problematic than for example in Russia, where crypto ATM machines exist on main streets and using Bitcoin is common place.
Crypto users are adamant that the many advantages of Bitcoin, Ethereum, LiteCoin and many others will ensure the mainstream use of crypto. Quite simply it has progressed too far already to be just a fad.
Car dealers that we talk to in the UK admit to receiving enquiries for vehicle purchases using crypto but do not know how to handle them. Imagine if those forward thinking dealers promoted the fact that they accept crypto and opened up entirely new markets and sales opportunities for themselves.
Cryptocurrency is legal to use. It is fast and safe to transact, and costs of transactions are far lower than traditional card payments or bank transfers. A dealer can sell a car and within less than a minute have UK sterling funds in their account.
Just as with the internet some 20 years ago, once adoption becomes commonplace crypto will become a standard tool in any car dealers armoury.
Here to stay – for sure. Very soon taking away the ability to accept crypto will be like taking away websites.