We have been banging the drum for almost 2 years now as to why car dealers should be servicing the requirements of over 4 million crypto users in the UK, let alone potential global buyers.
The simple fact is that car purchase is high on the shopping list of crypto users. Not just Ferraris and Lambo’s but also the option to use crypto as a payment for deposits as well as monthly leasing or PCP payments.
And why not? Bitcoin is almost 10 years old and is here to stay. Countries across the globe are recognising that cryptocurrency is recognised as the most efficient form of money ever created. Secure, fast, easy to use and minimal transaction fees.
As expected, some high level car dealers are now waking up to new sales opportunities and are looking at how they can sell cars to crypto users. Take a look to see for yourselves here.
Crypto use globally is increasing daily, as is the use of the underpinning technology, Blockchain. Walmart already use blockchain to manage their stock supply chain and the major world banks are already in advanced stages of investigating how the technology can be integrated or even replace their current systems. When Amazon themselves are investigating their own cryptocurrency for use by their 80 million customers, strongly rumoured to launch before 2019 then people have to sit up and take notice.
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.