The automotive industry is being transformed in the new digital age. Customers can now purchase a vehicle with cryptocurrency. Crypto transactions in the automotive industry are the latest trend. Moreover, many car dealers are increasingly turning to this new trend. Both new and used cars can be purchased through crypto car trading platforms like AutoCoinCars. Now, buying a car with cash or even a bank transfer seems rather outdated.
The decentralised and fool-proof structure of the blockchain is one of the leading factors driving the popularity of crypto transactions. Moreover, the blockchain can be seen as a digital ledger. This ‘digital ledger’ is nearly impossible to alter. Therefore, crypto transactions offer multiple layers of security against other mode
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Cryptocurrency transactions offer a variety of benefits compared to conventional transactions. These benefits are explained below:
- Secure Payment: Crypto payments offer far more security than conventional payment methods. This is due to the encrypted nature of cryptocurrency. Therefore, one needs to worry a lot less about making large payments for their car via the blockchain.
- Quick Transactions: Normal bank transfers carry far more paperwork than crypto transactions. Furthermore, one might have to be answerable to authorities. This is because car purchases naturally involve a massive sum of money. On the contrary, one does not have to worry about such lengthy processes with crypto transfers. The only thing involved in crypto transactions are transaction fees and much faster processing times for payments
- No Third Parties: No third parties are involved. This is due to the decentralised nature of cryptocurrencies. Therefore, one does not have to answer to the bank or any other organisational body after purchasing their car. Furthermore, the lack of a third party reduces transaction times. Additionally, it greatly reduces complexities. Crypto transactions are far less complex due to negligible paperwork.
- Multiple Cryptocurrencies: There are multiple cryptocurrencies available for purchasing products. Big names like Bitcoin, Ethereum and Solana are only a few examples of cryptocurrencies available on the internet. Whichever cryptocurrency you wish to deal in will depend on your personal preference.
How Does Cryptocurrency Make Car Purchases Simpler?
Cryptocurrency is stored on a digital wallet. Crypto can only be transferred from one digital wallet to another in little time. Digital transfers involving cryptocurrency only offer a simple validation process in addition to a transaction fee.
As mentioned earlier, cryptocurrency is decentralised. Therefore, car sellers and purchasers do not have to worry about any third parties interfering. Moreover, there is barely any paperwork involved. The only notable forms of paperwork are the car documents, invoices and receipts. This makes the entire process of car purchase much simpler. Not to mention, the entire transaction process occurs over the internet. Thus, almost everything occurs in one place.
What is the Process of Buying a Car with Cryptocurrency?
One would normally convert their cryptocurrency into cash before buying a car. However, this process involves reaching out to a crypto exchange. Moreover, this crypto exchange will charge conversion along with transaction fees. This usually takes place before the cryptocurrency is redeemed into cash. On the other hand, here is a step-by-step process to buy a car with cryptocurrency directly:
- Find A Car Dealer That Deals in Crypto: Find a car dealer that takes payments in cryptocurrency. More importantly, double check if they receive payments in your desired cryptocurrency. You do not want to ready up your Ethereum (ETH) savings, only to find out that your chosen dealership deals in Dogecoin (DOGE).
- Select a Cryptocurrency Car Trading Platform: AutoCoinCars is your safest bet in this case. Carefully follow AutoCoinCars’ instructions so that you can set up an account on their platform. Make sure to link your digital wallet to your AutoCoinCars account.
- Verify Your Details: After setting up your AutoCoinCars account, you will receive a verification email. Verify your details so you can be eligible to purchase a car through AutoCoinCars.
- Select a Vehicle: Choose your car from the dealer’s stock. Even though cryptocurrency is straightforward, it is highly important to complete your due diligence. That is, you have to accomplish all the legal formalities before acquiring the vehicle. Most importantly, confirm the availability of the vehicle yourself.
- Make the Payment: Make the payment to the dealer. This will occur after settling for a price for the car. Remember to carefully double check the digital wallet details. While cryptocurrency is highly secure, one can never be too careful. At this point you should receive an invoice and a receipt for the purchase.
- Collect Your Car: Now that the payment has been made, you may drive your new car out of the dealership. However, be totally sure to confirm the payment to the car dealer before driving off. Once that is sorted out, the car is now officially yours.
