It sounded crazy right? You can actually buy a car with your bitcoin. No hassle, no stress of moving around with real currency before you make such a dream purchase. Interestingly, as the value of cryptocurrency goes up, it makes it easy for you to buy the best car out there. The golden question is: How do I buy a car with my bitcoin? Before we tell you, here are the reasons why you should purchase your next car from your wallet. As we all know, bitcoin is arguably the most acceptable digital currency or cryptocurrency in the world right now. We understand there are several others out there, but the credibility built over the years by bitcoin management might be a bit difficult to rival.
The whole car market took a turn when Elon Musk made an announcement that you can buy a Tesla car with bitcoin. First, to get that huge amount out could be cumbersome or take a heck of a lot of your time. This kind of trouble is saved when you pay with cryptocurrency. Bitcoin, like most digital currencies, is easy to exchange for cash equivalent at the point of payment. Well, since you are sold on why you should use bitcoin to buy your next car, here is how:
I. How do I buy a car with cryptocurrency?
We will thoroughly go through the three easy ways you can use your bitcoin to buy a car.
The first one is:
A. Buying directly with BitPay Partners
Many visionary carmakers or dealerships are now accepting bitcoin as a form of payment. What is required of you is a crypto wallet with sufficient funds and an email address to purchase a car from them. They generate a BitPay email invoice and send it to your provided email address. You will receive a QR code to scan or put in your wallet information. Volla! You are now a new car owner.
B. Buying from a private seller
There are some individuals who are willing to sell cars to you with bitcoin. While it could be a bit more tasking than going through an authorized dealership, it doesn’t make it impossible. Finding the right individual is the hard part. It becomes easy when you are at the course of payment. All you need to do is transfer funds from your bitcoin wallet and take full ownership of the vehicle.
C. Using the BitPay card to buy a car
The BitPay Card has made life easier for bitcoin wallet holders. You can actually use it like the regular debit card you use for withdrawal at the ATM. You can use this card to pay for the car and even service the insurance. You can load as much as $25,000 monthly on it and withdraw the money from the ATM.
II. What are the other cryptocurrency you can use to purchase a car?
BitPay makes it easy to make payment at the point of exchange with cryptocurrency such as Bitcoin, Bitcoin Cash, Litecoin, Etherum, Dogecoin, Wrapped Bitcoin, Pax Dollar, XRP, Dai, Gemini Dollar, Binance USD and Shiba Inu. The seller obviously has the final say on the type of cryptocurrency they will accept as a form of payment.
Before you go, here is the list of 10 car brands that accept Bitcoin as a form of payment: