In recent memory, the world has seen the rise of cryptocurrency drastically boosted. Since most businesses have switched online, it has given a huge rise to cryptocurrency. Let’s first discuss cryptocurrency and its working, shall we? Cryptocurrency is a digital currency that doesn’t rely on banks to verify transactions. A peer-to-peer system enables anyone to send and receive payments anywhere.
Bitcoins are not physical coins that can be carried around and exchanged in the real world. Instead, they are digital entries in an online database that describe specific transactions. Whenever you transfer cryptocurrency funds, a public ledger records the transactions. Digital wallets store cryptocurrency.
In order to verify transactions, cryptocurrency uses encryption. Using advanced coding, cryptocurrency data is stored and transmitted between wallets and public ledgers. The purpose of encryption is to ensure safety and security.
In the first three years of its inception, Bitcoin grew faster than Twitter. The growth of Bitcoin is faster than Facebook’s in the early years”. Almost 11 years after their launch, digital currencies are poised to transform another industry; automotive trading.
In the past decade, cryptocurrency has seen an impressive rise and is slowly but surely taking over the world of investment.
Originally founded in 2009 to decentralize the control of money and any other valuable assets, Bitcoin is thought to equate to an estimated 34% of the total cryptocurrency market value.
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Fun fact
Did you know? The first ever cryptocurrency transaction ever recorded was by a Miami student in 2009 when we purchased 2 Pappa John’s pizzas for 10,000 BTC.
Can you use cryptocurrency to buy automobiles in the real world?
Using digital currency in the automotive market will inarguably support it through its greatest challenge, finance. The number of automakers that accept cryptocurrency as payment has drastically increased.
Consumers will only find something quicker than a face-to-face money transaction, but cryptocurrency comes in a close second. Cryptocurrency stocks are in high demand in the UK. Inevitably, they will all want to cash out, which is costly.
Cryptocurrency trading platforms allow users to convert their cryptocurrencies into physical possessions like vehicles easily, quickly, and cheaply. This is revolutionizing the automotive industry.
Read more: How to buy cars with bitcoin
Ever wondered what the biggest concern one can have regarding the security of transactions is? Counterfeit transactions are their biggest concern when people use traditional payment methods. Because cryptocurrency is a digital payment method, all transactions are safe and secure.
A cryptocurrency transaction provides a high level of transparency between the participants involved. This way, retailers and consumers save time, energy, and resources since they don’t need to perform manual checks.
Cryptocurrency has a place in the automotive market, but how will it transform it? Retail is expected to adopt cryptocurrency significantly over the next 12-18 months to modernise traditional business processes. Within the automotive trading market, the figures speak for themselves.
The future of cryptocurrency and automakers is likely to move forward.
Who are AutoCoinCars, and how can you buy an automobile on it?
AutoCoinCars is one of the largest crypto-based online car dealerships that allows access to thousands of vehicles auctioned on the website. You can purchase your dream car on their website using bitcoin.
After its inception in 2017, AutoCoinCars sold its first Range Rover with BTC to a lucky customer in the UK. They have partnered with more than 500 automakers like Mercedes, BMW, Audi, Ferrari, Lamborghini, Rolls Royce, Tesla, Mazda, Maserati etc.
Whether you’re looking for a used or a brand-new one, you can find an enormous amount of vehicles on AutoCoinCars.
Want to purchase a vehicle on AutoCoinCars? Here’s how!
Contact us
Start by contacting us by phone, email, online inquiry, or even by contacting us directly.
If you are interested in your hand-picked car, you can take it for a test drive. This will allow you to inspect the vehicle thoroughly before buying it.
Sign up
Before making any purchases with AutoCoinCars, you may sign up as a customer. Your account profile is created once your email address is verified.
Verify yourself
To verify your information, we use software called Veriff. We can proceed with your vehicle purchase once our verification team approves it.
Get Invoice
If you wish to purchase a car, AutoCoinCars will contact the dealership to obtain the invoice. The collected invoice will also be sent to you.
Final step
As soon as the invoice is received, AutoCoinCars will call you to verify the details you have provided through your online profile.
Once these requirements are completed, you’ll receive notifications about your purchased vehicle.
Is it safe to purchase an automobile with cryptocurrency?
Cryptocurrencies operate without a centralized monetary system, such as banks, and can be transferred between parties quickly and securely. A blockchain is a sequential public ledger that records cryptocurrency transactions cryptographically. In this way, cryptocurrency is a protocol that is intrinsically secure.
Cryptocurrencies are not controlled by a central authority such as banks, so consumers are little protected from them. There is no insurance offered on crypto investments by most places that sell cryptocurrency (known as cryptocurrency exchanges), the same way the federal government or investment firms insure your money against theft or insolvency.
What does the future hold for cryptocurrency?
The popularity of cryptocurrency has been raising eyebrows about its future, and that needs to be addressed. However, virtual currencies continue to gain popularity despite a lot of unknowns. Here are some of the crypto trends that you should know in 2022.
Regulating crypto:
More stakeholders are seeking ways to regulate crypto as lawmakers and institutions take notice. Several aspects of crypto have been discussed by the U.S. Securities and Exchange Commission Chairman, Gary Gensler, including the need for “guardrails” to govern crypto trading and lending.
Bitcoin price volatility:
Bitcoin’s extreme volatility is one of the reasons it has surrounded the news in recent memory. In 2021, bitcoins experienced highs and lows, from $51,000 in late December to about $33,000 in late January. Bitcoin is currently trading at $38,000, but it remains to be seen if it will stabilize.
Greater adoption:
Despite Tesla’s hesitation to accept cryptocurrency, many other companies are embracing it. As more companies buy into cryptocurrency supply, such as PayPal and Square, acceptance will likely increase. Investing in cryptocurrencies will also shift as more online brokers allow it.
In terms of cryptocurrency logistics, there is still a lot to learn. Cryptocurrencies are clearly gaining traction and attention, but there are still questions surrounding their future. However, it can still be helpful to know that you can still use virtual currency to purchase a car if you own it. Despite the volatility of virtual currencies, there are certainly more options to purchase a car with crypto now than in the past. If you decide to take this route, make sure you do all your research beforehand and select a reputable dealership and exchange platform.
The bottom line is, if we look at the bright side now, cryptocurrency has a promising future ahead. Because most of the transactions have turned online now due to the convenience of buying and purchasing goods or services. If you have planned to buy an automobile, you can visit AutoCoinCar’s website and see whether or not your desired vehicle is auctioned.