BUYING YOUR DREAM CAR JUST WENT DIGITAL
We will gladly facilitate the purchase of any car, from any dealership or private seller, in these currencies, should you not find what you are looking for on our showroom floor.
Ever since the decentralised currency made its mark as a formidable means of exchange, holders of the digital coin have defined their crypto success by their ability to buy a Lamborghini, or a “Lambo” after a number of new Bitcoin millionaires very publicly used their supercar as a means to flaunt their excessive wealth. Since then, HNWI’s and fintech savvy investors around the world have been buying up supercars with Bitcoin wherever the currency is being accepted.
At Ferris Cars, we recognise the incredible impact this digital phenomenon is having on the world and the significant potential it has to impact our business. We are exceptionally proud to be the first to enter into this space in the auto business and see it as a testament to our ambitions for a new, fresh and relevant Ferris Cars.
To help us in this endeavour, we are thrilled to have secured the expertise, advice, and support of our partners at South Africa’s most popular and well-established cryptocurrency exchange, AltCoinTrader.
AltCoinTrader was established in 2015 by Richard de Sousa. It has since become the most trusted cryptocurrency trading platform in South Africa. It has amassed over 500 000 subscribers on its platform, from around the world, and routinely facilitates over hundred thousand transactions per month to the value of hundreds of millions of Rands. AltCoinTrader is a local thought leader on the subject of cryptocurrency. It helps local merchants begin to accept cryptocurrency as a method of payment and facilitates the transactions on its AltCoinTrader platform. AltCoinTrader is working closely with local regulatory bodies to ensure compliance in every transaction they facilitate.
It’s as easy as scanning the receiving address barcode and sending your preferred crypto from your AltCoinTrader account to make your purchase.
What is Bitcoin?
Bitcoin is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
What is USDT?
USDT (Tether) is a stable cryptocurrency, or “stablecoin” released on the Bitcoin blockchain through Protocol Omni. Its value exchange rate is fixed or “tethered” to the value of the US dollar. The only reason why 1 USDT is actually worth $1 USD is that exchanges keep a reserve of USD to back every USDT in existence. USDT can be spent, traded, or transferred, like Bitcoins or any cryptocurrency.
What is xZAR?
Like USDT, xZAR is a South African stablecoin pegged 1:1 with the South African Rand (ZAR).
You can simply deposit your Rands (ZAR) into your crypto account and you’ll be credited the 1 to 1 equivalent in xZAR tokens that can be spent, traded, or transferred like any other cryptocurrency.
Why cryptocurrency as a means of exchange?
1. User Autonomy
The primary attraction for many users is autonomy. Digital currencies allow users more autonomy and control over their own money than with fiat (standard) currencies, at least in theory. Users are able to control how they spend their money without dealing with an intermediary authority like a bank or government.
Cryptocurrency purchases are discreet. Unless a user voluntarily publishes his digital transactions, his purchases are never associated with his personal identity, much like cash-only purchases, and cannot easily be traced back to him. In fact, the anonymous address that is generated for user purchases changes with each transaction. This is not to say that crypto transactions are truly anonymous or entirely untraceable, but they are much less readily linked to personal identity than some traditional forms of payment.
3. Peer-to-Peer Focus
The crypto payment system is purely peer-to-peer, meaning that users are able to send and receive payments to or from anyone on the network around the world without requiring approval from any external source or authority.
4. Elimination of Banking Fees
While it is considered standard among cryptocurrency exchanges to charge so-called “maker” and “taker” fees, as well as occasional deposit and withdrawal fees, crypto users are not subject to the litany of traditional banking fees associated with flat (normal) currency transactions. This means no account maintenance or minimum balance fees, no overdraft charges and no returned deposit fees, among many others.
5. Very Low Transaction Fees for International Payments
Standard wire transfers and foreign purchases typically involve fees and exchange costs. Since crypto transactions have no intermediary institutions or government involvement, the costs of transacting is kept very low. This can be a major advantage in many scenarios. Additionally, any transfer in crypto happens very quickly, eliminating the inconvenience of typical authorization requirements and wait periods.
6. Mobile Payments
As with many online payment systems, crypto users can pay for their coins anywhere they have Internet access. This means that purchasers never have to travel to a bank or a store to buy a product. However, unlike online payments made with most normal bank accounts or credit cards, personal information is not required to complete a transaction.
Users are able to send and receive bitcoins with only a smartphone or computer, crypto is theoretically available to populations of users without access to traditional banking systems, credit cards and other methods of payment.
YOUR DREAM CAR CRYPTO PURCHASE IN THESE 4 EASY STEPS
Buying from Ferris
1. Identify Car
Identify your dream car at Ferris, or at any other dealer or private seller
2. Agree on Price
Contact Ferris Cars on +27 64 504 1406 and indicate which car you are after. Agree on a price in ZAR (Tommy will need to contact the other dealer/private seller to agree on purchase terms if not a Ferris car), and arrange OTP (OTP is a Non-binding agreement indicating your intention to purchase).
3. Crypto Transaction
Log into your crypto wallet i.e. your AltCoinTrader account. Scroll down to our payment portal below and select your preferred cryptocurrency, BTC, Usdt or xZAR. Enter the ZAR price as agreed in the OTP. The QR code will be set accordingly and a corresponding cryptocurrency value will appear.Complete the purchase by scanning the QR code from your mobile device or sending the equivalent cryptocurrency value to the Ferris Crypo Wallet address provided.Once the transaction has been verified on the blockchain, the purchase is complete, and the transfer of ownership can begin.
4. Take Delivery
Drive away in your new dream car, bought with crypto, made possible by Ferris Cars and AltCoinTrader. (Alternatively, our trusted Ferris supercar transport agents will deliver your car to your doorstep anywhere in the country.
Delivery agreed on upfront and included in the transaction price). This method of payment will incur zero transaction fees, unlike standard payment methods offered through banks.
Ferris does not charge a fee to accept cryptocurrency payments.
The cryptocurrency price quoted is calculated “on-the-spot” according to the international spot price.
Buying from another Dealership or Private Seller
1. Identify Car
Identify your dream car at any dealership or through a private seller. Arrange a viewing or test drive if necessary.
2. Agree on Price
Request a written quotation for the vehicle from the sales person, including any additional items/services or warranties agreed. Email this quotation to email@example.com together with your personal information. We will need your Full name, Copy of ID/Passport and Proof of Residence (FICA documents). We will send you a Tax Invoice including our fee. Ferris Cars charge a 1.9% transaction fee to facilitate this purchase.
3. Crypto Transaction
Log into your crypto wallet (i.e. your AltCoinTrader account). Navigate to the Crypto Payments Portal below and identify your preferred cryptocurrency for the transaction. We currently accept BTC, USDT, xZAR, Solana and Ethereum.Enter the ZAR price agreed into the Rand Price field, the QR code will be respond accordingly and a corresponding cryptocurrency value will appear. Complete the purchase by scanning the QR code from your mobile device and send the equivalent cryptocurrency value to the Ferris Crypo Wallet. Click the link provided if you wish to confirm confirm/verify your transaction on the blockchain.
Once the transaction has been verified, the purchase is complete, and the transfer of ownership can begin.
4. Take Delivery
Once the Cryptocurrency reflects in our Wallet, you can take delivery of your car, subject to confirmation from the seller. This may be subject to a 24hr delay.Drive away in your new dream car, bought with crypto, made possible by Ferris Cars and AltCoinTrader.
Please do your own due diligence. Ferris Cars will not be liable for any claims that you might have against the seller for any issues that arise subsequent to your purchase.