Buy a car with Cryptocurrency
Buy a car with Cryptocurrency
The future is here! We live in a world that is digital and automated. Development in this sector shows no signs of slowing down, in fact, it is growing at a record pace. People are talking to automated bots more than their partners, demonstrated recently when Open AI’s ChatGPT registered 1 million users in 5 days, a feat that took Netflix, Twitter, Facebook and Instagram months to achieve. Savvy tech entrepreneurs understand the power of networks and the universal power of blockchain technology, and the term Bitcoin is amongst the top 100 Google searches for 2022.
We have all heard of “cryptocurrency” or “crypto” by now. Be it on the news, around the braai, or in a conversation with your local barista. If you have not, where have you been hiding? It is said that there is not one industry that Blockchain technology will not completely disrupt, or at least dramatically expand and enhance.
But, what is it? What problems will it solve? What are some of the real use cases, and how can it be used in the real world?
Can you realistically use it as a means of exchange? Perhaps even buy a car with cryptocurrency or some other tangible asset, and if so, what is the process?
Cryptocurrency is a term used to describe a form of “digital currency”. It relies on a combination of technologies for it to operate i.e. as a means of exchange, a reward, or store of value across the digital world.
Another word that gets thrown around is “decentralized”, meaning no central authorities like governments and banks can control cryptocurrency. Each cryptocurrency is built on its own peer-to-peer (P2P) network which means that the computers on the network follow a list of protocols on which transactions are validated and stored on a distributed ledger (the official term for this is the blockchain).
This allows people to have total control of their money with zero involvement from centralized authorities. It makes cryptocurrency borderless and permissionless. In certain countries, cryptocurrency is now considered a financial asset that is allowed to be held as an alternative investment.
This begs the question of a use case for crypto. Can you use crypto in the real world? The answer is yes, you can! Bitcoin creator Satoshi Nakamoto’s whitepaper for the cryptocurrency describes it as:
“…electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.”
If we can translate that, it would mean:
“Allowing digital transactions using digital money around the world with another person without the need for a bank.”
Now that you can transact digitally using a digital currency, how do you do it? It’s as easy as downloading and registering a free crypto wallet on trading platforms such as Altcoin Trader, Luno or VALR, available on the App Store or Play Store. You will then need to sign up and follow a KYC/FICA process which will require you to send through some documentation. The next step would be to deposit any fiat value into your wallet. It can be done by electronic bank transfer or credit card payment. Once the funds reflect in your wallet, follow the instructions provided to purchase the amount of cryptocurrency you would like. This “crypto” will then be stored securely in your wallet.
CONGRATULATIONS! You are now part of the cool kids’ crypto club and have digital money to spend.
So how can we use this in the real world? As mass adoption of the technology occurs, many online retailers and brick-and-mortar stores now accept payments in crypto through payment service gateways and providers for their goods and services. This allows you to purchase anything from your weekly groceries, to space travel tickets and even the latest and greatest PC gaming computers. NEWS Flash, you can now even use it to buy tangible assets, like luxury watches, boats, cars and even property.
Luxury cars are a great example of how to spend your crypto profits in the real world. Buying a “Lambo” with crypto has become an internet meme across forums and social media.
In 2017, American Entrepreneur Peter Saddington became the first person ever to buy a $200,000 2015 Lamborghini Huracan for 45 bitcoins. Saddington stated that he bought the 45 bitcoins for $115 back in 2011. Ever since then, articles have been published across the internet about crypto holders using their profits to buy luxury cars.
But it is possible to buy a car with cryptocurrency in South Africa?
Ferris Cars are proud to be the first South African car dealership to publicly and directly accept cryptocurrency as a form of payment for a car.
In April 2021, Ferris Cars sold a 2012 Red Ferrari California for 2.08 bitcoins and has since helped numerous fintech-savvy crypto holders buy cars with digital currency.
Ferris Cars provide a facility that enables a crypto holder to purchase any physical asset through their crypto payment portal. The facility is FIC sanctioned, safe, secure and includes no transaction fees.
Ferris Cars currently accept BTC, USDT, xZAR, or any altcoin on the Ethereum blockchain.
The payment facility to buy a car with cryptocurrency includes a 3-step process.
- Identify your dream car at Ferris Cars, or any other dealership or private seller.
- Request a written quotation/OTP from the salesperson. Email this quotation/OTP to email@example.com along with your invoicing details.
- Go to www.ferriscars.com/cryptopayments. Identify the cryptocurrency that you want to use. Speak to a Ferris Cars representative to verify the correct ZAR transaction value. Send the equivalent cryptocurrency value to the wallet address provided.
Once the payment is verified on the blockchain, take delivery and drive away in your next car, bought with crypto.
This facility allows you to purchase any vehicle or luxury asset in South Africa, or even from anywhere in the world as long as the correct commercial documentation is in place. From boats, planes, cars, bakkies and just about any tangible assets from any dealership, broker or private seller.Ferris Cars have been successful at helping numerous fintech-savvy investors and crypto holders to buy a car with cryptocurrency.
With more and more businesses accepting crypto for goods and services, there is more confidence in digital currency. The future is here, and it consists of a digital and decentralized world where potential is only limited by your imagination.