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GET A FREE QUOTEIf you're planning to buy a car with bitcoin, litecoin, ethereum or any other cryptocurrency, this guide is for you.
Since its public launch in 2009, cryptocurrency has become an increasingly popular currency. It was created during the 2008 financial crisis as a way for users to control their money themselves without the involvement of traditional financial institutions.
According to Statista, Bitcoin reached about 400,000 daily transactions in 2021 and Ethereum would be processed more than 1.1 million times per day. As you can see, in the past 12 years buying, selling, and using crypto has become so popular that people now use it to make larger purchases like cars
The short answer is yes. Of course, it is different from buying a car with cash or financing, but it is definitely possible. There are a few reasons to consider when buying a car with crypto, and each option has its own set of pros and cons:
Now that you know it is possible to use crypto to buy a car, the decision on whether to purchase a car using crypto is entirely up to you. Some may think that using crypto to buy a car can be a better option. Crypto is safer, faster, and more convenient since it is a digital asset.
There are a few different options available to you when buying a car using crypto. Firstly, there is a website called BitCars where you can purchase cars using popular cryptocurrencies, and they even handle all necessary documentation. While they specialize in luxury cars, they also have regular options. As mentioned before, you can also do a quick google search to find what dealerships in your area accept cryptocurrency.
Once you have selected your car the final step is to make the actual purchase. You will more than likely have to download a secure crypto transfer app. Most car dealers will use BitPay but some may use BTCPay.
Legal tender is currency approved by the government as a medium of transaction. So while crypto is legal, cryptocurrencies have no government or private backing. It has thus been difficult to prove its constitutionality to financial authorities around the world.
At the end of the day, cryptocurrency is money and can be used to purchase many different things. When making any large purchase, such as buying a car, weigh all of your options to be sure you are making the right decision.
Lower your auto loan payments, and lower your rate in a matter of minutes when you refinance your auto loan with us today! It's just that simple.
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