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Friday 2 November 2018

Cars for crypto: “That’ll do nicely”?

Have you ever wondered when you will be able to pay for a car with a cryptocurrency like Bitcoin?

Technology and car dealers have not always been good bedfellows.  If the stereotype is to be believed, many dealers still prefer a pocket stuffed with ten-pound notes and a well-thumbed copy of Glasses Guide to the electronic alternatives but of course, times have changed. Or have they?

The automotive retail sector has, on the face of it, managed to resist the digital revolution more successfully than other industries.   The trusty Nokia 6310 was long considered to be the best phone available to a car salesperson and standard issue to many even after the arrival of the iPhone in 2007. During the dotcom boom of the late nineties, many dealers still resisted the advance of online enquiries, and the print version of AutoTrader managed to survive until 2013 because of it. Imagine how long a car dealer could now survive without the internet.

 

Redline has always been an early adopter of technology as we strive to ensure that our customers enjoy the best buying experience possible. So what’s next for 2019 and beyond?

We see the next step of the automotive technological revolution being in the world of cryptocurrency and blockchain. With nearly 30 million users worldwide now using blockchain wallets (source: Blockchain.info/ Statista), growth in their use has been significant in recent years. With millions of cryptocurrency wallet users in the UK alone, the possibility to purchase vehicles globally using secure blockchain payment technology and electronic has never been easier. Safe, secure transactions at minimal cost, allowing cryptocurrency holders and traders to turn their digital assets into cars.

 

Over the last 12 months, we have seen a significant increase in the number of buyers wishing to pay for cars using cryptocurrency – whether that be Bitcoin, Ethereum or other digital currencies.

We believe that in the near future, paying for cars with cryptocurrency will become commonplace – particularly for prestige vehicles . Watch this space.

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