The world of cryptocurrency is growing and evolving at an impressive rate. One of the cryptocurrencies that has shone through recently in the marketplace is Cardano (ADA).
Over the past year, AutoCoinCars has also seen incredible growth and an increase in crypto car sales. We have been looking to expand our accepted cryptocurrencies to help increase awareness and adoption of crypto. From initially only accepting Bitcoin we now have 7 accepted cryptocurrencies.
We are extremely excited to be announcing Cardano as the latest addition!
It is important for us to make careful decisions when adding new coins/tokens to our accepted payment methods. This is for a number of reasons; ensuring the cryptocurrency is relatively stable, the ethos of the company/developers of the crypto, and the community backing the coin/token as well.
We have been closely tracking Cardano for many months and believe that it is now the perfect time to form a partnership and add ADA to our repertoire.
The combination of security and sustainability that Cardano has built ADA on is admirable and the main contributing factor to our decision to add Cardano as our newest partner.
What is Cardano?
Cardano is the first blockchain platform to be built through peer-reviewed research, to be secure enough to protect the data of billions, scalable enough to accommodate global systems, and robust enough to support foundational change.
“When it comes to sustainability and environment-friendly cryptocurrencies, Cardano has two clear advantages: far less energy consumption, and staking." (https://cardano.org/)
Luke, Director at AutoCoinCars, has said this about our decision to partner with Cardano:
“We fully believe that this is Cardano’s time! They have built a great cryptocurrency and an even greater community. We see the belief and backing behind ADA and we want to build on it and be a part of its growth. We want to give Cardano holders a real-world usage for their coins, and not just have their coins sitting in the crypto ecosystem.”
We are passionate about cryptocurrency and have been for many years. It has been interesting to watch the market grow as both adoption and awareness continue to rise.
We love the ethos and sustainable values of Cardano as well:
“When it comes to sustainability and environment-friendly cryptocurrencies, Cardano has two clear advantages: far less energy consumption, and staking...IOHK chief Charles Hoskinson has estimated that Cardano’s energy use is just 0.01% of Bitcoin’s.” (https://iohk.io/en/blog/posts/2021/08/17/why-they-re-calling-cardano-the-green-blockchain/)
How Can You Buy a Car with Cardano?
Buying a car with Cardano is a lot simpler than you may think.
Firstly, browse our amazing range of cars. All of our partnered dealerships are approved and are located across the UK. Once you have found a vehicle you want to buy, contact the dealership and let them know you want to pay in cryptocurrency.
When you have chosen your car we will then receive the invoice from the dealership.
Next, we will then calculate a price for you in ADA based on live market rates to give you an accurate cost against the GBP price. We do this to give you an accurate price within 30 seconds of the live market price.
(Live rate price accurate as of 12pm 20/09/21)
We will then do a small test transaction (usually to the value of £5), this ensures that we can test the wallet to approve the funds. Once the test is done you can then pay for your car in Cardano. You can also choose to pay part GBP and part Cardano if you wish!
The next step is where our speciality comes into play. AutoCoinCars will then convert the Cardano into Fiat, we will then pay the dealership in GBP into their bank account.
Finally, the dealership will receive the money and they will then release the car for you so that you can take it home!
The great thing about cryptocurrency is the speed of transactions. Buying a car with cryptocurrency has never been easier thanks to our quick and easy payment process.
The team at AutoCoinCars will also be attending the upcoming Cardano Summit 2021 in London. If you would be interested in finding out more or just having a chat be sure to approach one of us at the event!