Since the initial concept of AutoCoinCars back in 2018, we have witnessed a whole host of changes in trends, user markets, the general economy, and much more in the automotive industry. The most interesting of all is the rise of cryptocurrency spending!
Prior to the creation of AutoCoinCars, the only methods crypto users had to buy a car was either through a private wallet-to-wallet transaction or to convert their cryptocurrency back into fiat to buy in their local currency. However, both of these options were not ideal and come with numerous problems.
With private sellers, you have risks from both the car and crypto payments aspects. Unless you create an agreement with the seller you are at risk of being miss-sold, unlike with a dealership, the majority of official dealers will cover the car with an MOT and a warranty upon sale. When it comes to the crypto payment, unlike with a service like PayPal, you cannot request a refund for a direct crypto transaction so once the funds are sent they’re gone. There is a potential you could even be scammed out of your money if it is an online sale! Overall, it’s just very risky to do private crypto car buying.
When it comes to converting cryptocurrency back into fiat, there are issues here that would not be a barrier with direct spending through our service. Firstly, the fees to draw down your funds can be very high and could potentially have more than one fee associated depending on if you have to convert the crypto type before exiting it. Once you have drawn the funds out of your wallet or exchange there is then a risk with banking.
Many traditional banking systems are not cryptocurrency friendly and could freeze your account or freeze and hold the funds for up to 90 days if they see your funds are coming from a crypto-related source. Some banks have even been known to terminate accounts that are linked to crypto activities so it could be a risk compared to spending directly with our wallet-to-wallet service. Whilst there are fees associated with services like AutoCoinCars as there are with exchanges, our fees are among the lowest in the crypto industry, are fully secure, mitigate volatility risks, and are faster than even traditional payment methods.
The introduction of AutoCoinCars to the automotive and cryptocurrency industries changed the game for the foreseeable future. Offering a safe, fast, secure service that is fully compliant and regulated ensures that both the crypto customer and the car dealership are fully protected. Our company mitigates the risk for both parties ensuring a seamless transaction experience.
From our humble beginnings making a few sales a month with only a few partnered car dealerships to the thriving business we have now with over 800 partnered dealerships and helping customers spend their cryptocurrency on a car every day.
The changes in the automotive industry have played a big part in the growth of AutoCoinCars. From an increase in production and drivers on the roads to spending methods becoming increasingly digitalised, user spending has never been higher. Car buying trends also lean more towards short-term ownership than previous generations who used to own cars till they broke. This has created a higher turnaround in new car purchases to used cars, and the used car market as a result is booming!
The cryptocurrency industry, in parallel to the automotive industry, has also boomed over the past few years, with it reaching peak prices in 2021. Although cryptocurrency prices have mellowed out now, thanks to the price rises, adoption, and the number of cryptocurrency users, the spending of cryptocurrency globally has significantly increased.
In addition to cryptocurrency user spending being on the rise, it is notable that this is becoming increasingly possible thanks to more merchants opening themselves to cryptocurrency payments. Various methods such as BitPay, NowPayments, or direct crypto payments have allowed users to realise that cryptocurrency doesn’t just have to remain a virtual asset that is to be traded or held in online wallets, they have much more choice with being able to spend cryptocurrency.
Cryptocurrency spending in relation to the automotive industry has in fact increased by over 200% in the last 5 years. This upward trend is showing no signs of slowing and we look forward to continuing our groundbreaking work in crypto payments within the automotive industry.
If you are looking to spend your cryptocurrency, AutoCoinCars has over 25,000 cars available! Browse our range of cars for sale and enquire online today.