First Lamborghinis, now BMWs, cryptocurrency gains are now buying the famed German luxury vehicles.
Got Bitcoin and have the hankering of owning a new BMW? If you live you near London or Kent in the United Kingdom, paying for fresh BMW with Bitcoin just got a whole lot easier. Stephen James BMW and Mini dealerships are now accepting Bitcoin as payment.
Stephen James’ dealerships and Lamborghini of Newport both use Bitpay wallet for Bitcoin payments.
Bitpay was founded in 2011 during Bitcoin’s start, is one of the more well-known cryptocurrency wallets and is the most used Bitcoin payment processor in the world.
Bitcoin and Bitcoin Cash are the two coins that can be used with Bitpay. In order to make payments with Bitpay, simply download the app to phone or to your computer. Once you have the wallet installed, sending Bitcoin or Bitcoin Cash funds to Bitpay would be next. This could be done by transferring your funds from the wallet or exchange that is currently holding the funds to Bitpay. From there it is easy to pay for a new BMW. In order to send money, open the app choose the amount to be paid or sent and simply scan Stephen James BMW’s Bitpay wallet address through the app and viola, Bitcoin just paid for a BMW. Bitpay will then exchange the currency to whatever fiat currency Stephen James BMW has chosen.
This is not the first time a car company/dealership has started to accept crypto as payment for goods and services.
In the crypto community “when Lambo?” is an incredibly popular saying. The meaning behind the saying is that when someone has enough bitcoin to purchase a Lamborghini. There are a few Lamborghini dealerships in the United States that accept Bitcoin. Lamborghini of Newport Beach, in California is one of those dealerships. Lamborghini of Newport started accepting Bitcoin back in 2017.
There is an interesting story on CNBCabout a man names Peter Saddington, a United States resident who bought a Lamborghini on his Bitcoin monetary gains.
The Bitcoin phenomenon could eventually creep into every city in the world. Even if Bitcoin itself is not the world accepted payment another cryptocurrency could be put in its place as this new technology evolves and increases its grasp on the world.
As the technology evolves more businesses will adopt the payment method. Al Romero, a cryptocurrency investor and wallet holder said in an email interview that “It's just a matter of time. The concern is with the volatility but if businesses looked at it as investment income, the business can just hold that currency and in a few years, they could reinvest those gains into the business.”
Some of the hurdles in the way for more companies making the decision to accept cryptocurrency. Al says, “There is risk involved, don't get me wrong, but we didn’t start these businesses to avoid all risk but I'm willing to take calculated ones.”
For those who may be interested in purchasing a BMW or Lamborghini with Bitcoin here’s some information on what is needed. With the current price of Bitcoin at the time of the article sitting at ,119.57, any person could buy a base model 2018 BMW 320i for ,900 with only less that 5 total Bitcoin. Or if a Lamborghini is the dream car, a person would need less than 26 Bitcoin to purchase a 2018 Lamborghini Huracan that sits at 3,295.
“Featured Image Information Sourced from Bitpay, Created by Frank Stanley using Canva”
Article Posted: 07/28/2021 01:56:45 PM