Bitcoin is one of the most popular cryptocurrencies on the blockchain. It is a digital currency that is completely decentralised. It is primarily used to buy, sell and exchange goods or services without interference from a centralised authority (such as a bank).
Moreover, a public ledger records every Bitcoin transaction. Therefore, this makes it nearly impossible to change or counterfeit Bitcoin. As Bitcoins are decentralised, they are not backed by any government or regulatory authority. Nothing guarantees their value except the fact that they exist on the blockchain.
Read more: Buy cars with bitcoins
Bitcoin made headlines in 2017 when the cryptocurrency exploded on the blockchain. Its value propelled from $1,100 to about $20,000 per Bitcoin in less than 12 months that year. As a result, this massive increase had made investors incredibly rich. This created a modern digital-age gold rush.
The limited supply of Bitcoin drives its value. It is seen as a form of digital gold which investors hope they can rely on. The hope to utilise bitcoin as a shield against inflation and market volatility. Currently, there are more than 19 million bitcoins in circulation. On the contrary, typical fiat currency is backed up by some kind of precious resource. Bitcoin is not like fiat currency issued by a formal authority such as a bank or a federal reserve. It derives its value from its own existence on the blockchain.
How Does Bitcoin Work?
Cryptocurrencies such as Bitcoin are based on a distributed digital record called a blockchain. Blockchains contain smaller units called blocks. These blocks contain linked data about every exchange. This data includes, time, date, total value, a unique code, etc. The blocks form a blockchain once the date is linked chronologically. Data that exists on the blockchain can not be altered. Additionally, it can not be hacked or reversed in any way.
Did you Know?
Did you know that the first Bitcoin transaction was made by a man in Miami? In 2010, Laszlo Hanyecz successfully traded 10,000 Bitcoins for two Papa John’s pizzas. The total price of 10,000 BTC was $41 at the time. Fast forward to today, the price of 10,000 BTC is around $36 million. Regardless, this will continue to be one of the most unusual purchases in history. Given the current price of Bitcoin, one can only imagine what kind of opportunity Mr. Hanyecz missed out on.
But What Can Bitcoin Buy Me Today?
Today, cryptocurrency such as Bitcoin can buy you many things. Real estate, airline tickets and fast food are some examples. In fact, many believe that conventional transaction methods will decline by 2030. This is largely due to the role of cryptocurrency.
Did you also know that you could buy your dream car with cryptocurrency? Sounds ridiculous, right? However, this is very much true. AutoCoinCars allows customers to deal in cryptocurrency for buying or selling cars. Many prestigious brands like Maserati, Rolls Royce, McLaren, Ferrari, Lamborghini, etc. are present on AutoCoinCars. In fact, it is the largest platform that deals in cryptocurrency for car purchases. Here are the steps you need to follow to buy your dream car:
Step 1: First, you’d need to get in touch with us and check if the car you want to buy is listed or not. Whether it’s a call, email, enquiry through our website, or even a direct visit to the dealership, this will start the process of buying your car.
You may also inspect and test drive the car you are interested in.
Step 2: To buy a car on AutoCoinCars, you must first have your online profile on our website. Once we have verified your details, you will be provided with a secure account profile in our system.
Step 3: The third step involves the verification process. Once we verify your identification, you are good to go to make a purchase of the vehicle you want.
Step 4: AutoCoinCars will contact the car dealership to request the invoice for the vehicle you wish to purchase. They will also send you the invoice.
Step 5: Once the invoice is received, we will complete a final verification check by calling you to confirm the details you have provided through your online profile.
Step6: The test transaction of £5-10 will be done. This will help us ensure that you have entered the correct cryptocurrency wallet ID before sending the full payment. This step will eradicate human error or any other risks.
Step7: Once 3 confirmations on the blockchain are received from the test transaction, a live value of your crypto payment will be calculated. Then, the value of your cryptocurrency will be locked for 30 minutes.
Step8: Once AutoCoinCars has received the payment, we will make a phone call and/or email you along with the dealership to confirm that the payment has been received.