Bitcoin Forum

This has been my concern here in my  own country Nigeria. No auto dealers or automakers has ever accepted any crypto particularly BTC for purchase payments

There are many car dealerships that accept Bitcoin payments and you can find this information on the internet. Currently, the use of Bitcoin and cryptocurrency for payment for services and shopping is occurring quite popular and receives great support worldwide.

It's not an issue to your country only but majority of the countries are still lack of auto dealers to accept bitcoin.

However in my country there's an auto dealer that's accepting bitcoin, luckily and he's giving discount worth $283 if the buyer's gonna pay him bitcoin.

While in some places, I found these news:

Japanese Luxury Car Dealer Accepts Bitcoin Payments Up to $1 Million (https://www.ccn.com/japanese-luxury-car-dealer-partners-bitflyer-for-bitcoin-payments-up-to-1-million/)
Bitcoin (BTC) Payments Now Accepted For Stephen James BMW Cars (https://bitcoinexchangeguide.com/bitcoin-btc-payments-now-accepted-for-stephen-james-bmw-cars/)

I think that is about volatility of Bitcoin, when it will have more users it will be also more stable and than it will expand much wider!

A few questions:
1. What is the general attitude of the average Nigerian to Bitcoin and Cryptocurrency?

2. What is the stance of your government on everything cryptorelated?

3. Are there stores or businesses in Nigeria that have started accepting bitcoin?

Your response to the three questions will give you an insight to how long auto dealers in Nigeria will accept crypto payments!

No one knows how soon, also It depends entirely on the merchant and such decision from them are often influenced by various factors which I believe one of them is "news" so what will happen next is a crucial part. With the recent bans, regulation, hacks and dumps, It's no wonder they may feel circumspect about bitcoin but there's no denying that such happenings just lead to more publicity which is a good thing imo, it could always trigger curious people joining in.

Anything can happen really, but there is no accurate time frame for that so if you're planning to transact with these auto dealers, it would be better to just convert your btc's into fiat and use it for payment.

Should be soon enough especially with the times nowadays, it's incredible!

Forbearance is the key to success,
let's be patient, and believe in the future, bitcoin will be the legitimate money in this world,
it just takes time, bitcoin will be recognized in all countries, and then, we can be free to buy anything with bitcoin,
and we can also donate to all countries for those who need money.

An overarching theme I've seen that definitely relates to your situation has a lot to do with third world countries adding crypto acceptance to all kinds of situations. It's pretty tough when people don't really have access to a lot of technology in those countries because all of a sudden cryto's reach is definitely shortened. Auto dealers in a few first world countries do accept crypto and people who sell their cars independently definitely do accept whatever form of currency they want. Maybe it's just a time aspect.

Uuhm… you wouldn’t find them there. I believe that most people there wouldn’t be much interested in accepting Bitcoin for their business, they will prefer fiat over Bitcoin.

Only those that are into online business would know about Bitcoin and maybe accept it for whatever business they are doing. But is it a must you will use Bitcoin to purchase a car? 🤔Ain’t there other ways you can do so? You can even go to the place they are selling it to pay direct maybe with your card or cash.

Establishments and dealers still do not accept Bitcoin or cryptocurrency in general as it is very volatile and you should understand that establishment owners and dealers do not want to accept payment that is volatile and fluctuates every time as they would need to get their revenue as soon as they get your payment and with cryptocurrency volatility the will have uncertain revenue.

This is a problem not only in your country. Still a lot of countries do not know how to behave with crypto currency, especially in the issue of legal use. I hope that not only in car dealerships but also any other services can be paid using crypto currency.It seems to me before 2025 to use the crypto currency will be very many countries

I think this will depend on the level of popularity in a country about the existence of crypto because in a country that has a high crypto rate of popularity, I think it will definitely have a lot of crypto users and of course any car company would dare to accept payment by using crypto.

The dream is that Bitcoin is a unified currency for the whole world, where it is possible to go to any country and pay to the taxi driver/automakers using it without exchange that faces many problems/challenges starting with the legal status of Bitcoin and not ending with price fluctuation.

   The legal situation: There are still countries that prohibit trading in Bitcoin so it is necessary to ascertain the legal status or violation of those laws may expose those companies to massive losses, especially that those companies span more than one country.
   Price fluctuation: A decrease of $ 5 from the value of each transaction is considered to be a threat to this way of payment.
   High fees: Bitcoin's network is still limited for everyday use, so it has to wait a bit.

In my country it is illegal to buy a car with cash and since bitcoin is the digital equivalent of cash it is very unlikely automobile dealers are ever going to accept bitcoin as a payment, I do not know if things are like that in other countries but if it isn't then there is a chance that in the future you can by a car with bitcoin, but for that to happen you will depend on the adoption growing significantly in your country and that could take a long time.

If you are talking about brand new cars, the problem for the dealer is that they have to pay the manufacturer in fiat, so taking bitcoin etc will impact their cash flow, in addition they have to stand the rate of exchange risk. It may be easier for a secondhand car dealer to take crypto. I  believe the only manufacturer who  will accept BTC is Tesla, but I may be wrong.

Yeah! This fluctuation/volatility is the biggest issue, not just for car dealers but any merchant. Cars are high-value items too, so any volatility in Bitcoin's price would result in very significant effects on their business. 15% moves like we just saw 2 days ago sits fine with a trader, but what if the move went the other way?

This is why you not only have to convince merchants to accept Bitcoin, you have to convince them to move to crypto and leave behind fiat mechanisms. And there has to be a market ecosystem all in Bitcoin, from suppliers, to manufacturers, to sellers and consumers, who all use Bitcoin. Then the fiat values make less and less problems.

Not so soon, I'm afraid. Car industry is no different than any other business or industy that is having issues with accepting Bitcoin payments. High volatility and lack of regulation makes Bitcoin as a high risk payment method so industry is not keen to accept it.
I think this situation will not change so soon and the solution I see is to save the Bitcoin but than convert it to fiat and buy a car. Direct Bitcoin payment system might take long.

Bitcoin still has a big hole to get the government's heart to regulate and legalize any payments system using bitcoin.

It's just a matter of time to make that happen, clearly when many countries accept bitcoin or legally used as a payment system and many people in the country are already using bitcoin so they can push the government to immediately stick the bitcoin as a payment system.

Due to government action that strictly prohibits to crack down on bitcoin users is a useless thing. The internet network can be manipulated by them, so its consideration is prohibited but it will not give a deterrent effect or legalize it and the government can get rewarded from taxes.

As crypto gains more exposure and more "legitimacy"  in the eyes of government and big business,  we will see more people willing to take the leap.    Right now you really either have to be big on crypto,  or looking for some sort of way to stand out from other businesses.   

There still remains a big learning curve with crypto, and most businesses just don't have the time or desire to figure it all out.   

very soon. autoblock ico in uk already got plenty of second hand dealerships waiting for the mainnet launch.

I don't really see it as a big deal for dealers to be accepting cryptocurrency payments. Fr someone to be accepting crypto they must have a knowledge about how crypto works and must be really comfortable with it. Besides adoption will take time and when it happens it will be possible for different businesses to be accepting cryptocurrency. What we should be concerned is for government to get off our back and adoption will spread faster than what is really happening now.

Is that really a problem? There are countries that crypto is widely known but still don't have auto dealers that accepts crypto. I don't know how big deal it was and now considered as a concern in your country.

People there used to pay with your usual payment system so I don't see it's a problem if you will continue to do that system since it will take lots of factors before a company, not just for an automakers to accept crypto as their payment method.  It's not an easy implementation because there will be a considerations.

The point is these are businesses that are very particular about the profits they make,they won't want to mess around with that.The volatility of cryptos make them distasteful for many businesses at the moment.Im sure with time most will start accepting cryptospace until then let Fiat lead the way

I am certain that it wont be a big concern for all Nigerians in general because there are almost no Nigerians who would be willing to buy a car using cryptocurrencies. There might not even be enough cryptocurrency users everywhere in the first place lol.

I think that merchants will not accept crypto currency soon. Now most governments are trying to get away from cash and switch to paying by cards to control all cash flows. When paying for crypto currency, governments will not be able to exercise control.

I think that at least the price of BTC will be stabilized, and no entity will be willing to accept a price fluctuation!

Craigslist has recently introduced a "crypto currency ok" tab to filter search results for cars and trucks offered for sale using their service. I think they also support some regions of africa, although I don't know if nigeria is supported.

There are concerns over a looming subprime car bubble in parts of the world. I imagine crypto will be more widely supported as a means of boosting car sales for dealers and manufacturers who could see sales plummet as consumers have increasing difficulty paying off car loans. Governments and the private sector could turn to bitcoin and crypto currencies in the future to ward off negative consequences associated with fiat overprinting. It could in turn boost retail support for bitcoin, we shall see.

Another problem is that most car dealers earn more by being nothing more than banks than by actually selling cars, the car industry has earned more money through loans than through selling cars and bitcoin is not going to help them get richer because not only you will have to pay the car in full but they will not get benefits of selling that car with a loan, in this scenario they are the ones obtaining less profits and getting all the risk and business do not work like that.

Instead of general you are share the particular information about the good sites which accepts the bitcoin and altcoins so far.
I see the many projects are creating the ICO in the marketplace and embedding the payment API on the website.
VLB and some Singaporian project has been open up a ICO and website to deal the auto parts and car dealing mate.

Dude the below coin will answer you. Get into the link. VLB.
https://bitcointalk.org/index.php?topic=2325725.0

Dealing with auto industry to the benefits of individual and business. Save hundreds of thousands of jobs in the auto industry, while making cars safer and more reliable, without the long-term anticipation of automation. So crypto is far beyond our imagination. Crypto has almost entered into every induatry almost.

Time will come that your country in Nigeria will have a automakers can accept bitcoin. But as of now,if you are really want to buy a car,why you don't try to convert your bitcoin into dollars,where you can buy any car that what you want to have own.

I think. Instead you are generally sharing specific information about good sites that accept bitcoin and altcoins so far.
I'm sure it will not be a big concern for all
In general, almost no one is willing to buy a car using electronic money. There may not even be enough people using electronic money everywhere in the place.

That's what I already mentioned above. Automakers and auto service related projects are came to the market already. We do not take all these in mind go see the bitcoin not get accepted and all.
To speak the truth from comparing two years back to now. There is gradual growth in the marketplace and even the acceptance of bitcoin as increased.

It is because in your country bitcoin is not popular yet and it will take long time to attract people and they invest their money in bitcoin and start dealing in bitcoin. Don’t worry in the future your local markets will start accepting bitcoin as their payments and will create ease for its users and customers. It is time consuming and you will have to wait for it.

In my country Vietnam, cryto is not banned but it is not allowed to conduct any purchases not by VND and may be committed crime if do so.  :P

The same is in my country. I cannot use my crypto anywhere in my country because nobody is accepting cryptocurrency. So till that time I will hold my coins and will try to make more and more money because it is also a business and I can make huge money from my holdings in the future. I am not panic about the use of bitcoin in my local markets.

All over the world and every sector of the economy, the continued acceptance of bitcoin for transaction purposes continues to happen. This influence depends largely on the environment the business is operating. I don't expect an entrepreneur to go and spend huge amount of money on having a POS machine, when the majority of those that patronize his business deals with cash and don't even have bank accounts.
The reason why it seems the businesses operating in the automobile industry in Nigeria are yet to fall in line is because even their clients have not fully harness the potential of blockchain where majority of their transactions is still being done through banks enable channels. In the future, it is expected that this will change depending on other factors that might either work for or against such penetration.

Many car manufacturers in Japan have accepted the payment method of cryptocurrency!
Samsung stores are also accepting cryptocurrencies, and BMW cars are beginning to accept cryptocurrencies!
The payment method of cryptocurrency has gradually been recognized by people, and the payment method of cryptocurrency will become the mainstream payment method in the future!

We are really growing now and for sure this is not the first place for this kind of business who accepts cryptos as mode of payment. I know this will happen in time, so for now better to use your fiat money and hold on your cryptos it will become more valuable soon.

Didn't know if some company was accepting bitcoin as a payment way because 2 years ago people were dreaming it. On another hand, why to pay with bitcoins? Isn't it very risky? One mistake in adress or etc and your bitcoins are lost + you can't get bitcoins back. Also as you see, old people don't know much about bitcoin + don't trust this, to my mind it's the reason why bitcoin isn't accepted by autodealers because there is almost zero demand.

If this people can be accepting crypto payment it will be great to cryptosystem. However, it is a dream come through if such things started with them. I have heard that some set of people now accept crypto but I don't know how really it is now. I can not wait to see this dream realizes.

Unless the car manufacturer is a cryptocurrency whale, LOL, most merchants are reluctant to accept such payment methods due to the instability of the cryptocurrency! Because they are not willing to take risks!

So many merchants are accepting crypto as a their payment method.But nowadays most of them are unfamiliar with crypto with the market crash

Many countries still have restrictions on cryptocurrency but I think in the future when these countries are aware of the advantages of blockchain and cryptocurrency technologies. I now know that many countries are utilizing cryptocurrency as a way to change the country's economy.

In a recent thread came to know about BMW's acceptance of bitcoin. Maybe there is no official statement mentioning the acceptance of bitcoin for services. Already there were some real life store accepting bitcoin, but the acceptance from large scale companies will be talked big and supports with the acceptance of bitcoin from different other companies.

Anything would really takes time and not only your country is having that kind of thing where majority doesn't have the full adoption or acceptance of crypto into business which isn't surprising but if we do compare the adoption of this years compared to last years then we would able to see a significant change on numbers which is really a positive thing for us crypto holders but for now we cant do anything but to wait up on such acceptance. If Nigeria is not too strict to crypto then anytime soon you would able to find one.

It's correct. If you want to pay with electronic money or Bitcoin, then we have to give the community trust in them.
Then it is possible to apply such a payment model
However, I think it is not possible at this time
If there are also only a few branches performed negligible
Therefore, electronic money needs to attract the community and give the community peace of mind then apply to the payment of car purchase.

If we look at the today’s situation of the market, then we will find out that the market is not favouring the crypto currencies especially bitcoin much as there are not so many places which are accepting the bitcoin as mode of payment. However, this does not certainly mean that this will always remain the same and that we can expect for much better days in the future.

maybe not all car dealers can accept bitcoin as payment, only those who already understand about bitcoin, and those who live in countries that already recognize the existence of bitcoin. because I have also heard an article about a car company that started receiving bitcoin as payment. maybe you can look it up on the internet. there is one of the luxury car companies that accept bitcoin.

It depends on how widely Bitcoin is used in Nigeria.
Keep in mind that the dealers may still have to receive local currency to stay legal and correctly pay the taxes. So we need a payment processor.

If the use is "big enough", one of the two scenarios will happen:
1. A local payment processor, that already works with VISA and Mastercard, will offer Bitcoin payments in their portfolio. When that happens, many will be able to easily incorporate Bitcoin payments in their business, including the auto dealers.
2. A local auto dealer will be bold enough to use something like BitPay, even if it's from outside Nigeria, but they can offer Bitcoin payments and the dealer will get legally local currency.

Not now but soon when bitcoin is well known throughout out the world for now it's still in a developing stage and it's getting bombard by regulations and restrictions in social media platform and governments. But merchants and institutional investors are growing and one by one their started to accept it and invest in it.

   There are only few country that accept bitcoin as payment in automakers or car dealer as of now. Maybe that is because of the volatility of bitcoin but lucky are those countries that can use their bitcoins as payment when they buy a car. Hope someday that even in our country bitcoin will be widely use a s payment method in different companies not only for car company but also in other company that selling different goods and services.

I really dont think its soon enough, though Nigeria is one of the biggest market in africa getting automakers to accept bitcoin will be hard and i am sure majority of this dealers are waiting for more advanced countries to adopt bitcoin as payment. I would say fiat is more accepted and will be for a long time.

The owner of the gilded Rolls Royce Ghost now living in Oldham, Greater Manchester, said: "Why not trade with Bitcoin? I see this currency as a normal currency today. "
Sales car services to payment by Bitcoin virtual currency will take the throne in 2018.

Well, maybe automakers are making time to study cryptocurrency or blockchain technology to confirm if this innovation can really help to improve their company.

In fact I saw a recent ICO about vehicle. You can actually check this one,
https://bitcointalk.org/index.php?topic=4856759.msg43782240#msg43782240
I’m not part of this campaign neither the team, I’m just sharing some project about the topic and maybe this is the beginning of this kind of acceptance with the automaker/autodealer.

Not anytime soon unfortunately, for all Automakers have a supply chain of many thousands of suppliers, unless and until their supplier network also takes bitcoin then they won't generally accept it -this is due to the cash flow implications for the business.

You may well find that some dealers may take bitcoin (especially for difficult to sell vehicles, bad colour/spec etc) as it could be beneficial to them, especially if bitcoin price is rising.   

Well in some developed countries, where technology is really advancing and always embressed, wholeheartedly, You can purchase a car and pay with Bitcoin. Some Car producing companies in US, Dallas, Kasas etc. announced their acceptance of Bitcoin for car purchase.
Almost anything can be purchased with Bitcoin nowadays, and Car purchase is not exempted.

Check this news out;
A car dealership in suburban Albany is accepting bitcoin purchases.

Michael Severance, of Michael's Auto Plaza, tells WTEN-TV the dealership recently started accepting the digital currency. Severance says he became interested in bitcoin as its value rose. The East Greenbush businessman says he wanted his dealership to take advantage of an opportunity.

Probably, if you make more enquiries on how to purchase a car with Bitcoin in Nigeria, you'll come across some-day. It's just that the confidence of transacting with Bitcoin is not as grown as some more developed society.

I think a lot of things are affected with this and therefore the people must be well-versed.

It is not just a simple issue in your country and therefore you have to be more careful.

It is not the only thing in the world and therefore be very sure of what you are doing.