Ferrari introduced BTC payment option for their cars

[bitbollo]

I am always of the opinion that although you can pay DIRECTLY in bitcoin this option has always been possible... just exchange the bitcoins into the local FIAT currency!
Such purchases must be tracked anyway, so there isn't even a particular advantage and rather than making it clear that one has enough BTC to buy such a car....

I bought a sports car a few years ago (2017)? Obviously I didn't spend as much as a Ferrari (much less than 10K euros). I asked to pay in bitcoin (it bothered me to make a transfer or withdraw) and the seller asked me for a "20% fee for btc payment".
My answer? I started laughing and made him a normal bank transfer

[Lucius]

I wonder if it's just a coincidence or if the guys from Ferrari read what Honda did and concluded "why not add that payment method?". However, one should not expect that such a decision will affect the price of BTC, because although I have no doubt that a few luxury cars will be sold for BTC, it will still be a very small percentage, considering that in general, a very small percentage of people own BTC at all.

In addition, even in 2018, in some parts of the world (Japan), you could buy luxury cars for Bitcoin, and I really don't know if this possibility still exists today.

Luxury Car Dealer Teams with BitFlyer for Big Bitcoin Payments

[paid2]

I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari.

Well, not many people buy Ferrari in general (they sell 10-15k cars per year which is nothing compared to let's say Toyota who sells 10 million) but there's still decent amount of nouveau riche crypto millionaires who like to flex with expensive cars so there will be some interest.

I agree with that.

Especially since these cars are like some work of art, and could allow some people to get around taxes and optimize their tax situation.

It's easy to imagine buying Ferraris in BTC and reselling the said vehicle shortly afterwards, as a way to cash out BTC and minimize taxes (in some countries, this can be done without too much difficulty).

I think Ferrari is aware of this type of customers too, and that they're not naive. Money is money, and a market is a market.

[Ojima-ojo]

It's merely "propaganda", merely "puff", "hype" for the people in general.

And the propaganda is already working because somehow the Ferrari name already has found its name to this forum and discussing about it is a kind of indirect marketing strategy for them. The more this new development is talked about, the more the name Ferrari sell, remembered by those who may have forgotten it, or now known by those who never knew the name. Especially now while a Halving is expected, many people treasure their bitcoins like their life.

Really how many people innthis forum are really interested or can afford a Ferrari car with fiat money not to talk of spending bitcoin on Ferrari purchasing, the highest they can get from this forum is what their getting right now by getting their name mentioned in comments, aside from that there is nothing significant with that in terms of promotions as you mentioned.


When i saw the update about Ferrari's crypto adoption the first thing that came to my thought was that Ferrari as a company also wants to take advantage of the cryptocurrency envolving market to advance the sales and product payment as well as hold the liquidity in bitcoin as the case may be, so for that I will say it a welcome development even though this may not make any significant difference in the value of bitcoin, both in the short term and in the long terms.

[mk4]

The lack of enthusiasm is depressing...
Remember the good old days of "When Lambo?' when goat actually bought a Lambo with BTC? 
What do all plan on doing with these coins, keep it till they reach one quadrillion and by that time they're too old deaf, or visually impaired to even drive a car have the seed inscribed on the top of the coffin so you might exchange them to afterlife coins on some cosmic dex?

It's a "A Peer-to-Peer Electronic Cash System" it is supposed to buy things, and Ferrari is selling things, it's like a perfect match!
I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!

It's really not necessarily the lack of enthusiasm. The news is definitely good! It's just that some people like to overblow stuff like this as if bitcoin has just suddenly became great as if it wasn't already great to start with.

[Hamza2424]

I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari. In fact I believe the same problem existed with Tesla and I believe this was the real reason why Musk removed the bitcoin payment option not the nonsense he said about the energy consumption.

In other words the only thing that this news is going to do is for a short time it is going to introduce Bitcoin to some people who would hear about this decentralized currency, then it is going to be forgotten until possibly the day they remove this option which there would be some FUD and again it will be forgotten the same way Tesla and Musk are.

However, I won't impact more in any type of appreciation, but it can be taken as a reminder for those who have forgotten about the Decentralized Payment Mode as you've said. It won't make any demand surplus except for particular narrow seniors for those who love to buy Ferraris and they don't own enough money yet and focus on the accumulation and hope that someday their Bitcoin will be gonna worth enough to buy a Ferrari.

I'm sure until that day they'll remove this option  .

[DaveF]

Buying a Ferrari is the simple part.
Then you have to insure it, maintain it and every other stupid expensive thing that you have to deal with when owning an exotic car.

But, beyond that it's the other implications of doing it this way. For the most part you would be better off with BTC -> Fiat -> Ferrari then BTC->Ferrari
At that level say 10BTC you can get better pricing then BitPay offers. .5% is a big number at that point.

Surprised nobody came in with the BitPay evil thing yet, but since it's a car you are already KYCd when you buy it.

Small humor, I mentioned Fiat meaning cash, but Fiat the company did use to own Ferrari :-)

-Dave

[shield132]

I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari. In fact I believe the same problem existed with Tesla and I believe this was the real reason why Musk removed the bitcoin payment option not the nonsense he said about the energy consumption.

In other words the only thing that this news is going to do is for a short time it is going to introduce Bitcoin to some people who would hear about this decentralized currency, then it is going to be forgotten until possibly the day they remove this option which there would be some FUD and again it will be forgotten the same way Tesla and Musk are.

Many rich people own bitcoin who were rich before crypto thing and at the same time, it's a good way for influencers to title their content and to get more views.
Btw, to my mind, Musk was playing with bitcoin and some altcoins. He wanted to pump bitcoin and did many things to pump it, then he pumped dogecoin, then he dumped bitcoin and whole crypto world by stating that Bitcoin consumes a lot of energy blablabla but when he dumped bitcoin, many other altcoins increased in prise because of their energy-efficinecy, one of them I remember was Matic Polygon.
Btw this will lead other companies to implement bitcoin payments but it's bad that they use centralized services instead of decentralized one like BTCPayserver. It destroyes bitcoin's fundamentals.

Too many people consider BTC an investment rather than electronic money, and i'm sure they'll not want to spend their BTC on a car or anything that's as expensive as a Ferrari.

If you have enough money to buy a Ferrari, then you are in rich club and word expensive doesn't make much sense.

Ehh, it's definitely good news but it'll be a 'meh' event in the grand scheme of things — for both bitcoin and Ferrari. Highly highly likely that the number of customers that will use BTC and not credit/debit will be less than 1% of customers.

It's goot in terms that Bitcoin's popularity and adoption will increase but it's bad that this adoption increases via centralized system, like Bitpay instead of independence payment methods for which Bitcoin was created.

That’s a great news to be honest. Now due to bitpay, those who have some savings in the form of Bitcoins can use it to purchase the legendary car Ferrari. But I have a doubt that, as the amount will be big, so they won’t ask for verification etc?

KYC? Are you joking? When you buy a car, you have to register car as your own property. You can nowhere buy a car without revealing your data.

[DaveF]

Humor: For now you can use bitrefill to get ebay gift cards.
From there you can get yourself a totally electric Ferrari

https://www.ebay.com/itm/266440920092

Do not go down the rabbit hole of Ferrari branded / partnered things. I don't know when they started doing it but I guess for a fee and a percentage of the profits they will let you logo anything.

-Dave

[kryptqnick]

Even if it's not directly and done via a payment processing system like Bitpay, it's a significant achievement, and I'm happy to hear that. I hope it won't be just for the US, and people around the world will be able to use their BTC to purchase those cars.
The article says that BitPay will ensure that the money's legit, so perhaps that's a solid reason why Ferrari doesn't want to accept BTC payments directly: this way, they free themselves of the liability. And BitPay gets more publicity and customers, so I guess it's beneficial for them as well.

[Ultegra134]

I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari. In fact I believe the same problem existed with Tesla and I believe this was the real reason why Musk removed the bitcoin payment option not the nonsense he said about the energy consumption.

In other words the only thing that this news is going to do is for a short time it is going to introduce Bitcoin to some people who would hear about this decentralized currency, then it is going to be forgotten until possibly the day they remove this option which there would be some FUD and again it will be forgotten the same way Tesla and Musk are.

Although I appreciate moves like these, as they promote cryptocurrencies as something real that you can use in real life for tangible purposes, there's still a large number of people who are completely unaware of them and their purpose. Although this is also my opinion, I also don't believe there's enough audience in order to add such a feature. Tesla tried it as well, and not only are they a huge manufacturer, but they also sell quite expensive cars. There must be a reason for Elon Musk to remove it as a payment option, and most likely, it was due to a lack of usage and nothing to do with energy consumption.

Moreover, I also highly doubt that this announcement is going to make any significant difference (if any) in the market.

[hugeblack]

I expected that they would manage their own node or use any open source code, but relying on a third party, especially Bitpay, shows that it was the company that negotiated with Ferrari.
Bitpay is a Bitcoin payment processor that has been operating for a while, but there are many complaints about it, so I am concerned about user complaints, but it is a good start, and I hope they change their mind about accepting Bitcoin directly in the next few years.

[pawanjain]

This sounds like a great news and should make a positive impact on BTC price but I see that the momentum is low.
But even that is good because steady growth stays for a long time than a sudden pump in price.
Recently Uber had announced that they will start accepting crypto payments and now Ferrari.
Seems like big companies are starting to adopt cryptocurrencies and I hope the list of companies keeps increasing.

[Gladitorcomeback]

Chosing Bitpay means we have to pay 1-2% + 25¢ extra if we want to buy Ferrari car with btc. Ferrari is such a big company and company like this should work on own payment system rather then other source where customers have to bear the extra fee burden. Months ago I read news about Paypal also who was relying on third party source.

Despite this fact I think this is very positive movement and this news show that interest and demand of people to use btc/crypto in online payment is increased and big companies now providing services to got attention of users who love to pay through btc. I hope we will hear about many others companies in this year just like many ETF providers applied for Bitcoin ETF after Blackrock.

[Texac]

This sounds like a great news and should make a positive impact on BTC price but I see that the momentum is low.

This is positive news showing a strong growth in bitcoin's popularity, but hopefully, this news will have a big impact on the price, I think this news is not interesting enough to attract much of everyone's attention.  I also saw this news on social networks but did not see many people discussing this issue.  it is completely unlike the news that Tesla has released, so expectations of a positive impact on bitcoin prices are very unlikely.

[gunhell16]

Just recently, last week, we heard that the Honda company has implemented accepting Bitcoin as one of their options that can be used as payment. And now it's Ferrari's turn. Look at these giant car companies. Now they are starting to recognize Bitcoin in their business, and they have made it one of the payment options in Bitcoin at this time.

Why do they smell that Bitcoin will be 100k in the coming halving and bull run? Of course, if I am one of the rich people who have the capability to buy a Ferrari and have an idea for Bitcoin, why would I waste it if I knew it would give me a huge profit in the future?
Maybe later, when the bear market returns, they will no longer accept Bitcoin as payment because they will see the value drop.

They didn't do that at the right time; in fact, they should have started it during the bear market.

[Wind_FURY]

Chosing Bitpay means we have to pay 1-2% + 25¢ extra if we want to buy Ferrari car with btc. Ferrari is such a big company and company like this should work on own payment system rather then other source where customers have to bear the extra fee burden. Months ago I read news about Paypal also who was relying on third party source.

Despite this fact I think this is very positive movement and this news show that interest and demand of people to use btc/crypto in online payment is increased and big companies now providing services to got attention of users who love to pay through btc. I hope we will hear about many others companies in this year just like many ETF providers applied for Bitcoin ETF after Blackrock.

Plus there's THAT, BitPay. This is going to be a nitpick. Ferrari isn't truly accepting Bitcoin if they're going to convert the coins to fiat, which isn't bad, but if we believe that they want to accept Bitcoin because of its ethos, in my opinion, they're not.

- Because payments are made through BitPay, Ferrari will probably accept shitcoins? It would be laughable if they accept BCash too. BitPay was a known advocate for BCash.

¯\_(ツ)_/¯

[SFR10]

It will be easier for them to implement this in European countries, but for Asian countries it will be really tough.

I do not see any obstacles to such implementation in Asian countries that legally accept cryptocurrencies and if you were referring to the availability of BitPay's services, there's always the option of using "other payment processors in different regions".

Is there going to be a catch when you purchase with bitcoin though?

Considering that they'll be using BitPay's services, the data of Ferrari customers will be at a higher risk of being exposed if a data breach were to happen to one of them!

[MegameSama]

Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.

Elon Musk has done this recently, good news for bitcoin, and in the end everyone will accept bitcoin as the world currency.

[YUriy1991]

As the title says, Ferrari (who I believe doesn't need introduction) announced that they are accepting bitcoin payments for their cars. They are not accepting BTC (and a few other cryptocurrencies) directly but instead via Bitpay but its still a good thing for bitcoin when probably the most legendary car manufacturer decided to accept it even through a 3rd party.

If currently the only option is to only be able to use Bitpay as a payment mode, I don't think that's a significant problem, why was the Internet alone difficult to navigate when it first started.

For now its only for US market but they plan to expand it to Europe too.

I think they have read and studied future opportunities and this, if I assume, is a smart move because BTC is still very cheap after the last big correction and if this goes according to the company's target, the profits that will be obtained in the future will be extraordinary, where with BTC buyers can buy the car without attaching your name or other personal information to it.