Ferrari introduced BTC payment option for their cars

[stompix]

You may have missed this:
This doesn't seem like P2P to me. In addition to the fact that it is obviously a KYC purchase.

No, I didn't miss it, I was actually curious what other shitcoins they might accept and if it's Ferrari or some dealership and read all of it.

What happens is that I simply changed my opinion, you know I was anti shitcoin, anti-intermediaries, but if you see things are not working the way you wish then you start to think what's the next best and less bad than complete control thing, and yeah, payment gateways, without them there is nothing so the only compromise available. Besides, nobody stops Ferrari after taking your BTC to dump them on the market, right?

Let's simply say that I prefer today's illusion versus the faraway dream I less and less believe in becoming true.

As for the KYC, common, that would be the last problem, it's a car you have to register, even without KYC you would still provide the dealership with a copy of your ID as it's a legalized sale that's going to happen there.

It's a shitty thing but if nobody uses it it will be even worse!

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[sokani]

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.

I think the automobile companies accepting bitcoin might just know it as a medium of payment and that's it. So when a company like Bipay approaches them with a business proposal, as long as it looks good to them and it will increase their sales, they just go for it. It's the same thing with Honda automobile, who has a third-party agent accepting bitcoin on their behalf on every car purchase and a certain percent goes to the company. They can actually remove the middleman by running thier own nodes, but the publicity is still good for Bitcoin.

[Rikafip]

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?

+1

It baffles me that people here are saying "no one in their right mind will spend bitcoin on Ferrari" while there are loads of crypto millionaires who are flexing by buying luxury cars, and just because they are not willing to spend bitcoin, they think that everyone else has the same mindset.

As I mentiond earlier, few years ago I bought my father a car with bitcoin. At that time BTC was ~50k and logic behind this was that my father is not getting any younger while his dream was to have SUV or something along those lines as he is at the age when its not easy to get in/out of those lower cars (and the one he drove was ~20 years old). So why the fuck not cash out part of my BTC instead holding onto it for 4-5 years more just so I can get better car/spend less BTC? I am not saying that people should sell all of their BTC they have and buy some crap (but even if they want, who am I to tell them how to spend their money), but I don't see anything bad at spending part of it every once in a while.

I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!

Not once I heard people here saying that its stupid to spend bitcoin and if people here are not willing to do it, then who is?

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.

You will probably pay even higher fee when converting btc to fiat so I don't see any problem with that. Would it be better if Ferrari acceptes BTC directly? Of course it would, but that's not realistic at this point and it won't be for quite some time.

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.

Of course they won't bother making their own payment system when percentage of people who will actually pay with crypto won't be that high anyway. They don't care about bitcoin as all they care about is how to sell cars in the most convenient way.

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.

Since payments will be processed by Bitpay its safe to assume that all currencies supported by them will be accepted, including BCH.

What happens is that I simply changed my opinion, you know I was anti shitcoin, anti-intermediaries, but if you see things are not working the way you wish then you start to think what's the next best and less bad than complete control thing, and yeah, payment gateways, without them there is nothing so the only compromise available. Besides, nobody stops Ferrari after taking your BTC to dump them on the market, right?

What people here often don't understand is that we won't woke up one day and suddenly everyone will accept bitcoin directly as intended. Instead, changes will be small and gradual and I see this as just another small step into right direction when companies finally understand that bitcoin is here to stay and that it has many advantages over fiat. But untill that happens, 3rd party services are necessary evil.

[Gladitorcomeback]

As for the KYC, common, that would be the last problem, it's a car you have to register, even without KYC you would still provide the dealership with a copy of your ID as it's a legalized sale that's going to happen there.

it's mean countries where crypto is banned or at least not legalize will be in risk if they want to buy through crypto. So this offers is not for all and only Europe countries will take benefits of this service because residents of country where crypto not legalize will not take a risk when there is other ways available to buy(without risk).

They can actually remove the middleman by running thier own nodes, but the publicity is still good for Bitcoin.

Not only for Bitcoin but also for Ferrari. This news spread all over the crypto social platform and everyone is discussing upon it just like we are doing here. As Rikafip mentioned that Ferrari company just wanted to sell their cars and they have no interest in btc adoption or publicity so this why they are not going for own nodes or other alternative.

[bittraffic]

Since they are likely going to accept Shitcoin, that would be better than sending your BTC to them. If I were to buy one, I would probably do it in the bull run peak that even the shitcoin will have a big value enough to buy one.

So far it's only Ferrari announcing something like this, no other car producer yet. It's Ferrari sees there will be more BTC millionaires soon and they are likely buyers in the future. Cars like Ferraris are meant to be showcased only on some occasions.

[Davidvictorson]

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.

This is a great move buy Ferrari. It shows that they are a forward-thinking and progressive organisation. The super rich clients may not have any concern about this but trust me they are going to have new clientele base from crypto millionaires all over the world. I look forward to a day when fashion brands like Zara, Louis Vuitton, Gucci and other big fashion brands would make this type of company wide announcement.

[khiholangkang]

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.

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

Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

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

"Some are young investors who have built their fortunes around cryptocurrencies," he said. "Some others are more traditional investors, who want to diversify their portfolios."

This is truly good news for the Bitcoin Crypto industry which has always been the main adoption in the use of decentralized digital currencies, although they do not say specifically how in the future and what crypto will be received by them as a medium of exchange for the purchase of their car products, still this gives The sentiment is quite positive for the market movement that has been in a prolonged side way zone.

I will trace it further for this news and development, it seems I have a signal to take a long position in tonight's trading. LOL

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? Will follow this news to check who are the persons who will spend the Bitcoins to buy these cars. It will be easier for them to implement this in European countries, but for Asian countries it will be really tough.

Asian countries must be difficult if you do it openly or openly, it's okay, we first see developments in Europe in the use of this bitpay, running well or not in the future, and triggers fomo or unlike the then cycles that are done by Elon Musk with the car tesla.

[flyingcarpet]

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.

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

Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

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

"Some are young investors who have built their fortunes around cryptocurrencies," he said. "Some others are more traditional investors, who want to diversify their portfolios."

The good news for Bitcoin will only increase as the bull run approaches. Many companies and large companies are also aware of this. This decision taken by a brand like Ferrari is very positive news for Bitcoin. When the time comes, we will hear about many brands such as Ferrari.

Bitcoin is now a value that everyone accepts and invests in. We will hear such news often.

[_BlackStar]

I love the buzz - but it looks like I'll really have to wait until the price of bitcoin hits $1 million before I'm ready to pay for a Ferrari with bitcoin. LOL

Let's be honest - I think some people are ready to spend their bitcoin on whatever they like. The fact is that not everyone spends part of their bitcoin investment to buy something - but some of them actually buy bitcoin on purpose and spend it on something. It's a good case of adoption for bitcoin and Ferrari too - but growth in interest is certainly not guaranteed although it feels possible the company is starting to prepare for a surge in demand in 2024, 2025 or 2026.

[MinoRaiola]

First of all, this is super cool news. Sales in 2022 were better than the year before, with a total of around 13,000 vehicles sold. My Speculating now: Electro mobilization is being pushed very hard in Europe and a Ferrari cant be powered by electric after all, it doesnt go? With Bitcoin, I think they are trying to keep up the coming sales. The first electric Ferrari should come in 2025 and then you will see how it sells and whether you have to adjust the company policy. A little bit I think they are trying to absorb coming declines in sales. I dont think a Ferrari with a range of less than maybe 100 km can sell good.

[The Cryptovator]

I became aware of this news from Cointelegraph today. I was happy to see that news since it would create a positive impact on the cryptocurrency market. But seems the market hasn't reacted to this news. Though I hadn't been expecting a big pump, at least there should be a positive movement. So finally, it regrets me. However, companies like Ferrari accepting cryptocurrency is something big for us. We may see some results in the future when a few more big news stories come up. It's a strong Bitcoin adaptation, and more bars would be interested in Bitcoin payments. There are a lot of crypto millionaires who might want to buy a car through cryptocurrency.

[Dr.Bitcoin_Strange]

Wow, this is good. I am just reading for the first time. I believe that even in the future, there are definitely going to be a lot of big companies that will accept Bitcoin as a means of payment, and if most of these big companies keep accepting Bitcoin, it will bring about more exposure for Bitcoin, as many people will really want to pick up interest because of the company using it. Also, it will make the price of Bitcoin skyrocket more.

[GbitG]

As for the KYC, common, that would be the last problem, it's a car you have to register, even without KYC you would still provide the dealership with a copy of your ID as it's a legalized sale that's going to happen there.

it's mean countries where crypto is banned or at least not legalize will be in risk if they want to buy through crypto. So this offers is not for all and only Europe countries will take benefits of this service because residents of country where crypto not legalize will not take a risk when there is other ways available to buy(without risk).

You are absolutely correct that this offer can benefit only those countries where cryptocurrency is legalized, meaning there are no restrictions or bans. However, "Gallier" implemented this strategy after careful consideration. When we look at the sales list of Ferrari, we can see that the demand and most sales of Ferrari cars are mainly in Europe, the Middle East, and Africa. In other countries, there are only 1% to 2% of customers. Apparently, if we look at all these continents, most of them do not have bans or restrictions on cryptocurrency, except for a few countries.
In my opinion, Ferrari's Chief "Gallier" made this decision to accept cryptocurrency as payment by creating a precedent. According to Ferrari's chief, we have taken these steps based on our clients' demands because cryptocurrency users and investors are increasing day by day. So, they have accepted cryptocurrency as a payment method for the convenience of their clients.

[KingsDen]

If you have 10k Bitcoins, why not spending a few to buy a car like that? How long are you gonna live to say it's not worth it? You should also buy other cars as well, just don't forget to put a young virgin on the front seat with a large golden medal with BTC carved into it and a sun glass with pink stars. Cuban cigar in one hand and a rolex in another hand.

This sounds cool to me as against what many people are saying on the thread. People are saying that of they own bitcoin of that amount, that they wouldn't be comfortable spending it to buy a car that they will instead see it as an investment and not for spending. The question is that, if you are wealthy will it no be nice to have;

• Have a bitcoin for spending purposes 
• Have another for investment/saving purposes

I mean bitcoin is still available and affordable. I might even decide to convert fiat to bitcoin in order to buy the Ferrari. This will sound huge and the rest of the fame things. It is high time we remembered that bitcoin is first a currency before anything else

[panganib999]

trying to be the new face of the crypto lifestyle huh? Lol I don't think the "wen lambo?" is going to be dropped for a "wen ferrari?", the latter just doesn't roll off the tongue as good as the former.

In any case I think this is a good thing and a step into the right direction, luxury brands seeing bitcoin as a means of payment is definitely one thing to behold. Perhaps they made some statistical researches and found that most of the people who buy ferraris and lambos now are into crypto, and they wanted to bank in on that. But I digress. Regardless if this is a marketing ploy meant to appeal to the crypto community or a true-blue effort to accepting bitcoin and allowing it for commerce at least in their own bubble, this means well for bitcoin as it would only be time until every other product out there could be bought with bitcoin.

[bbc.reporter]

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.

This is a great move buy Ferrari. It shows that they are a forward-thinking and progressive organisation. The super rich clients may not have any concern about this but trust me they are going to have new clientele base from crypto millionaires all over the world. I look forward to a day when fashion brands like Zara, Louis Vuitton, Gucci and other big fashion brands would make this type of company wide announcement.

I very much agree. This is also free advertising for bitcoin very much similar to the campaign of Robert Kennedy Jr who will be running as president of America on November 24. Also, this is not only good for bitcoin, this is also good for the whole of the cryptospace because Ferrari will also be accepting ETH, XRP, stablecoins, APE, the memecoins dogecoin, shiba inu and other cryptocoins through the use of Bitpay.

I very much agree with @stompix and @Rikafip who has noticed why some people are not cheering on this news update. This might be the effect of the bear market, I reckon.

[Russlenat]

For such a big company, I'm certain there's a significant impact on the market. It seems like we are now witnessing more significant news related to Bitcoin, and it appears to be gearing up for a new bull run. For us to have an idea on its potential impact on the market, as per... ; Market capitalization of Ferrari (RACE) it's marketcap as of October 2023 is $56.40 Billion. Just imagine the positive impact it will have on adoption.

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.

You've got a point there, but at least we still have this kind of news, which could create a buzz in the market. You know, when you link Ferrari to Bitcoin, that sounds cool, as investors might associate Bitcoin with another success. But in reality, you are right; the market from Bitcoin users is probably limited. However, this could grow over time, and I'm hopeful.

[Wind_FURY]

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.

Since payments will be processed by Bitpay its safe to assume that all currencies supported by them will be accepted, including BCH.

Then I believe Ferrari didn't actually "accept" Bitcoin. They're merely accepting BitPay payments, which are not technically "Bitcoin Payments". It's good news, but it would have made a very big difference, and it would have been the best news, if the announcement was that they self-hosted a payment processor with BTCPay Server and accepted ONLY Bitcoin, https://btcpayserver.org/

Plus many users are not that excited because perhaps they're more educated in what's truly good for Bitcoin and what's not. The puff-pieces will not work anymore.

[karabiber]

In the past, this kind of news used to be enough to get Bitcoin moving and rocketing, but now the news has almost zero impact on the price. In fact, the main meaning should not be attributed to price rises. The situation here can be thought of as a kind of fiat. For Bitcoin, it is important and necessary to successfully complete the process of becoming a part of the existing system with its deficiencies and failures, before claiming to radically change the whole system. I don't think this has been achieved in a fully convincing way. Therefore, we have not yet been able to fully test the magnitude of the possible consequences. The world is at a breaking point in all respects and Bitcoin is part of it at this stage. Time will show everything clearly.

[Peanutswar]

Before the Ferrari already know their target and by this era there's a lot of young people made a good financial flows and few of them related into crypto currency so it's a good shot to extend their mode of payment by adopting crypto for sure this will become a huge news and possibly adopt too by other competitors today online payment is the main mode of transaction.

I saw a topic before too there's a company too accepting crypto but related into big bikes.