Buying cars with crypto

[Abu-Naim]

But if you are in a country where you are assessed tax upon buying something with your BTC then generally most will not use it.

That is if they are using centralized exchange to send and receive their Bitcoin, but if they can use Bitcoin as it should be used in a decentralized manner, they will have tax free transactions from both end, they can send to their respective wallets without any third party being involved in the transaction. But if centralized exchange is being used, the government can be able tax them for the transaction because their information is already with the exchange in in form KYC, and the government will easily have access to their details and know that the transaction happens because the exchange will take their fee and also take the tax from the fee immediately.

[IjawMan]

You know how volatile Bitcoin is and many businesses do not want to deal with the volatility tide but a small set of them do accept and convert to stable currency asap.

Crypto or stablecoins they all can go with as payment gateway. Lot of companies in some countries are already accepting them all.

There are businesses that accept Bitcoin as payment, but only supermarkets, even big dealers that deal multi million dollar deals do use Bitcoin as means of payment.

If they don’t become versatile to accept several means of payment, it means they are not ready for business because some people can have Bitcoin and will want to use it direct to purchase goods online or somewhere, they don’t need to pass through the stress of converting the Bitcoin into stable coins before the buy they purchase car or anything, and it is good and will increase Bitcoin adoption globally.

It is now let for the business person to swap or convert the Bitcoin into stable coin due to crypto market volatility, and they can as well start their investment journey from there.

Only big companies can be willing to accept bitcoin presently as it will be very difficult for some small scale business men accepting payments in Bitcoin cause  dew to it volatility it is quite difficult to make account for when dealing with taxation obligations.

Not accepting Bitcoin in a business does not really make the business person not serious with business specially for those geographies where Bitcoin is not given a positive recognition by the authority and it really not that taken to be a legal tender either.

[Ahli38]

You know how volatile Bitcoin is and many businesses do not want to deal with the volatility tide but a small set of them do accept and convert to stable currency asap.

Crypto or stablecoins they all can go with as payment gateway. Lot of companies in some countries are already accepting them all.

There are businesses that accept Bitcoin as payment, but only supermarkets, even big dealers that deal multi million dollar deals do use Bitcoin as means of payment.

If they don’t become versatile to accept several means of payment, it means they are not ready for business because some people can have Bitcoin and will want to use it direct to purchase goods online or somewhere, they don’t need to pass through the stress of converting the Bitcoin into stable coins before the buy they purchase car or anything, and it is good and will increase Bitcoin adoption globally.

It is now let for the business person to swap or convert the Bitcoin into stable coin due to crypto market volatility, and they can as well start their investment journey from there.

Only big companies can be willing to accept bitcoin presently as it will be very difficult for some small scale business men accepting payments in Bitcoin cause  dew to it volatility it is quite difficult to make account for when dealing with taxation obligations.

Not accepting Bitcoin in a business does not really make the business person not serious with business specially for those geographies where Bitcoin is not given a positive recognition by the authority and it really not that taken to be a legal tender either.

The United Arab Emirates has reportedly allowed the use of Bitcoin and other cryptocurrencies for buying and selling. And it is also reportedly now possible to buy a car with cryptocurrency there (Source). But restrictions on crypto transactions there still include specific rules requiring merchants to convert Bitcoin or even other cryptocurrencies directly into Dirhams currency (Source). Dubai is reportedly one of the most crypto-friendly cities. And you can find more information about the details (Source). However you should also be aware that crypto taxes in the UAE still apply at the corporate level. So I personally suspect that this will also affect users who utilize crypto companies’ services as intermediaries.

[Callido]

Only big companies can be willing to accept bitcoin presently as it will be very difficult for some small scale business men accepting payments in Bitcoin cause  dew to it volatility it is quite difficult to make account for when dealing with taxation obligations.

Small scale businesses do not need Bitcoin as a means of payment, as someone who wants to patronize a small local business, i will not accept paying in Bitcoin. Certain payments are more acceptable in fiat, i instead patronize international companies when payments are made with Bitcoin or any crypto that is acceptable. Bitcoin is more suitable as a payment option for cross-border payments without needing to go through any central authorities.

[GeorgeJohn]

Many can dealers that knows the values of cryptocurrency, especially Bitcoin do accept bitcoin as a means of payment secretly...in my country Many car dealers and building engineers have been accepting payment with bitcoin for long time, so it's not longer a new thing...but the issues is that they're not making it official to the public to know...but if they found out that you're interested to buy their products, they will give you options of payment and cryptocurrency or bitcoin is one of the first options that will be given.....

So, it depends on the country you reside..even in my country you they're some mall that you can make a payment of what you bought with cryptocurrencies, depending on the location the mall is situated...

[Ishicryptic]

Many can dealers that knows the values of cryptocurrency, especially Bitcoin do accept bitcoin as a means of payment secretly...in my country Many car dealers and building engineers have been accepting payment with bitcoin for long time, so it's not longer a new thing...but the issues is that they're not making it official to the public to know...but if they found out that you're interested to buy their products, they will give you options of payment and cryptocurrency or bitcoin is one of the first options that will be given.....

So, it depends on the country you reside..even in my country you they're some mall that you can make a payment of what you bought with cryptocurrencies, depending on the location the mall is situated...

I think that it'll be quit difficult for cryptocurrency to be accepted as large payments for expensive items like cars and houses, aside from regulation matters, the fear of exposing yourself publicly that you hold a lot of cryptocurrency is a problem because either buyers or sellers can be targeted. It is unfortunate that we hear about wrench attacks on crypto holders and I believe that it would discourage a lot of holders who would like to spend theirs if they feel that they can be traced, the same thing goes for sellers too. For now a lot of crypto holders prefer their privacy and you cannot blame them, although I'm happy that some dealerships accepts Bitcoin either openly or secretly so if you're bold to spend yours you can locate where cryptocurrency are accepted.

[Salahmu]

I think that it'll be quit difficult for cryptocurrency to be accepted as large payments for expensive items like cars and houses, aside from regulation matters, the fear of exposing yourself publicly that you hold a lot of cryptocurrency is a problem because either buyers or sellers can be targeted.

Although if the public has already gotten the concept that someone who owns and sells cars is a multi millionaire I don't see any different why they shouldn't accept cryptocurrency as payment from customers since is also what they do, so on the contrary I think is on the huge payment people are supposed to accept cryptocurrency from those line of business because payment method could also be a barrier to a business if is not pleasing to most people, so definitely in some of the place they sell cars in my country you could actually use cryptocurrency but although a lot of them would only accept either Bitcoin or stable coin.

[Ojima-ojo]

Many can dealers that knows the values of cryptocurrency, especially Bitcoin do accept bitcoin as a means of payment secretly...in my country Many car dealers and building engineers have been accepting payment with bitcoin for long time, so it's not longer a new thing...but the issues is that they're not making it official to the public to know...but if they found out that you're interested to buy their products, they will give you options of payment and cryptocurrency or bitcoin is one of the first options that will be given.....

So, it depends on the country you reside..even in my country you they're some mall that you can make a payment of what you bought with cryptocurrencies, depending on the location the mall is situated...

I think that it'll be quit difficult for cryptocurrency to be accepted as large payments for expensive items like cars and houses, aside from regulation matters, the fear of exposing yourself publicly that you hold a lot of cryptocurrency is a problem because either buyers or sellers can be targeted. It is unfortunate that we hear about wrench attacks on crypto holders and I believe that it would discourage a lot of holders who would like to spend theirs if they feel that they can be traced, the same thing goes for sellers too. For now a lot of crypto holders prefer their privacy and you cannot blame them, although I'm happy that some dealerships accepts Bitcoin either openly or secretly so if you're bold to spend yours you can locate where cryptocurrency are accepted.

The payment thing have a lot to do with reputation thing, off course I have heard a lot of instances that guy's buying cars and paying with Bitcoin, so I don't see any problem with that. It all depends on the trust level between the car dealer and the buyers. Once they can establish an agreement on currency and method of payment that lowers the fees on the transaction as much as possible, it creates that contract.


Most celebrities over here are buying most cars in billions of my currency, and the payment is not through the fiat financial system.