Bitcoin is one of the most well-known cryptocurrencies in the world. It’s a decentralized digital currency without a central bank or an administrator. Bitcoin can be transferred from user to user on the peer-to-peer Bitcoin network, without the need for intermediaries. It was created and released as an open-source software in 2008/2009 and has been around ever since. In 2017, CNBC reported what they call one of “the biggest mysteries” in the tech world. It turns out, years after the true identity of Bitcoin inventor Satoshi Nakamoto is still unknown. We know that Satoshi Nakamoto is a pseudonym, but we don’t know who it represents. It doesn’t sounds like we’ll find out any time soon either, because Nakamoto “moved on to other things” in 2011 with roughly 1-million Bitcoins. You do the math on figuring out how much he’s actually worth today.
Bitcoin in your everyday life
Today, Bitcoin is a currency that’s being accepted as a form of payments by many merchants. You can buying a gift card via Gyft, a plane ticket via Expedia, and it’s even accepted as a currency on Overstock.com. While the value of one Bitcoin has been declining, since its glory days (December 2017) of $19,783.21 USD, it’s still a sought out currency that many would love to add to their financial portfolio.
Bitcoin & luxury cars
Peter Saddington was an early investor in Bitcoin and he’s known for buying his 2015 Lamborghini Huracan with 45 Bitcoins ($200,000 value) a few years ago. So using Bitcoin for car purchases is not really super new, but a dealership in Houston Texas made the news recently because of its innovative approach. You see, previously one had to convert the cryptocurrency to conventional currency and then go buy the car. This is no longer the case. Not if you buy a car at Post Oak Motor in Houston, Texas.
This high-end Rolls-Royce dealership, located in an upscale area in Houston is just one place you can order the Rolls-Royce of your dreams online using Bitcoin (BTC) or Bitcoin Cash (BCH). Then head over to the dealership to pick up your vehicle. Post Oak Motors Houston may not be the first dealership to accept payment for a car in the form of this new digital currency, but they’re the first Rolls-Royce dealership. This is a bold move for Tilman Fertitta, Post Oak Motor’s owner. The millionaire entrepreneur stated he always wanted to offer his customers the very best buying experience and believes the partnership with Bitcoin will allow everyone around the world to purchase vehicles from his dealership faster and easier. This will cement Post Oak Motor’s reputation as being the go-to destination for the luxury car buying experience.
Currently, Bitcoin’s trading value is $3,688 USD, meaning you’ll need around 95 Bitcoins to buy a $350,000 Rolls-Royce at current exchange rates. (coinbase.com – January 19th, 2019). So if you’re interested in spending your hard mined Bitcoins on a Rolls-Royce, look no further than the Post Oak Motors dealership in Houston, Texas.
It will be interesting to see which other luxury car dealerships will be next in offering their consumers the ability to pay for their fancy car with cryptocurrency.
Would you buy a car with Bitcoin? Let us know your thoughts in the comments below.