We all know how deep the correlation is between cryptocurrencies and sport car dreams, especially when the entire market is in a bullish phase. When we see those "When Lambo?" memes over and over, then we know the market is most typically in a hype phase. Over the last years car dealers like Lamborgini have recognised those "Dreamers" as potencial customers by accepting Bitcoin as payment gateway. Also more and more private sales ads on craigslist etc. are now accepting Bitcoin as way to pay for cars.
Starting from this, it's just a matter of time till major car dealer market places like Autotrader, Mobile, Autoscout24 implement a potencial gateway to pay cars directly over their webpage. This could take place directly after you've visit the dealer for a test drive or such. This fast payment method could also be used to make paid reservations or even secures the deal as safe (non-cash) payment method when the car will be bought from a privat owner. We all know that an individual transaction of crypto to a car seller is already possible today. But for mass adaptation and any public acceptance of crypto as payment method its needed to establish a trustworthy gateway, directly as service of those market places. This payment service needs to be insured against any fraud and potencial missuse to make it easy, secure and attractive for customers to pay with crypto.
Benefits:
- Fast and secure payment with immediate proof of payment
- No potential risk of fake money when car is paid in cash
- Implementation of smart contracts for loans on private sales without any / individual interest rates
- Platforms could charge a small amount of fee for their payment gateway which is also insured against fraud and hacking
Challenges and Risks:
- Experienced blockchain developers needed for implementation - this companies need to invest in skills development of their IT
- The high volidity of bitcoin and most other cryptocurrencies in the current stages of development - Better to use stable coins?
- Storage of any crypto on these platforms could lead to hacking (Peer to peer transaction could solve this issue)
Would existing platform see these chances or will any upcoming new project innovate the entire sector for car market places?
Already now we will find first examples of projects that have started to develop a business model from that idea!
