NBA Rockets boss, accepting Bitcoin to buy luxury cars

LasMaxx
LasMaxx
Sep 8, 2018 · 3 min read

FHouston Rockets billionaire Tilman Fertitta’s Post Oak Motor Cars will accept Bitcoin currency and Bitcoin cash to buy luxury cars such as Bentley, Bugatti and Rolls Royce. Post Oak became the first distributor in the United States to accept several payments from the currency.

It is reported that the luxury car dealer and Bitcoin payer Bitpay have reached a cooperation, Bitpay chief business officer Sonny Singh said in an interview that most buyers like to use the market value of the large password currency for bulk purchase, because it is more convenient.

In January of this year, Tilman Furtita talked about Bitcoin in an interview with CNBC. He believes that Bitcoin has similarities with the rise of the Internet bubble of the last century, but he said that Bitcoin is real and is generally accepted. Tilman compared the rise of the Bitcoin ecosystem with the Internet bubble in the “dot com” era. He felt that this bubble is nothing new, just like people used to add a .com after their company name. Help the stock price rise the same.

Many people have made money because of the rise in Bitcoin prices. But Tillman added that there are actually many places in Bitcoin that need further understanding, and his biggest reservation is that Bitcoin is not “insured” by the government. He said:

“If you go to the bank and then try to withdraw $1 million, you will withdraw it. This money is not for the bank, it is paper. The same is true for Bitcoin, just like paper. However, Bitcoin does not currently have insurance from the Federal Deposit Insurance Corporation. And before Bitcoin is insured, there will be no one to buy it.”

Although Bitcoin prices have recently fallen, Tilman still believes that more and more companies will accept Bitcoin in the future, according to his own words: “ This will happen, Bitcoin is Real, just new.”

Tillman agrees with the rise of Bitcoin and blockchain technology, he concluded:

“I mean, I remember someone who walked into my office and told me that the world will be changed because there is something called the Internet. And that was not a long time ago, when the Internet and e-commerce were like now Bitcoin, so we have to keep this in mind. It’s just something new, and everything around it is growing faster.”

Tillman is not the first NBA team to favor Bitcoin. Earlier this year, Texas-based Dallas Mavericks owner Mark Cuban, like the Houston Rockets, said the basketball team would start accepting Bitcoin purchase tickets in the 2018–2019 season.

The billionaire entrepreneur and investor in “Shark Tank” (ST is a North American investment entertainment program) announced the news on Twitter. He answered a question from a fan who asked him when he could use it. Bitcoin buys tickets for the Mavericks game.

Because it involves transnational economic activities, it will generate currency exchange problems, adding at least three costs: remittance and exchange costs. That is, the transfer of funds from China to the United States requires the exchange of RMB into US dollars and then remittance. Both of these steps require multiple specialized agencies to provide services, consume resources, and charge fees. These costs to society and individuals include money. Cost and time cost. However, the use of Bitcoin can eliminate these drawbacks, allowing consumers to make purchases faster and easier.

In addition, according to the current development of Bitcoin market, Bitcoin is not suitable for the micropayment field, because the small transaction is similar to the large transaction miner. For small transactions, this transfer fee is quite expensive. However, for large transactions, it is far lower than the transaction costs of banks, so the current use of Bitcoin is inherently an alternative currency for private individuals with high net worth.

Bitcoin Info

Bitcoin price today is $6481.98, dropped 0.80%.

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