Cars for cryptos
The internet is rife with slogans and cries rallying people to play with cryptocurrencies, promising lambos for Bitcoins and various tokens. However, the reality of actually buying a real vehicle for any number of cryptocurrencies is far more problematic than what the denizens of the crypto world might think.
Some services allow the purchase of vehicles for cryptos, but they are far and wide between. For instance, a Lamborghini dealership located in Orange County recently sold their first car for Bitcoin, a Tesla Model S for 91.4 BTC, worth around $103,000. Ford in the Dallas Sam Pack’s Five-Star Ford dealership in Dallas accepts Bitcoin for new cars, as well as pre-owned vehicles. The all-terrain vehicle seller Tomcar based in Melbourne has been selling its cars for Bitcoin since the beginning of November. BitPremier.com has been selling luxury and classic cars for cryptos for some time as well, offering Ferraris, Bentleys and even a vintage Hennessey Venom GT.
Though hyped and well publicized, the cases of vehicle sales for cryptocurrencies are few and far between. One of the main problems faced by people who have accumulated considerable amounts of crypto capital is the inability to spend Bitcoins on common things, such as cars. There is simply no mechanism that would allow a crypto asset holder to spend their coins and tokens on buying a vehicle from an official dealership with any hint of post sale maintenance and servicing opportunities. Dealers and car companies understand this problem, and they also see how the cryptocurrencies market is growing. It will not be long before someone introduces the possibility of using cryptos as a means of payment for new vehicles. And that someone will be a pioneer in attracting a vast audience of new and willing clients.
Car dealers have already attempted to introduce such a system of payment using cryptos, but it did not yield any results. The failure was due to the fact that cryptocurrencies have very low transaction capacities and there is no reliable and sufficiently developed marketplace that could satisfy the consumers’ expectations.
The solution may well be the Gaus Trade blockchain project, which is developing a convenient and comprehensive marketplace for car enthusiasts with its own stablecoin and a tether to the vehicle’s value in dollars or any other national currency. The stablecoin is issued immediately to the user when placing an order by converting the project’s tokens into the stablecoin. When ordering a car, the coin is frozen until the car is received by the buyer. With its convenience and functionality, Gaus Trade is an embodiment of what consumers expect from a convenient marketplace.
Designed to be a technologically advanced and secure marketplace, Gaus Trade aims to offer mutual benefits to both vehicle buyers and automakers by removing intermediaries from the chain between the manufacturer and the end buyer. Such an approach would drastically reduce the prices of vehicles and allow buyers to have unprecedented flexibility in choosing payment methods and insurance providers that are already incorporated in the Gaus Trade ecosystem.
Daimler will be the first to sell its vehicles using the Gaus Trade platform as the project team is negotiating with several other automakers. Other partners include the Swedish start-up Uniti, which is developing electric vehicles for use in city areas. Having garnered the support of industry giants, Gaus Trade is on the highway to becoming the new name in the auto industry, speeding it towards a new era of growth and development.
