Car For Coin Auction has launched a website to buy luxury cars – from Tesla to Lamborghini – with Bitcoin. The buyer can pay for the car with both cryptocurrency and fiat currency.
“During the auction, bidders and sellers do not worry about cryptocurrency volatility. All bids and auction prices on the site are indicated in US dollars, as its price is stable compared to cryptocurrency, ”said Tom Hegedosh, founder of Car For Coin.
If the seller refuses to accept bitcoins, then they are converted into US dollars. The auction offers users a secure US dollar deposit service with free conversion to cryptocurrency. To avoid the volatility of cryptocurrencies, it is recommended to place funds in USDT or USDC stablecoins.
The demand for unique and luxury cars with Bitcoin is high among collectors and car enthusiasts. At auction in Australia, a Subaru WRX rally car by famous 1990s driver Colin McRae was bought for 8.4 BTC (A $ 500,000).
Tesla sold electric vehicles for bitcoins for a while, until Elon Musk announced that sales for bitcoins would continue only after the cryptocurrency mining was carried out using renewable energy sources.