Cryptocurrency has inched toward the mainstream in recent years, and it’s becoming far more common for brick-and-mortar stores to accept bitcoin. That’s not true of most car dealerships, though this is starting to shift as cryptocurrency continues to scale.
We at the MarketWatch Guides team have explored bitcoin’s legitimacy as a method for buying vehicles. Our team found a few car dealerships that already accept cryptocurrency, and we’ll explain whether buying a car with bitcoin is a reasonable option.
Why Do People Use Bitcoin?
Bitcoin gained popularity as one of the first cryptocurrencies to enter the public domain. Cryptocurrencies are digital assets that rely on blockchain encryption and lack the backing of any government’s central bank. For this reason, many companies consider bitcoin and other cryptocurrencies to be somewhat risky to deal with.
Bitcoin, ethereum and other popular forms of cryptocurrency have attracted early adopters by offering rapid payments, a greater sense of privacy and the potential for a quick profit. That last point is important to note due to the general volatility of cryptocurrencies compared to the dollar. While there’s a chance that owners will make a fast profit, they could lose money just as easily.
Cryptocurrency is appealing to investors who are willing to take major risks, but companies have been hesitant to join the trend. That’s especially true of car dealerships, who have much more money to lose per transaction than the average business if cryptocurrency’s value crashes.
Why Would Someone Buy a Car With Bitcoin?
While cryptocurrency isn’t popular yet among the general public, it has an extremely loyal following. Advocates of bitcoin payments point to the following as some key benefits:
- Payments are fast and secure
- Low or no transaction fees apply
- Sensitive financial information remains private
The elimination of percentage-based transaction fees could potentially save some customers considerable money when making a purchase as large as a car. Yet while the reasons above may appeal to some, it’s still relatively difficult to find dealerships that accept cryptocurrency payments.
How To Buy a Car With Bitcoin
Despite the concerns of many car dealers, it’s possible to purchase a vehicle with bitcoin at select shops. Debit cards often act as the medium for cryptocurrency transactions, allowing users to authorize payments in bitcoin whenever they swipe. Examples of cryptocurrency debit cards include:
- BitPay Mastercard
- Coinbase Visa
- CryptoWallet Mastercard
- Crypto.com Visa
You can also send bitcoin as payment by initiating a transaction with the receiving wallet’s information. For example, BitPay lets users scan a QR code or input wallet details directly to transfer cryptocurrency funds.
In addition, many cryptocurrency providers allow consumers to convert bitcoin to fiat currencies. Some dealerships that accept cryptocurrency may require buyers to convert the transaction to dollars before completing their purchase. The remaining steps in the buying process would then look similar to those if paying in cash.
Which Dealerships Accept Bitcoin?
Cryptocurrencies remain volatile, so few dealerships are willing to risk losing money on them — especially with a purchase as large as a car. However, there are a few options that accept bitcoin:
- CarForCoin
- BitCars
- Crypto Emporium
- Import Marques
- Mecum Auctions
You’ll also find that certain local car dealerships across the U.S. accept cryptocurrency payments. This is especially true for shops that sell luxury brands like Porsche and BMW.
Many of these car dealerships use BitPay to validate all payments. Several restrict which vehicles are eligible for this payment method, so never assume that you can buy a car with bitcoin before specifically asking.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
FAQs
To buy a car with Bitcoin or other cryptocurrencies, you generally have two options: Buy from a dealership or manufacturer that accepts crypto. Buy from a private seller on an online automotive marketplace that accepts crypto.
Do any car dealerships accept Bitcoin? ›
You'll also find that certain local car dealerships across the U.S. accept cryptocurrency payments. This is especially true for shops that sell luxury brands like Porsche and BMW. Many of these car dealerships use BitPay to validate all payments.
Can you actually buy anything with Bitcoin? ›
Frequently asked questions about shopping with Bitcoin
You can spend directly with thousands of merchants that accept payments from any crypto wallet, pay for almost anything with the BitPay Card and buy gift cards through the BitPay app or extension.
How do I pay for a car with Bitcoin? ›
Find a dealership or seller that accepts cryptocurrencies: Look for car dealerships or private sellers who explicitly state that they accept Bitcoin or other cryptocurrencies as payment. You can search online or inquire with local dealerships. Yes, a car can be purchased with Bitcoin.
Can you use Bitcoin at WalMart? ›
No, Walmart doesn't accept Bitcoin directly. However, you can use crypto gift cards, such as Coinsbee or Bitrefill, in order to pay with Bitcoin in Walmart.
Can I buy a car with 1 Bitcoin? ›
Yes, you can buy a car with crypto. Some car dealerships and manufacturers accept cryptocurrencies like Bitcoin and Dogecoin, and there are dedicated digital automotive marketplaces that accept crypto payments.
Can I buy Tesla with Bitcoin? ›
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk shared in a post on Twitter/X.
Can you turn Bitcoin into cash? ›
Yes, you can convert cryptocurrency to cash (like USD or INR) using various methods. Popular options include cryptocurrency exchanges, peer-to-peer marketplaces, and Bitcoin ATMs. Always choose a reputable platform and be aware of potential fees and withdrawal times when converting your crypto holdings to cash.
Can you spend Bitcoin like real money? ›
Using Bitcoin and other cryptos lets you handle money differently. With blockchain technology, you can send, receive, and spend your digital money anywhere. This system is safe and fast. It works well for buying things online, paying for services, or sending money to another country.
Does Bitcoin actually pay you? ›
Miners on the Bitcoin network can be rewarded by successfully opening blocks. Bitcoins are exchangeable for fiat currency via cryptocurrency exchanges. Investors and speculators can make money from trading bitcoins.
Japanese automaker Honda have announced that they will be accepting Bitcoin and other cryptocurrencies as a valid method of payment for the purchasing, leasing, and renting of their models, including Honda motorcycles.
Does Carvana accept Bitcoin? ›
No, currently Carvana does not accept Bitcoin as payment.
How to easily pay with Bitcoin? ›
How to make a P2P crypto payment
- Step 1: Open your wallet. ...
- Step 2: Input a wallet address or scan a QR code if in person (note: be certain to double and triple check that the address is correct. ...
- Step 3: Enter the amount of the transaction and the specific cryptocurrency being used.
- Step 4: Confirm all transaction details.
Frequently asked questions. Yes, you can buy a home with cryptocurrency using RealOpen's crypto-to-fiat service. The platform allows you to purchase any property—whether on-market or off-market—using Bitcoin, Ethereum, USDC, and other marketable cryptocurrencies.
Who accepts Bitcoin as a payment? ›
15 Most Popular Companies That Accept Bitcoin as Payment
| Company | Use Case | Payment Methods Accepted |
|---|
| PayPal | Online payments | Direct, Crypto Wallets |
| Microsoft | Digital Products | Direct, Crypto Wallets |
| Overstock.com | E-commerce | Direct, Crypto Wallets |
| Expedia | Travel bookings | Direct, Crypto Wallets |
11 more rowsMar 7, 2024
In most cases, traditional banks do not accept bitcoin. Exchanges generally accept your bitcoin and credit your exchange account, which you can then transfer to your bank account.
Does AutoZone accept Bitcoin? ›
BitPay makes it easy to buy gift cards for AutoZone with cryptocurrency.
Why do dealers use Bitcoin? ›
Cryptocurrency's unique features make it highly desired in the drug trade. Owners of cryptocurrency can securely conduct business pseudonymously, which makes it difficult for law enforcement to deal with.
