Bitcoin might be the world’s most talked-about currency among all. But this currency remains an enigma for the majority of the people. Bitcoin suffered severely in 2018 but it has bounced back in 2020 again. I’m sure you have already heard about this currency but you may be a little suspicious about it.
We are here to dispel your anxiety and curiosity about this currency. Bitcoin is a fascinating and new-age currency that exists online only. You can use this currency to buy goods and services just like other currencies. The good news for armored car lovers is that you can now purchase a bulletproof car with bitcoin.
Before we talk about how to use it for purchases, let’s take a brief overview of this currency…
What is Bitcoin?
Bitcoin is a digital currency that is designed to pay for goods and services just like Dollars and Euros. But this is the only thing similar in bitcoin and other currencies. You can find some digital currencies on the internet such as Ether (ETH), Litecoin (LTC), and Bitcoin. But bitcoin is one of the most popular digital currencies in the world.
Bitcoin is a decentralized currency i.e. no central bank or government controls the supply of this currency. Further, it is not a physical currency so you will not get physical bitcoins. This currency remains entirely online and you can track it by blockchains.
Bitcoins are connected with a wallet ID instead of your personal information. In this way, bitcoin offers a security opportunity. The popularity of bitcoin is due to the lack of middlemen and banks with hefty fees. Plus, for transactions, you need to use your wallet ID instead of your personal information.
Is Bitcoin Safe?
The simple answer is YES, bitcoin is safe mostly. Two things make it almost safe:
1. Bitcoin is Encrypted
It is an encrypted currency backed with a special system known as the blockchain. In this system, many volunteers work together and encrypt the transactions of bitcoins. The team tries to keep the personal information hidden from any spying eyes.
2. Bitcoin is Decentralized
Being a decentralized currency makes it secure. More than ten thousand nodes or servers keep controlling the transactions happening on the system. Therefore, if something bad happens on one of the servers, the other can detect it. In simple words, hacking just one server will be insufficient to steal information. Hackers need to hack at least 51% of the nodes for this purpose. Although it’s not an impossible but terribly unlikely situation.
Bitcoin isn’t Anonymous?
As we have already mentioned, bitcoin doesn’t reveal your personal information but it shows the address of your wallet. Therefore, calling it anonymous doesn’t make sense. You can consider it pseudonymous currency. Intelligent hackers and government agencies can still trace you after finding the details of transactions.
Should I Use Bitcoin to Purchase Something?
That’s the main part of this article. There are plenty of reasons you can and should trust bitcoin. Bitcoin gives you benefits in many ways such as:
As a digital currency, it allows you more autonomy over other fiat currencies. You can spend this currency without an intermediary authority like the government or a bank.
This system of transactions is purely peer-to-peer. It means that you can send and receive payments to or from anyone on the network without any approval from any authority.
You don’t need to pay any banking fees associated with fiat currencies. Therefore, no maintenance fees, no minimum balance requirements, no overdraft charges, and no returned deposit fees are required for this currency.
The cost of an international transaction is very low. Plus, you can receive direct payment in your wallet very quickly. It can be very helpful when buying an armored car with bitcoin!
Like many online payment methods, you can make payments anywhere in the world without credit cards or bank accounts. All you need to have an internet connection for the transactions.
Is it Possible to Buy an Armored Vehicle Using Bitcoin?
Yes, it is possible to buy an armored vehicle using bitcoin. Georgia car dealer Christopher Basha says that he learned about these digital currencies from a roommate who mined bitcoin. According to Basha, the Kia dealer, someone bought a pizza using this currency. He was one of a small group of auto dealers who started accepting digital currencies.
After that, many small car dealers started accepting bitcoin in 2015. Initially, no customers were interested when they started accepting this currency. It was happening due to the instability of bitcoin in the market. Similarly, some people were also waiting for exchange rates to go up further for these currencies.
At last, some customers bought some vehicles in 2017. For example, Peter Saddington, founder of cryptocurrency startup emrit, bought a Lamborghini Huracan in 2017. Then, the trend of using bitcoin for selling and purchasing started properly. After that, Lamborghini dealer started accepting Bitcoin in California. Then, some other luxury sports car brands also followed this trend.
A few months ago, Elon Musk, the owner and founder of Tesla, showed his interest in embracing bitcoin as a currency for selling vehicles. This tesla’s move boosted the popularity of this currency. Some other giant armored vehicle companies like Armormax are considering cryptocurrencies like Bitcoin and Ethereum as a good marketing and branding tool.
The problem in Buying Anything Using Bitcoin
Many companies are accepting this currency like AT&T, Microsoft, and other companies of Europe, and the USA.
Pietro Frigerio is a car dealer who sells some premium luxury sports cars like McLaren and Bugatti. According to Frigerio, the only problem in buying anything using bitcoin is that people are not familiar with the technology. The price volatility of a bitcoin makes it a volatile asset. So its volatility and absence of financial intermediaries make this currency a bit risky for dealers who are not tech-savvy.
According to Reuters, customers who bought cars using bitcoin were young people. They have a strong belief in virtual currency and they know how to use digital currency. Currently, much increase in bitcoin payments reveals this fact.
As people are getting familiar with the latest technology, they have started using modern ways of selling and purchasing different services. Bitcoin prices are going very high rapidly as people are getting familiar with it. It is still a niche business that has a good potential of becoming a future currency.
Therefore, you should use bitcoin for purchasing anything if you know the complete procedure. If you make any mistake in transactions, no middleman will come to save you. You can’t take your money back after completing the checkout. In simple words, a bitcoin car purchase is possible but you need to be very careful.
Purchase a Bulletproof Car With Bitcoin
So far, you have got a brief overview of bitcoin. This currency is dramatically penetrating the mainstream payment ecosystem. In the previous year, the world’s first bitcoin ATM opened up in Vancouver, Canada. So all this development in this currency shows that you will be commonly using this currency for purchases in near future.
Purchasing different services using bitcoin is not quite common. Before purchasing anything, you need to do proper research on whether a company provides its services for bitcoin or not. You can use bitcoin for donations. For example, you can donate coins to Wikipedia.
Let’s dive deeper into the details of how to spend bitcoin to purchase a bulletproof vehicle.
Bitcoin Car Purchase
First of all, you need to find armored manufacturing or selling companies that accept bitcoin currency. If you are facing difficulty finding such manufacturers, you can contact Armormax. Armormax is the most prominent automaker company that produces many armored vehicles including the tesla model as well.
Select the armored vehicle you want to purchase. After selecting the desired vehicle, it’s time to make a payment using bitcoin. The current rate of one bitcoin is around $47,569 at the time of writing this blog. Paying with bitcoin is not that difficult. It’s almost similar to send an email, except you will be sending money instead of a message to an email address.
Usually, you don’t need to give your personal information when paying with bitcoins. But when you purchase physical products like armored vehicles, you will have to provide only your name and address. Further, for any digital item, usually, your email will suffice. For making any donation, you don’t need to provide any information at all!
Methods to Pay Bitcoin When Purchasing an Armored Car
You can pay bitcoin to the armoring company in two different ways. The methods are as follows:
1. Pay With Your Coinbase Wallet
In this method, both armoring companies and you should have a Coinbase account to complete the checkout. You can simply log in to your Coinbase account and confirm your order. After confirming the order, the process will be finished and the company will be notified of your payment. Coinbase with 43 million verified users is the most popular payment platform for bitcoin.
2. Pay Using QR Code
Many bitcoin payment processors provide a QR code at the checkout that contains the information of bitcoin address and payment amount.
You need to scan this code using a smartphone by opening your bitcoin wallet app. Scan the QR code and it will automatically fill in the recipient bitcoin address and total requested amount. After confirming the transaction, the payment will be completed.
This method is very simple and effective if you don’t have a coinbase account. There are some other methods available for making payment as you can directly pay to a bitcoin address. But those methods are a little bit tricky. So it’s better to use the QR method when purchasing an armored vehicle.
A lot of people believe that digital currencies like bitcoins are going to change the world. It’s because bitcoin offers a security opportunity as compared to other physical currencies. In simple words, we can say that bitcoin buys security. This currency has seen a lot of ups and downs since its creation in 2009. But, it has been stabilized and its current market value is equal to $50,932 at the time of writing this article.
According to different sources, investing in bitcoin is and will be the most profitable investment in the future. Therefore, if you are intending to invest in bitcoins, there are two good news for you! The first one is that you will get the benefit of investing in this currency! And, the second one is that a wide group of industries is accepting bitcoin to sell and purchase different products. Therefore, you can now buy your favorite products and services such as an armored car with bitcoin!