Thanks to blockchain technology, crypto, and the metaverse , we will see a new era in which the consumer is put front and center. One aspect that is being explored right now is P2P car buying.
Remember when Elon announced many moons ago that you could buy Tesla with Bitcoin? We were members. As it stands, decentralization will help us regain control of our lives and make the car-buying experience more fun and less stressful.
Here are three ways crypto is being used in the car biz.
Reason 1: The Tech Generations Are Growing Up With Blockchain
The next generation of adults – including yours truly – are finally becoming free and independent people. We’re graduating from college, paying bills (and loading them onto credit), buying our first cars—all while juggling Snapchat stories of our mostly failed lives. We live in a wild, tech-dominated world.
But we’re increasingly getting used to it. It’s why cryptocurrency has a future in auto and the metaverse has a place in car culture.
(2021 State of UK Crypto Report, Gemini UK )
This doesn’t mean we’ll have a full VR or crypto experience when purchasing or test-driving a car; rather, we’ll begin to see more “mixed reality” events. Mixed reality means that some of the mundane parts of life (going to the DMV, office meetings, etc) can be integrated into the metaverse while other things are left to the fun of physical reality.
Perfectly balanced, as everything should be.
Reason #2: Buying Cars with Cryptocurrency (Tesla’s Experience)
Cryptocurrency is slowly but surely becoming more mainstream. We’re seeing businesses large and small begin to accept crypto as payment. Tesla, for instance, allowed customers in 2021 to buy their cars with Bitcoin!
The news was short-lived.
🇺🇸 Tesla now owns $1 Billion in #Bitcoin 🤯 pic.twitter.com/7TKX9J4rQD
— Vivek⚡️ (@Vivek4real_) November 11, 2024
While Tesla still owns Bitcoin, Elon Musk axed the BTC-Tesla purchasing deal, citing environmental concerns about Bitcoin.
You can, however, still purchase Teslas with Dogecoin.
Whether it’s Dogecoin or Bitcoin, more companies, in general, will put crypto on their balance sheet, which opens the possibility of using it to purchase things like cars.
Reason #3: Real-World Examples of Car Companies Using Blockchain
We’re seeing more and more car companies begin to experiment with blockchain. BMW, for instance, uses blockchain to track cobalt supplies in its electric vehicles. This is important because it allows them to ensure that the cobalt they’re using is ethically sourced.
They’re not the only ones. Renault is experimenting with blockchain to track the progress of parts from suppliers to factories. This helps them ensure that production is running smoothly without delays.
We can expect to see more and more car companies begin to use blockchain in the coming years as they realize its potential.
Final Thought: Is Crypto the Future of Cars?
We’re going from an era when auto manufacturers sold cars with little thought about their future needs to an era when more companies are considering how they can use this new tech for customer benefit.
Crypto has already entered other industries, so why not take it one step further by revolutionizing auto sales?
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