Bitcoins have been making headlines left and right over the past few months thanks to their roller coaster values and their novelty. Now they’re at the forefront again thanks to a number of people sharing their experiences in buying a car with Bitcoin. The popularity of these stories now has many people wondering if they, too, can cash in their Bitcoins for a flashy new ride.
Bitcoins: A Quick Catch-Up on the Cryptocurrency That Changed Everything
Currency has gone through several transformations over the years. From coins to bills, from bills to checks, checks gave way to credit cards and, once internet shopping took off, online currency was quickly adopted, accepted and even embraced by consumers and merchants alike.
Still, when Bitcoin first appeared in 2009, it was seen as something shady. To be fair, this was due partly to the fact that the currency was first mentioned in a paper called Bitcoin – A Peer to Peer Electronic Cash System, which was published by someone named Satoshi Nakamoto and posted to a message group dedicated to cryptography.
Nakamoto published his paper and then quickly made the Bitcoin software available through an open source code. The first several people to jump on the Bitcoin train were well-known cryptography enthusiasts – called cypherpunks – Hal Finney, Wei Dai and Nick Szabo. Within a year, Nakamoto handed control of the Bitcoin Core code repository (essential the Fort Knox of Bitcoin) over to software developer Gavin Andresen.
Satoshi Nakamoto then quietly disappeared and has never been heard from since. His true identity also remains unknown.
Since Bitcoin was a new currency and one not everyone knew about or understood, it was not accepted through mainstream outlets. The currency was created with anonymity in mind and it was given away freely, making it an ideal target for criminals as well as black market merchants. It became associated with stories about the Dark Web with Bitcoins being mentioned in stories about The Silk Road after the website was seized and taken down by the FBI.
With an origin story straight out of a Nick Cage movie, the general public viewed Bitcoins as a novelty at best and, at worst, a criminal currency. But as time went on, Bitcoin proved itself to be a resilient currency. Between 2010 and 2014, Bitcoin saw its value fluctuate wildly as well as inspiring a number of rival currencies.
In more recent years, Bitcoin has become increasingly common with more and more people investing in the currency and putting more money into its cryptocoin ecosystem. Even major banks like Barclays and Citi Bank have said they are working to find ways to work with Bitcoin. As on early 2018, however, the over-the-top conversion rate on Bitcoins (1 Bitcoin equals a little over $8,000) still leaves many people suspicious.
Early Bitcoin Investors Ready to Spend
When Bitcoin was new, some people ‘mined’ coins through various Bitcoin servers simply for the fun of it. After all, the system was developed, supported and distributed by fans of high-level puzzles.
These days, many of those early investors have some Bitcoins hanging around and are wondering how they spend them. In October of 2017, entrepreneur Peter Saddington bought a Lamborghini with Bitcoin, paying the equivalent of $115 thanks to Bitcoin’s high exchange rate. The story captured the public’s imagination and has also piqued the interest of car dealers.
There are now a number of car dealers happy to accept Bitcoin for a new car purchase. These dealerships can work with people locally and some offer nationwide service. Interested customers can search these dealers through the search offered on Spend Bitcoins.
There’s still some debate on whether or not Bitcoin holders should spend their money, even if it means getting an amazing deal. It’s hard to say what the future will bring of Bitcoin, but some experts have predicted Bitcoin value to go even higher in the next 12 months. Meanwhile, others are quick to point out that anything that gets this high has to come down eventually.