Auction platform Car For Coin has started accepting bitcoin

October 27, 2021

Auction platform Car For Coin has started accepting bitcoin

Online auction platform Car For Coin, selling exotic and premium cars from Tesla to Lamborghini, has opened up the possibility of buying for the first cryptocurrency.

"The auction website features only high-end cars that can be purchased for cryptocurrency and dollars. It's up to you to choose. Sorry, Ilon! You can buy a Tesla for bitcoin again. This time through Car For Coin," reads the press release.

Homepage - CarForCoin - Google Chrome

Founder Tom Hegedosh explained that all bids and prices are quoted in dollars because the value of fiat currency is known. Therefore, bidders and sellers are not worried about cryptocurrency volatility.

The buyer chooses the form of payment after winning the bidding.

If the seller does not accept the cryptocurrency, it is converted into dollars, Hegedos specified.

To eliminate risks, the firm offers an escrow service with the option of exchanging bitcoin for fiat for free. To avoid the cryptocurrency's volatility, the auction "strongly recommends" exchanging it for staplecoins such as USDT or USDC.

Recall that Tesla began selling electric cars for bitcoin in March 2021, but suspended it two months later, citing the unsustainability of mining.

In June, Elon Musk said the company would resume selling for the cryptocurrency when it was convinced that at least half of the miners had switched to renewable energy.

BTC.TOP pool founder Jiang Zhuer responded to Musk that this condition had already been met, thanks to the exodus of the bitcoin mining industry from China.

I have collected the best-rated crypto exchanges that were approved as the safest platforms. Fees when buying and selling which cryptocurrency. Offer of the App.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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