Auction platform Car For Coin begins accepting Bitcoin

The Car For Coin online auction of exotic and premium cars, from Tesla to Lamborghini, opened the possibility of purchasing with Bitcoin.

\”The auction site offers only elite cars that can be purchased with cryptocurrency and dollars. You choose. Sorry, Elon! You can buy a Tesla with Bitcoin again. This time through Car For Coin,\” according to the пресс-релизе.

The founder of the firm, Tom Hegedosh, explained that all bids and prices are quoted in dollars, since the fiat value is known. Therefore bidders and sellers do not worry about cryptocurrency volatility.

The buyer selects the payment method after winning the auction.

If the seller does not accept cryptocurrency, it is converted into dollars, Hegedosh said.

To mitigate risk, the firm offers an escrow service with the option of free conversion of Bitcoin to fiat. To avoid volatility of the cryptocurrency, the auction \”strongly recommends\” converting it to stablecoins such as USDT or USDC.

In March 2021, Tesla started selling electric cars for Bitcoin, but two months later suspended them, citing the environmental impact of mining.

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

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

Follow ForkLog news on Facebook.