Car dealership accepting bitcoin

Bitcoin Questions and AnswersCar dealership accepting bitcoin

Jeffrey Paul Kendall asked 1 year ago

How can I set up my car dealerships to accept bitcoin as payment?

1 Answers
Steven Hay answered 1 year ago

Hi Jeffrey,
As cars sell for a substantial amount of money, I’d recommend that you use a hardware wallet for each of your dealerships. Hardware wallets are the best balance between convenience and compromise. They’re not expensive either. Check out our guides to choosing the best hardware wallet here:

Here are the Winners for 2018’s Best Bitcoin Hardware Wallet

At least one person at each of your dealerships will need training in Bitcoin. They should then be issued with an initialized hardware wallet, to which you (and only you) have an accurately and securely backed up seed phrase. This will allow you to recover any BTC held by the hardware wallet in the event that it gets lost or damaged.
In most cases, it won’t be necessary to give your Bitcoin-trained salesperson the PIN (and password, if you set one) which is necessary to spend from the hardware wallet. They should in most cases only be receiving money to addresses in the hardware wallet.
I would imagine that most people who want to buy cars with Bitcoin will have the understanding of how to send the correct amount of coins to your dealerships. However, this shouldn’t be assumed. This is where your sales staff will need to be trained, in order to walk customers through paying with Bitcoin.
It will also be important that your staff know how to deal with the constantly changing Bitcoin price. You will need to work out a system for getting a Bitcoin quote at the time of sale. Bitcoin Average is one of doing this:
The Winkelvoss’ Winkdex does the same thing:
There are probably many more details you’ll need to attend to be able to sell cars for bitcoins. I would recommend consulting a local expert to help you with the process. Someone to come into your dealerships, speak to people and test things will prove invaluable. You can probably find a Bitcoin expert pretty easily if your area has Bitcoin meetups; just ask the speakers for assistance.

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