Stephen James BMW, which operates five BMW dealerships in London and Kent in the United Kingdom, is now selling cars for Bitcoin via BitPay. This is another example of how Bitcoin can be used as a medium of exchange, even for large purchases like luxury cars.

BitPay is a Bitcoin payment processor that has been operating since 2011, making it one of the oldest cryptocurrency companies. As of late 2017, BitPay was on track to process USD 1 billion of Bitcoin payments annually. BitPay insulates merchants from market volatility by instantly converting Bitcoin to fiat at the time of payment. This is important since Bitcoin often sees prices swings of 5% and sometimes in excess of 10% on a daily basis, which could cost a car dealership quite a bit of money if they accept Bitcoin for a USD 100,000 luxury car.

Ever since ‘Bitcoin Pizza Day’ in 2010, marking the first time in recorded history that Bitcoin was used to purchase physical goods, Bitcoin has been accepted by an ever-expanding list of companies as a form of payment. Bitcoin is an excellent way to pay since it can be sent instantly anywhere in the world and is cryptographically secure. Not even the most powerful supercomputer in the world can compromise a Bitcoin transaction. Although Bitcoin is not accepted by every merchant in the world, practically any good or service in the world can be purchased with Bitcoin at this point.

The biggest Bitcoin purchases in history have been for real estate. A 7-bedroom mansion in Miami, Florida sold for USD 6 million of Bitcoin, and this is the largest known Bitcoin purchase in history. The Palazzetto mansion in Rome, which has an estimated value of USD 44 million, is up for auction and Bitcoin is an accepted payment method alongside USD. If the Palazzetto ends up being purchased with Bitcoin then it would become the most expensive Bitcoin purchase in history by far.

 

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