Ford is a massive corporation; it is a private company with directors who make difficult decisions to establish good commercial strategies. This is why the group announced that it will start using bitcoin as a payment method for some cars. As a result, the company want to create a crypto-collectables service, for customers to have a safe payment process. This made Ford the first company to introduce bitcoin technology. The use of the bitcoin currency will make ford a competitor Uber; the taxi service that gained 1.2$ billion from google. Cryptocurrency will have a significant impact on the automobile industry.
The Impact of Bitcoin on Ford Motor Company
Bitcoin can be beneficial for the company because it does not involve intermediaries and banks in terms of payments. As a result, the company will save on transaction fees and lower the price of goods and services. This way Ford become more efficient by reducing the procedure of transactions. When a customer pays through bitcoin, it takes just a few minutes rather than days. The introduction of bitcoin as a payment method will also attract new customers even those who have never considered buying from Ford because it is a unique and innovative payment option. Bitcoin is new digital money that works globally; many people are adopting it because it offers a lot of potential for the future. The digital currency is mobile-friendly, so it works on different applications and platforms. This type of money can be transferred, traded, and used for online purchases without the involvement of a bank.
The Disadvantage of Bitcoin currency on Ford Motor Company
The introduction of ford to the digital currency was known as “the Eco Boost”. The purpose was to attract younger customers; we can use the currency to pay for automobile repairs, car renting, buying a car and paying for a group driving classes. However, bitcoin is exposed to price swings and ford did not find another alternative method that can compete with bitcoin. The company has now to pay its employees with digital currency. If a person wants to buy a brand new car with bitcoin and the price of that car is 45.000$, you will need to convert your crypto money into an American dollar and you would spend approximately 1000$ just flipping currencies. Cryptocurrency is not the most practical option, but it is feasible if you find the right merchants who are able to proceed with the crypto transaction.
In conclusion, Ford is one of the multinational companies that adopted digital currency to attract new customers and develop its strategy. Bitcoin has its advantages, but we should also take into consideration its disadvantages before adopting this cryptocurrency.
Can I buy a vehicle with Bitcoin?
The term cryptocurrency has evolved. In the past, if you would say that, you are going to buy a car using bitcoin; people would have laughed at you. Nowadays, digital currency revolutionized payment methods. Merchants use specific software for bitcoin transactions; you could now buy tickets, clothes, jewellery, furniture, houses, and most importantly cars. You should just look for a Company that accepts cryptocurrency, for example, Ford
What are the other companies that accept cryptocurrency?
Tesla: The Company is the leader in the electric car industry. It started accepting bitcoin in 2013 when a man paid a car 91. 4 Bitcoins, which was the equivalent of 103,000$. BMW: The Company accepts cryptocurrency in its customer’s transactions. Toyota: The group is now accepting cryptocurrency to make arrangements and purchase new cars.
Is Bitcoin safe?
It is the most popular cryptocurrency in the world. However, bitcoin gave birth to illicit activities because it was not regulated and practically anonymous for a long time. For example, on the dark net, many people invented fake coins as a way to lure investors and steal their money. Today people have more knowledge about this currency and there is specific software that you can use for your purchases. This currency is not static. If you want to buy a car you could have the funds to buy it today, but you cannot guarantee to be able to afford it in 5 days.
