Bitcoin fuels new car sales at Overland Park Jeep
'Tis the season for car sales at Overland Park Jeep Dodge Ram Chrysler, the first business of it's kind to accept the increasingly popular internet currency Bitcoin.
Since word got out that the dealership was selling new cars for Bitcoin, Bitcoin enthusiasts from across the nation and around the world have shown an overwhelming response.
In fact, with many vehicles already purchased and no end in sight, a question frequently posed by financial experts seems to have been answered. That is: What exactly can one buy with Bitcoin?
President and owner of the dealership, Norman Vialle, is not the least bit surprised by the response, saying
“When you offer a form of payment that no one else is offering, you're going to attract more buyers.”
And more buyers there are. Blockchain.info, a Bitcoin wallet provider, recently announced the setup of 70,000 new users in one week alone. Bitcoin has even caught the attention of some big players, such as billionaire Sir Richard Branson and the former chairman of the US Federal Reserve, Ben Bernake, who stated in a letter to the Senate Committee that the virtual currency "may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system."
But how is Vialle shouldering the financial risk posed by the volatile nature of Bitcoin? After all, the price is currently three times what it was a month ago on the Bitcoin exchange Mt. Gox (as recorded by BitcoinX), and could potentially drop as fast at it has risen. How can Vialle afford to take the chance that $40,000 worth of Bitcoin could become $30,000 overnight? “That's simple,” he says, "I don't.”
Vialle processes the Bitcoin payments through Bitpay, a Bitcoin payment processor based out of Atlanta, GA. Bitpay clears and settles the funds (in this case, into US dollars) directly to his bank account within 24 hours with no risk to the dealership, even if the Bitcoin price rises or falls within that time frame. Of course the later is less of an occurrence these days, with the price of a single Bitcoin now over $1000.
“The fact that I can use Bitpay to receive a settlement in dollars makes it possible for me to accept Bitcoin in the first place”, says Vialle.
“If more dealers were aware of this, I'm sure they'd be accepting Bitcoin as well.”
Overland Park Jeep Dodge Ram Chrysler has been featured in the Wall Street Journal, Washington Post and Kansas City Star for their unique position in the marketplace as a retailer who accepts Bitcoin. Bitcoin has become a frequent topic of conversation in the Kansas City area, as it is also home to well-known Bitcoin mining hardware manufacturer Butterfly Labs.
Overland Park Jeep: http://www.overlandparkjeepdodge.net/
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