Cleveland Car Company to Accept Cryptocurrency Payments
The biggest obstacle to the ultimate goals of the cryptocurrency community has always been mass adoption. Lauded as a happy fantasy by some and an optimistic inevitability by others, the concept of cryptocurrency being available as a form of payment in every major store is enough to keep some analysts in the community beyond excited for what the future might hold. Aside from an obvious hike in market cap and crypto prices, mass adoption could offer a much-needed functionality to cryptocurrencies which have laid dormant in many wallets.
So far, too few big-ticket companies have adopted cryptocurrencies as a form of payment within the organizations. While the occasional coffee shop in the United States or small businesses in other countries might accept Bitcoin as a promotional gag, few significant corporations allow owners of cryptocurrency to turn their coin into usable products in the real world.
But if one Cleveland luxury car dealer has anything to say about it, functional applications for wealthy cryptocurrency owners may be in near sight. Bernie Moreno Companies is a car dealership in Cleveland, Ohio that specializes in selling Mercedes-Benz and Porsche cars, two expensive types of vehicles within the United States.
The company recently announced that they would begin accepting Bitcoin as a form of payment for all of their cars—effective immediately. The announcement came on Monday, September 10th, and was met with interest from cryptocurrency experts around the world. Though it might not be the end-all for mass adoption of crypto, this Cleveland company might just help to give Bitcoin a boost in adoption that it desperately needs.
“Easier, Faster, and More Secure”
According to the namesake and head of the company Bernie Moreno, allowing customers to pay with Bitcoin will be a more efficient way to conduct the transaction process. In his own words, the digital asset will be used to make the payment process “easier, faster, and more secure.” This is largely in-line with expert opinions on cryptocurrencies, who often praise the forms of payment for their cost-effectiveness and security.
Moreno was beyond excited about his company’s new decision to accept Bitcoin as a form of payment. In an interview with one reporter, he exclaimed that the move is a “leap into the future,” and that Bitcoin as a currency has helped to spread the “power of blockchain technology.”
One aspect of the Bernie Moreno decision that helps to set the company apart from other eager institutional adopters of Bitcoin is that they are now opening their wallets to more than just BTC. In fact, the company is reportedly accepting Ethereum, Litecoin, and a list of additional cryptocurrencies for payments for their luxury vehicles.
The process is apparently relatively simple. Users will access an application on their mobile device, transferring crypto from their own wallet to a wallet owned by BMC. The company claims thus far that they will not be applying any kind of fees associated with the transaction, which could easily help to avoid some of the fee-related qualms that modern car customers espouse.
Cleveland for Crypto
In many ways, the BMC announcement is the latest in a concerted effort by the city of Cleveland to become a hub for blockchain technologies and cryptocurrencies. Several notable companies in the city have integrated blockchain solutions into their infrastructure, and many have begun to accept cryptocurrencies into their payment processes. In fact, Bernie even referred to the city as “reborn,” ceremoniously dubbing it “Blockland.”
It is unclear thus far how successful Cleveland will be in enticing the interest of blockchain developers and cryptocurrency elites in 2018 and beyond. But, living by the mantra of Bernie Moreno, the city firmly believes that they are fully ready to “leap into the future.”