Even if it's not directly and done via a payment processing system like Bitpay, it's a significant achievement, and I'm happy to hear that. I hope it won't be just for the US, and people around the world will be able to use their BTC to purchase those cars.
The article says that BitPay will ensure that the money's legit, so perhaps that's a solid reason why Ferrari doesn't want to accept BTC payments directly: this way, they free themselves of the liability. And BitPay gets more publicity and customers, so I guess it's beneficial for them as well.
Topic: Ferrari introduced BTC payment option for their cars - page 4. (Read 802 times)
Humor: For now you can use bitrefill to get ebay gift cards.
From there you can get yourself a totally electric Ferrari
https://www.ebay.com/itm/266440920092
Do not go down the rabbit hole of Ferrari branded / partnered things. I don't know when they started doing it but I guess for a fee and a percentage of the profits they will let you logo anything.
-Dave
From there you can get yourself a totally electric Ferrari
https://www.ebay.com/itm/266440920092
Do not go down the rabbit hole of Ferrari branded / partnered things. I don't know when they started doing it but I guess for a fee and a percentage of the profits they will let you logo anything.
-Dave
I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari. In fact I believe the same problem existed with Tesla and I believe this was the real reason why Musk removed the bitcoin payment option not the nonsense he said about the energy consumption.
In other words the only thing that this news is going to do is for a short time it is going to introduce Bitcoin to some people who would hear about this decentralized currency, then it is going to be forgotten until possibly the day they remove this option which there would be some FUD and again it will be forgotten the same way Tesla and Musk are.
Many rich people own bitcoin who were rich before crypto thing and at the same time, it's a good way for influencers to title their content and to get more views.In other words the only thing that this news is going to do is for a short time it is going to introduce Bitcoin to some people who would hear about this decentralized currency, then it is going to be forgotten until possibly the day they remove this option which there would be some FUD and again it will be forgotten the same way Tesla and Musk are.
Btw, to my mind, Musk was playing with bitcoin and some altcoins. He wanted to pump bitcoin and did many things to pump it, then he pumped dogecoin, then he dumped bitcoin and whole crypto world by stating that Bitcoin consumes a lot of energy blablabla but when he dumped bitcoin, many other altcoins increased in prise because of their energy-efficinecy, one of them I remember was Matic Polygon.
Btw this will lead other companies to implement bitcoin payments but it's bad that they use centralized services instead of decentralized one like BTCPayserver. It destroyes bitcoin's fundamentals.
Too many people consider BTC an investment rather than electronic money, and i'm sure they'll not want to spend their BTC on a car or anything that's as expensive as a Ferrari.
If you have enough money to buy a Ferrari, then you are in rich club and word expensive doesn't make much sense.Ehh, it's definitely good news but it'll be a 'meh' event in the grand scheme of things — for both bitcoin and Ferrari. Highly highly likely that the number of customers that will use BTC and not credit/debit will be less than 1% of customers.
It's goot in terms that Bitcoin's popularity and adoption will increase but it's bad that this adoption increases via centralized system, like Bitpay instead of independence payment methods for which Bitcoin was created.That’s a great news to be honest. Now due to bitpay, those who have some savings in the form of Bitcoins can use it to purchase the legendary car Ferrari. But I have a doubt that, as the amount will be big, so they won’t ask for verification etc?
KYC? Are you joking? When you buy a car, you have to register car as your own property. You can nowhere buy a car without revealing your data.
Buying a Ferrari is the simple part.
Then you have to insure it, maintain it and every other stupid expensive thing that you have to deal with when owning an exotic car.
But, beyond that it's the other implications of doing it this way. For the most part you would be better off with BTC -> Fiat -> Ferrari then BTC->Ferrari
At that level say 10BTC you can get better pricing then BitPay offers. .5% is a big number at that point.
Surprised nobody came in with the BitPay evil thing yet, but since it's a car you are already KYCd when you buy it.
Small humor, I mentioned Fiat meaning cash, but Fiat the company did use to own Ferrari :-)
-Dave
Then you have to insure it, maintain it and every other stupid expensive thing that you have to deal with when owning an exotic car.
But, beyond that it's the other implications of doing it this way. For the most part you would be better off with BTC -> Fiat -> Ferrari then BTC->Ferrari
At that level say 10BTC you can get better pricing then BitPay offers. .5% is a big number at that point.
Surprised nobody came in with the BitPay evil thing yet, but since it's a car you are already KYCd when you buy it.
Small humor, I mentioned Fiat meaning cash, but Fiat the company did use to own Ferrari :-)
-Dave
I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari. In fact I believe the same problem existed with Tesla and I believe this was the real reason why Musk removed the bitcoin payment option not the nonsense he said about the energy consumption.
In other words the only thing that this news is going to do is for a short time it is going to introduce Bitcoin to some people who would hear about this decentralized currency, then it is going to be forgotten until possibly the day they remove this option which there would be some FUD and again it will be forgotten the same way Tesla and Musk are.
In other words the only thing that this news is going to do is for a short time it is going to introduce Bitcoin to some people who would hear about this decentralized currency, then it is going to be forgotten until possibly the day they remove this option which there would be some FUD and again it will be forgotten the same way Tesla and Musk are.
However, I won't impact more in any type of appreciation, but it can be taken as a reminder for those who have forgotten about the Decentralized Payment Mode as you've said. It won't make any demand surplus except for particular narrow seniors for those who love to buy Ferraris and they don't own enough money yet and focus on the accumulation and hope that someday their Bitcoin will be gonna worth enough to buy a Ferrari.
I'm sure until that day they'll remove this option
. 
The lack of enthusiasm is depressing...
Remember the good old days of "When Lambo?' when goat actually bought a Lambo with BTC?
What do all plan on doing with these coins, keep it till they reach one quadrillion and by that time they're too old deaf, or visually impaired to even drive a car have the seed inscribed on the top of the coffin so you might exchange them to afterlife coins on some cosmic dex?
It's a "A Peer-to-Peer Electronic Cash System" it is supposed to buy things, and Ferrari is selling things, it's like a perfect match!
I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!
Remember the good old days of "When Lambo?' when goat actually bought a Lambo with BTC?
What do all plan on doing with these coins, keep it till they reach one quadrillion and by that time they're too old deaf, or visually impaired to even drive a car have the seed inscribed on the top of the coffin so you might exchange them to afterlife coins on some cosmic dex?
It's a "A Peer-to-Peer Electronic Cash System" it is supposed to buy things, and Ferrari is selling things, it's like a perfect match!
I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!
It's really not necessarily the lack of enthusiasm. The news is definitely good! It's just that some people like to overblow stuff like this as if bitcoin has just suddenly became great as if it wasn't already great to start with.
It's merely "propaganda", merely "puff", "hype" for the people in general.
And the propaganda is already working because somehow the Ferrari name already has found its name to this forum and discussing about it is a kind of indirect marketing strategy for them. The more this new development is talked about, the more the name Ferrari sell, remembered by those who may have forgotten it, or now known by those who never knew the name. Especially now while a Halving is expected, many people treasure their bitcoins like their life.When i saw the update about Ferrari's crypto adoption the first thing that came to my thought was that Ferrari as a company also wants to take advantage of the cryptocurrency envolving market to advance the sales and product payment as well as hold the liquidity in bitcoin as the case may be, so for that I will say it a welcome development even though this may not make any significant difference in the value of bitcoin, both in the short term and in the long terms.
I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari.
Well, not many people buy Ferrari in general (they sell 10-15k cars per year which is nothing compared to let's say Toyota who sells 10 million) but there's still decent amount of nouveau riche crypto millionaires who like to flex with expensive cars so there will be some interest. I agree with that.
Especially since these cars are like some work of art, and could allow some people to get around taxes and optimize their tax situation.
It's easy to imagine buying Ferraris in BTC and reselling the said vehicle shortly afterwards, as a way to cash out BTC and minimize taxes (in some countries, this can be done without too much difficulty).
I think Ferrari is aware of this type of customers too, and that they're not naive. Money is money, and a market is a market.
I wonder if it's just a coincidence or if the guys from Ferrari read what Honda did and concluded "why not add that payment method?". However, one should not expect that such a decision will affect the price of BTC, because although I have no doubt that a few luxury cars will be sold for BTC, it will still be a very small percentage, considering that in general, a very small percentage of people own BTC at all.
In addition, even in 2018, in some parts of the world (Japan), you could buy luxury cars for Bitcoin, and I really don't know if this possibility still exists today.
Luxury Car Dealer Teams with BitFlyer for Big Bitcoin Payments
In addition, even in 2018, in some parts of the world (Japan), you could buy luxury cars for Bitcoin, and I really don't know if this possibility still exists today.
Luxury Car Dealer Teams with BitFlyer for Big Bitcoin Payments
I am always of the opinion that although you can pay DIRECTLY in bitcoin this option has always been possible... just exchange the bitcoins into the local FIAT currency!
Such purchases must be tracked anyway, so there isn't even a particular advantage and rather than making it clear that one has enough BTC to buy such a car....
I bought a sports car a few years ago (2017)? Obviously I didn't spend as much as a Ferrari (much less than 10K euros). I asked to pay in bitcoin (it bothered me to make a transfer or withdraw) and the seller asked me for a "20% fee for btc payment".
My answer? I started laughing and made him a normal bank transfer
Such purchases must be tracked anyway, so there isn't even a particular advantage and rather than making it clear that one has enough BTC to buy such a car....
I bought a sports car a few years ago (2017)? Obviously I didn't spend as much as a Ferrari (much less than 10K euros). I asked to pay in bitcoin (it bothered me to make a transfer or withdraw) and the seller asked me for a "20% fee for btc payment".
My answer? I started laughing and made him a normal bank transfer
If you have 10k Bitcoins, why not spending a few to buy a car like that? How long are you gonna live to say it's not worth it? You should also buy other cars as well, just don't forget to put a young virgin on the front seat with a large golden medal with BTC carved into it and a sun glass with pink stars. Cuban cigar in one hand and a rolex in another hand.
Isn't this the "rich" descriptions depicted in medias? 😉
The only good thing coming out of buying a ferrari is that such cars are pussy magnets, you just need to ride one car in order to ride dozens of pussies.🤣
Isn't this the "rich" descriptions depicted in medias? 😉
The only good thing coming out of buying a ferrari is that such cars are pussy magnets, you just need to ride one car in order to ride dozens of pussies.🤣
As the title says, Ferrari (who I believe doesn't need introduction) announced that they are accepting bitcoin payments for their cars. They are not accepting BTC (and a few other cryptocurrencies) directly but instead via Bitpay but its still a good thing for bitcoin when probably the most legendary car manufacturer decided to accept it even through a 3rd party.
For now its only for US market but they plan to expand it to Europe too.
For now its only for US market but they plan to expand it to Europe too.
Quote from: https://www.reuters.com/business/autos-transportation/ferrari-accept-crypto-payment-its-cars-us-2023-10-14/
Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.
Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.
"Some are young investors who have built their fortunes around cryptocurrencies," he said. "Some others are more traditional investors, who want to diversify their portfolios."
Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.
"Some are young investors who have built their fortunes around cryptocurrencies," he said. "Some others are more traditional investors, who want to diversify their portfolios."
Ferrari is one of the biggest sports car brands in the world, Ferrari management is well aware that Bitcoin and other cryptocurrencies cannot be rejected, moreover they also have an investigation team that studies market habits and also young investors, I wonder if this is a domino effect from Honda accepts payments via cryptocurrency, in the future it seems more and more luxury car manufacturers will adopt bitcoin, that will definitely happen.
I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari.
Well, not many people buy Ferrari in general (they sell 10-15k cars per year which is nothing compared to let's say Toyota who sells 10 million) but there's still decent amount of nouveau riche crypto millionaires who like to flex with expensive cars so there will be some interest. I do think it's good news and I see more sense for those who can afford it to pay for a Ferrari with Bitcoin than to pay for coffees. As for the difference between Ferrari and Tesla, I would say that whoever can afford the Ferrari is so rich that probably yes he will be inclined to pay for the Ferrari with Bitcoin after a good rise in bull market. A Tesla is more middle class and undoing an investment such as Bitcoin to pay for a liability that depreciates does not make much sense but the Ferrari is upper class, people whose assets generate profits that exceed their level of consumption.
It's a "A Peer-to-Peer Electronic Cash System" it is supposed to buy things, and Ferrari is selling things, it's like a perfect match!
I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!
I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!
You may have missed this:
They are not accepting BTC (and a few other cryptocurrencies) directly but instead via Bitpay ...
This doesn't seem like P2P to me. In addition to the fact that it is obviously a KYC purchase.
It seems that someone trying to do what Tesla did the last time, hopefully this would be something that's going to last and not just a mere rugpull like what Tesla did. Is there going to be a catch when you purchase with bitcoin though? I feel like there is a catch because bitcoin isn't really in the bull run phase right now. In regards to Ferrari's decision, I believe that it's an outstanding move given that bitcoin's cheap right now and they can get more bitcoin out of 1 car that they're going to sell, hopefully they have marketing that's going to encourage people to use bitcoin to buy their Ferraris.
The lack of enthusiasm is depressing...
Remember the good old days of "When Lambo?' when goat actually bought a Lambo with BTC?
What do all plan on doing with these coins, keep it till they reach one quadrillion and by that time they're too old deaf, or visually impaired to even drive a car have the seed inscribed on the top of the coffin so you might exchange them to afterlife coins on some cosmic dex?
It's a "A Peer-to-Peer Electronic Cash System" it is supposed to buy things, and Ferrari is selling things, it's like a perfect match!
I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!
Remember the good old days of "When Lambo?' when goat actually bought a Lambo with BTC?
What do all plan on doing with these coins, keep it till they reach one quadrillion and by that time they're too old deaf, or visually impaired to even drive a car have the seed inscribed on the top of the coffin so you might exchange them to afterlife coins on some cosmic dex?
It's a "A Peer-to-Peer Electronic Cash System" it is supposed to buy things, and Ferrari is selling things, it's like a perfect match!
I'm starting to believe the biggest obstacle right now to mass adoption for it like a true p2p system is the holders themselves!
Bitcoin price is still hovering around $26,8K~ ish, where's the pump? lol.
lol.That’s a great news to be honest. Now due to bitpay, those who have some savings in the form of Bitcoins can use it to purchase the legendary car Ferrari. But I have a doubt that, as the amount will be big, so they won’t ask for verification etc? Will follow this news to check who are the persons who will spend the Bitcoins to buy these cars. It will be easier for them to implement this in European countries, but for Asian countries it will be really tough.
Doesn't matter whether you're only trade small amount or big amount of money, as long as the merchant is using Bitpay, you as a customer will need to perform KYC. Bitpay is a hosted payment processor, not self hosted payment processor e.g. BTCPay where you don't need to fulfill KYC. But I believe a big company like Ferrari was already get pressured by the government to follow the regulation.Quote from: https://bitpay.com/legal/shopper-terms-of-use/
10. BitPay ID
BitPay is required by applicable laws and regulations to collect certain information about Shoppers for transactions and refunds over a certain size and, in some regions, for any transaction. This Shopper verification process is called BitPay ID. You can create a BitPay ID at any time. BitPay ID is subject to its own Terms of Use, available here: bitpay.com/legal/terms-of-use. Information on BitPay ID is available in our FAQs: support.bitpay.com/hc/en-us/articles/360037486651-How-do-I-complete-the-BitPay-ID-process-.
BitPay is required by applicable laws and regulations to collect certain information about Shoppers for transactions and refunds over a certain size and, in some regions, for any transaction. This Shopper verification process is called BitPay ID. You can create a BitPay ID at any time. BitPay ID is subject to its own Terms of Use, available here: bitpay.com/legal/terms-of-use. Information on BitPay ID is available in our FAQs: support.bitpay.com/hc/en-us/articles/360037486651-How-do-I-complete-the-BitPay-ID-process-.
As the title says, Ferrari (who I believe doesn't need introduction) announced that they are accepting bitcoin payments for their cars. They are not accepting BTC (and a few other cryptocurrencies) directly but instead via Bitpay but its still a good thing for bitcoin when probably the most legendary car manufacturer decided to accept it even through a 3rd party.
Their target is to help promote the brand name Bitpay as they would have signed an agreement to make use of their payment network to introduce bitcoin for payment, i also read about the recent one that another car brand which is Honda have also accept the payment for their cars in bitcoin, even though theirs may not be directly through a third party institution, but the joy is in seing how bitcoin is getting more attention and attractive considerations for adoption and if all the well recognized brands and organizations are adopting bitcoin, it will soon be the turn for the governments to also join in making it a legal tender if they haven't.
It targets those rich customers who have bitcoins and are in a position to afford a Ferrari. Not the plebs who have bitcoin in a single digit and dreams of the moon. For the time being, this is a news that may have some positive impact on the price albeit temporary. Race cars getting bitcoin in payment systems does not titillate the general public much.
Lets not give much importance to this news but continue accumulating coins like we have been.
Lets not give much importance to this news but continue accumulating coins like we have been.
I seriously doubt that there is a high interest among those who own bitcoin to use it to purchase an expensive car like a Ferrari.
You think? Sure, not every Bitcoin holder is dreaming about blowing their stash on a shiny new Ferrari. But you can't deny there are definitely some enthusiasts who love spending on extravagant toys. At the same time, it's important to remember that even today, a ton of high-end buys still happen with untraceable cash - for various reasons you know? I was reading that something like 10% of new luxury car sales in America are straight up cash money and so bitcoin offers more convenience there, letting people bypass the banks as middlemen.
In fact I believe the same problem existed with Tesla and I believe this was the real reason why Musk removed the bitcoin payment option not the nonsense he said about the energy consumption.
Mask is a well-known manipulator who consistently prioritizes his own interests. He certainly has a track record of making moves that serve his personal agenda.
Too many people consider BTC an investment rather than electronic money, and i'm sure they'll not want to spend their BTC on a car or anything that's as expensive as a Ferrari.
That's true but also even for those bitcoiners that have adopted bitcoin as a currency, not that many have large amounts of bitcoin accumulated to be willing to spend a large portion of it (something like 7BTC) for a car. Jump to: