Topic: Ferrari introduced BTC payment option for their cars (Read 803 times)

It's really a good one and personally I see this as an opportunity for convertion platforms, those who can really convert Bitcoin payments into local currencies and allow it drop in it's equivalent into people's local bank account just like bitpay. Other could come up with third party platform who can do this and if it looks reliable well enough I'm sure other bigger companies would adopt them into their payment platforms.

There may be others who would want to incorporate Bitcoin payments into their payment method but for the sake of convince and time it takes for confirmation, they would rather not go through the stress so they incorporate other options but if there's a third party convention platform who could do it as quickly as possible and confirmation made then definitely most of these firms would consider adding it up to their payment methods. But then sice bitpay is available already and is trusted and reliable, others could see how they could adopt it and incorporate it into their payment options to improve verity and flexibility in payments.

Guess it's time to ask the question "when ferrari?" instead of "when lambo?" after all this years lol.

Kiddings aside, this opens so much opportunities for people who have the capability and are in this industry, to finally flex their earnings and actually own a ferrari bought with bitcoin. I see this as an absolute win for the people despite the fact that if things go sour for bitcoin they may go down the Tesla path and stop bitcoin payments as well in the future, and even go so far as to sell their holdings (looking at you Elon, you absolute buffoon). But regardless of if whether this is a tactic or a true-blue move by Ferrari to appeal to the bitcoin people and sway them from the lambo fanaticism, the fact that more outside companies are dipping their toes in the bitcoin industry is just amazing to me. Goes to show that we're over the bitcoin is ponzi narrative from years ago.

But, they have clearly stated that this has been done in response to the requests from the market and the dealers because their customers are asking for it. They wouldn't have done it if they didn't see any demand for it which is the right thing to do. A business only applies or brings in something if it sees a growing demand among its customers for it. If it sees them asking or requesting for that thing it will never do something that doesn't necessarily benefit it.

So, the company saw demand from its customers and responded to it in the best way possible, now we will have to see how the world reacts to their decision. If their decision is taken positively, there will surely be some impact on the market because of it, but if it's not given much hype, it might just pass by without anything for Bitcoin and cryptocurrency holders.

  The acceptance of cryptocurrency by luxury brands like Ferrari can have a significant impact on public perception and understanding of cryptocurrencies in several ways for example. Luxury brands accepting cryptocurrencies can attract a new segment of customers who are actively involved in the cryptocurrency space. This can lead to increased engagement and participation in the cryptocurrency market, as well as potential growth in the overall market size. As more luxury brands embrace cryptocurrencies, it can create a positive feedback loop, further driving adoption and acceptance.
   Understanding of cryptocurrencies are influenced by various factors beyond luxury brand acceptance. Regulatory developments, media coverage, security concerns, and market volatility also play significant roles in shaping public opinion.

Last time that a car company did this we saw bitcoin reach an all-time together with other factors but Tesla's mistake at that time was that they've pulled back in accepting so I guess Ferrari takes the throne of Bitcoin communities favorite car company. Hopefully this one is a more permanent adoption in payment option for Ferrari given that it's Bitpay, I think it's going to be awesome. Imagine having bitcoin symbol in Ferrari's F1 cars in Monaco Grand Prix, are they allowed to add that in their racecars? I mean it's still a promotion for them right if they add the bitcoin symbol?

Yeah, I think this is also a good strategy and good move for ferrari, accepting Bitcoin as a payment method is good, a lot of store’s are now accepting Bitcoin as payment and they recognized Bitcoin now. I don’t see Ethereum as a payment but sure soon it will recognized as Bitcoin as well. Yes, Bitcoin payment method is easy to so convenient for those who have a lot of BTC.

in the article that I read, Ferrari management accepts payments via bitcoin and ethereum, but I am 100 percent sure that this innovation will increase sales of Ferrari cars because paying with cryptocurrency is very easy and will continue to pamper buyers with the convenience of transactions via bitcoin and ethereum. Until now I have seen that there are quite a lot of car manufacturers that accept payments with Bitcoin, currently Bitcoin is considered an easy means of payment.

How many countries allow to pay over 100 grand in Cash.  And even out of these.  How many will let you pay over 100 grand with out reporting you to the local Authorities so you can be checked for A M L policy?

It is almost impossible today.  Given the cheapest Ferrari in 2023 is around 200 grand.  You can not make such a payment with no such consequences.  If Ferrari will not ask you for source of funds.  Then the Bank will or Authorities as soon as they learn you made such a large Transaction.

It might be even more positive and good piece of news than you think.  Maybe they are accepting Bitcoin payments now because they expect a rise in Bitcoin prices by the next Bull Run.  I truly believe these decisions do NOT come randomly at random times but as perfectly timed as they can be.  Bitcoin is ready for an uprise and Ferrari could definitely profit out of it a lot.  You hear this today and within a few years your holdings increase by hundreds or thousands of percent.  You will afford more things.  Maybe a FERRARI now that they accept Bitcoin?

While the acceptance of a company like Ferrari should not come up as a surprise or as some sort of big event, at the same time this is very telling as well, there was a time in which any time a company accepted bitcoin as a payment option it was a big news, but now it does not really make much of a difference, this show us how strong has bitcoin gotten over the years and soon enough we will be able to buy in most online and brick-and-mortar stores with it without too much of a problem.

News like this from automakers like Honda or Ferrari, showing their loyalty to accept payment in bitcoin for their cars, demonstrates primarily their reluctance to miss out on profits. This is good, because the rest of the auto industry will also want to get a piece of profit from bitcoiners, which in turn will spur this market to progress (with bitcoin). Who knows, the day will come when no car purchase will be made without paying in bitcoin. But only so that this happens without unnecessary intermediaries and conversions into fiat. That is, I gave bitcoin -> received a Ferrari.

The only thing that worries me in this whole story is that if you buy from Ferrari, there is one point - you need to prove the origin of the funds. I am sure that this practice will become widespread and if you want to pay for a car you will have to explain to everyone where your bitcoins came from. It will be sad that the same thing will happen in all areas, that is, with any more or less large purchase, you will have to explain the origin of the funds. It would be too simple and naive to expect that the regulator will allow free trade and monetary relations between bitcoin owners and businesses. The regulator will influence businesses, and those, as in the case of Ferrari, will impose similar mandatory conditions for buyers.

Well, we already have someone who just gives away Lamborghini with 200 thousand bucks worth of Bitcoin ~ freebitcoin.
Something similar is happening here so I am not surprised that we have a new player. It's definitely a positive note for the Bitcoin holder. More and more realistic products now can be purchased using Bitcoin. Having a tag of branded car manufacturers like Ferrari is definitely a win-win for every one of us.

This will definitely mark as good example in the season of halving also. Many of us might not correlate this but as we know its time for mega ups and downs, things gonna run down to higher prices soon. Who knows, Ferrari might be just taking the taste of this season by launching this new way of payments. Get as much Bitcoin as they can and earn layered profits next year. 

Although this is not too big news and Ferrari cannot be compared to Tesla, Ferrari's popularity is known to most people even those who cannot afford to buy their products. This news is nothing special similar to Honda accepting bitcoin payments nor does it create any hype for bitcoin, but all this news says is that bitcoin is becoming more and more accepted, its popularity is getting wider and wider.

But honestly, I don't think Tesla accepting bitcoin will be good news for bitcoin . I mean what if they accept it and then proceed to eliminate it?

But who cares whether Ferrari accepts Bitcoin or not? I would have been irritated if this was big news to some people. This is really a side note in the grand scheme of things I think and Ferrari accepting Bitcoin is really no incentive at all for Tesla to revise their position. Neither are they competitors for the same target group, nor are they comparable to each other in regards to market power and influence. Ferrari is not even 1/10th of the market capitalization of Tesla.

It will have big impact on market and crypto prices. This is because the people buying Ferrari are already very rich people. If. They adopt crypto in some way, it can see huge demand as volume per user will be high. One thing that can fuel the growth even further is some type. Of incentive being given to people paying with crypto.

The first thing that entered my mind was Elon Musk and his Tesla adventure in Bitcoin. Even though it is difficult to know how this one will turn out in the near future, it is a little difficult believing that this will end well for Bitcoin. The memory of Elon Musk is still fresh because it appears like he manipulated the market then for profits. We should not be carried away by these businessmen entering into Bitcoin probably to catch the trend. With or without them, Bitcoin will always remain relevant and popular.

Very strange that this wasn’t bigger news. I’m surprised this would be the first I’m hearing of it. Nobody really buys Ferraris that care about money anyway though I guess. Hopefully this leads to Tesla accepting Bitcoin for their vehicles again, as that would actually matter and probably make a big market impact given their sales numbers.

Hmm...

I guess the Lambo memes have done a lot to make people associate a person with a Lambo with being a crypto bro, no? I mean, unless they have a car collection that is, then nobody will bother. Because most crypto "bros" cannot afford 10 supercars.

But yeah, I wouldn't fancy myself cheap plastic parts in a prospective car and while we are talking about cars, I would like to mention that I also don't like models which constantly have to be repaired (looking at you, Jaguar & Land Rover) or come with ugly subscriptions to use your car properly (BMW).

That's exciting news! Ferrari's decision to accept Bitcoin payments, even through a third-party service like Bitpay, is a significant step in the right direction for cryptocurrency adoption. It showcases the growing recognition and trust in cryptocurrencies within the traditional business world.

When considering crypto payment gateways like Coinremitter, it's essential to understand that they offer numerous benefits. These include competitive processing fees, seamless integration through free-to-use plugins, and enhanced security features. Crypto payment gateways like Coinremitter play a crucial role in expanding the reach of cryptocurrencies for both businesses and customers, making transactions more accessible and efficient.

While this news from Ferrari is specific to the US market at the moment, the plan to expand to Europe shows a growing trend of cryptocurrency adoption on a global scale. It's a testament to the increasing importance of having reliable payment gateways that facilitate cryptocurrency transactions seamlessly.

You are right. Bitcoin investors will never spend their bitcoin easily on such luxurious items like sports cars, except if they have lots of bitcoin that is stored in their portfolio and just want to reward theirselves at some point. At the end of the day, Ferrari is not actually promoting bitcoin, but its their strategy to cater to the needs of the wealthy people as most of them are into crypto investments.

Using Bitcoin as a payment method can be straightforward for established brands, thanks to their substantial capital, which enables them to navigate this volatile market. However, for small private business owners, it can be quite challenging, especially until Bitcoin gains broader acceptance as a legal tender.

In the business world, it's crucial to balance product demand and supply. Dealing with volatile payments can be a nightmare for small businesses trying to maintain product availability. This situation might persist until they decide to switch from using a stable currency valuation to the Satoshi valuation, which is based on Bitcoin.

It's nice to see that after Honda there's another manufacturer willing to do it.

That said, I doubt they will have a lot of sales, but that's a great way to show that lambo is not the choice you should be making. They're actively fighting the "when moon when lambo" meme by showing that you can't buy a Lambo but you can buy a Ferrari. I've always preferred Ferrari design over Lamborghini and the build quality is a bit higher in Ferraris. Have you seen the plastics in new Lambos?

As for Tesla, I don't want them to accept bitcoin. Fuck Musk, I'm never buying his electric shit. These are not real cars.

Musk scammed people by doing it. I believe this was a ruse to pump the market and sell into the pump.
Musk bought, announced it, the market pumped, announced that tesla bought as well, market pumped, said that tesla will be accepting payments, market kept pumping, so Musk dumped and said Tesla is no longer accepting it. This is how it went in short.


Much bigger than Ferrari, because how many cars does Ferrari sell compared to Toyota? How many will they sell for bitcoin? 1 a month?
I have enough to buy a Ferrari, but even if I was satisfied with selling my coins now I wouldn't buy such car because I live in a rural area, it wouldn't work. The car would be dirty all the time and I would have to fix the suspension every year.

This is a game changer and because this was initiated by customer requests I see this spilling over to other car brands and knowing very well that there is alot of idea borrowing when it comes to the sales business, expect to see the automobile industry ready to jump on the Bitcoin boat and BTC price to jump up very soon.

Hope Elon Musk doesn't feel like a trendsetter in this because he bailed on us and left us for dead after attacking the markets indirectly with his mining comments but not too late to get back onboard.

Btw I wonder what effect Toyota would have if they said they are ready to accept Bitcoin knowing very well they are the largest car manufacturers and Carter for all markets and budgets... Whatever the outcome great move Ferrari.

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This was the another way of good approach to the bitcoin,because the Corporate starts to accept the bitcoin.So the demand of the bitcoin will be high by this.Many of the car buyers will start to adopt the bitcoin for the purchase of bitcoin.So the money flow to the bitcoin will be high,this will increase the price of bitcoin because of the increase in the demand of the bitcoin to the market.The most car manufacturing company was now accepting the bitcoin as their payment.So the other company also follow this adopt of the bitcoin.

I don't know how other luxury car manufacturers are performing, but last year Ferrari sold the most cars ever and based on the results from the first half of 2023 this one might be even better so I say that they are doing just fine. Then again, why not make it even easier for potential customers to buy cars, hence BitPay.

Ferrari are famous for their “speed”, but this time they are lagging behind Honda?

The well-known meme about Lambo takes on a new form (Lamborghini not going to accept bitcoin as payment?). Now bitcoiners will drive Ferrari instead of meme Lambo.

Let's start betting on which automaker will be the next to take up the baton in adopting the bitcoin as a means of payment? Just when will they start doing it directly without intermediaries.

Now I don’t know how to feel about such news. Either it’s wonderful that such trends are happening, or auto concerns are doing really badly and sales have fallen, which is why they are trying to attract buyers in this way (to expand markets at the expense of bitcoiners).

It is indeed a step in the right direction, but it will not have much impact on the market. Ferrari will not receive the BTC directly, but they will be exchanged back into the usual fiat beforehand. Nevertheless, I think this news will become more frequent in the future.

This is important for adoption, more and more manufacturers are ready to accept payments in cryptocurrencies, everything will happen gradually, step by step, recently Honda did it, now Ferrari is doing it, it is logical to assume that soon most manufacturers will accept cryptocurrencies as payment for cars. And so gradually developers will begin to do this and we will be able to buy real estate with cryptocurrencies and pay for any purchases we want. This is an irreversible process and there is no point in resisting it.

Again, what you (and many others) don't understand is that we won't wake up in a world where everyone goes from not accepting bitcoin in any way, to accept it directly P2P as Satoshi initially envisioned. This is a process and during this period payment processors are necessary and I think that it would be much worse if we didn't even have those as that would mean way less ways to use bitcoin for what it was intended after all.

2 years ago I had to buy a new laptop and since I wanted to pay it with bitcoin (BTC price was very good so why not) I had 2 options: sell Bitcoin for cash and pay 3-4% fee at crypto exchange (I wanted to avoid bank transfers) or pay for laptop using PayCek (popular Croatian payment processor) directly on retail site. I of course chose option nr 2 as it was faster, less hassle and also cheaper.

Or I could have maybe been stubborn and say "unless retailers don't accept bitcoin directly, I won't use it". Then again, why would retailers even introduce direct bitcoin payment if they don't first see people paying via payment processor?


No one expects that these ekind of news pump bitcoin price as those days are long behind us and I know that in the grand scheme of things they don't mean much, but I don't see how this is not a good news for bitcoin.

Even though it was good news because it came from the automotive manufacturer Ferrari, I was not too enthusiastic about buying it because I would rather use Bitcoin for other more useful things.
But some rich people will buy a Ferrari using bitcoin because owning a Ferrari is a matter of pride and can raise their status among other rich people.
Maybe some young crypto investors are also interested in buying a Ferrari using bitcoin, but for other investors, they won't buy the Ferrari.
After all, buying a Ferrari means someone is very rich and not for most people, especially for small bitcoin investors.

Before the Ferrari already know their target and by this era there's a lot of young people made a good financial flows and few of them related into crypto currency so it's a good shot to extend their mode of payment by adopting crypto for sure this will become a huge news and possibly adopt too by other competitors today online payment is the main mode of transaction.

I saw a topic before too there's a company too accepting crypto but related into big bikes.

In the past, this kind of news used to be enough to get Bitcoin moving and rocketing, but now the news has almost zero impact on the price. In fact, the main meaning should not be attributed to price rises. The situation here can be thought of as a kind of fiat. For Bitcoin, it is important and necessary to successfully complete the process of becoming a part of the existing system with its deficiencies and failures, before claiming to radically change the whole system. I don't think this has been achieved in a fully convincing way. Therefore, we have not yet been able to fully test the magnitude of the possible consequences. The world is at a breaking point in all respects and Bitcoin is part of it at this stage. Time will show everything clearly.

Then I believe Ferrari didn't actually "accept" Bitcoin. They're merely accepting BitPay payments, which are not technically "Bitcoin Payments". It's good news, but it would have made a very big difference, and it would have been the best news, if the announcement was that they self-hosted a payment processor with BTCPay Server and accepted ONLY Bitcoin, https://btcpayserver.org/

Plus many users are not that excited because perhaps they're more educated in what's truly good for Bitcoin and what's not. The puff-pieces will not work anymore.

You've got a point there, but at least we still have this kind of news, which could create a buzz in the market. You know, when you link Ferrari to Bitcoin, that sounds cool, as investors might associate Bitcoin with another success. But in reality, you are right; the market from Bitcoin users is probably limited. However, this could grow over time, and I'm hopeful.

I very much agree. This is also free advertising for bitcoin very much similar to the campaign of Robert Kennedy Jr who will be running as president of America on November 24. Also, this is not only good for bitcoin, this is also good for the whole of the cryptospace because Ferrari will also be accepting ETH, XRP, stablecoins, APE, the memecoins dogecoin, shiba inu and other cryptocoins through the use of Bitpay.

I very much agree with @stompix and @Rikafip who has noticed why some people are not cheering on this news update. This might be the effect of the bear market, I reckon.

trying to be the new face of the crypto lifestyle huh? Lol I don't think the "wen lambo?" is going to be dropped for a "wen ferrari?", the latter just doesn't roll off the tongue as good as the former.

In any case I think this is a good thing and a step into the right direction, luxury brands seeing bitcoin as a means of payment is definitely one thing to behold. Perhaps they made some statistical researches and found that most of the people who buy ferraris and lambos now are into crypto, and they wanted to bank in on that. But I digress. Regardless if this is a marketing ploy meant to appeal to the crypto community or a true-blue effort to accepting bitcoin and allowing it for commerce at least in their own bubble, this means well for bitcoin as it would only be time until every other product out there could be bought with bitcoin.

This sounds cool to me as against what many people are saying on the thread. People are saying that of they own bitcoin of that amount, that they wouldn't be comfortable spending it to buy a car that they will instead see it as an investment and not for spending. The question is that, if you are wealthy will it no be nice to have;

• Have a bitcoin for spending purposes 
• Have another for investment/saving purposes

I mean bitcoin is still available and affordable. I might even decide to convert fiat to bitcoin in order to buy the Ferrari. This will sound huge and the rest of the fame things. It is high time we remembered that bitcoin is first a currency before anything else

You are absolutely correct that this offer can benefit only those countries where cryptocurrency is legalized, meaning there are no restrictions or bans. However, "Gallier" implemented this strategy after careful consideration. When we look at the sales list of Ferrari, we can see that the demand and most sales of Ferrari cars are mainly in Europe, the Middle East, and Africa. In other countries, there are only 1% to 2% of customers. Apparently, if we look at all these continents, most of them do not have bans or restrictions on cryptocurrency, except for a few countries.
In my opinion, Ferrari's Chief "Gallier" made this decision to accept cryptocurrency as payment by creating a precedent. According to Ferrari's chief, we have taken these steps based on our clients' demands because cryptocurrency users and investors are increasing day by day. So, they have accepted cryptocurrency as a payment method for the convenience of their clients.

Wow, this is good. I am just reading for the first time. I believe that even in the future, there are definitely going to be a lot of big companies that will accept Bitcoin as a means of payment, and if most of these big companies keep accepting Bitcoin, it will bring about more exposure for Bitcoin, as many people will really want to pick up interest because of the company using it. Also, it will make the price of Bitcoin skyrocket more.

I became aware of this news from Cointelegraph today. I was happy to see that news since it would create a positive impact on the cryptocurrency market. But seems the market hasn't reacted to this news. Though I hadn't been expecting a big pump, at least there should be a positive movement. So finally, it regrets me. However, companies like Ferrari accepting cryptocurrency is something big for us. We may see some results in the future when a few more big news stories come up. It's a strong Bitcoin adaptation, and more bars would be interested in Bitcoin payments. There are a lot of crypto millionaires who might want to buy a car through cryptocurrency.

First of all, this is super cool news. Sales in 2022 were better than the year before, with a total of around 13,000 vehicles sold. My Speculating now: Electro mobilization is being pushed very hard in Europe and a Ferrari cant be powered by electric after all, it doesnt go? With Bitcoin, I think they are trying to keep up the coming sales. The first electric Ferrari should come in 2025 and then you will see how it sells and whether you have to adjust the company policy. A little bit I think they are trying to absorb coming declines in sales. I dont think a Ferrari with a range of less than maybe 100 km can sell good.

I love the buzz - but it looks like I'll really have to wait until the price of bitcoin hits $1 million before I'm ready to pay for a Ferrari with bitcoin. LOL

Let's be honest - I think some people are ready to spend their bitcoin on whatever they like. The fact is that not everyone spends part of their bitcoin investment to buy something - but some of them actually buy bitcoin on purpose and spend it on something. It's a good case of adoption for bitcoin and Ferrari too - but growth in interest is certainly not guaranteed although it feels possible the company is starting to prepare for a surge in demand in 2024, 2025 or 2026.

The good news for Bitcoin will only increase as the bull run approaches. Many companies and large companies are also aware of this. This decision taken by a brand like Ferrari is very positive news for Bitcoin. When the time comes, we will hear about many brands such as Ferrari.

Bitcoin is now a value that everyone accepts and invests in. We will hear such news often.

This is truly good news for the Bitcoin Crypto industry which has always been the main adoption in the use of decentralized digital currencies, although they do not say specifically how in the future and what crypto will be received by them as a medium of exchange for the purchase of their car products, still this gives The sentiment is quite positive for the market movement that has been in a prolonged side way zone.

I will trace it further for this news and development, it seems I have a signal to take a long position in tonight's trading. LOL

Asian countries must be difficult if you do it openly or openly, it's okay, we first see developments in Europe in the use of this bitpay, running well or not in the future, and triggers fomo or unlike the then cycles that are done by Elon Musk with the car tesla.

This is a great move buy Ferrari. It shows that they are a forward-thinking and progressive organisation. The super rich clients may not have any concern about this but trust me they are going to have new clientele base from crypto millionaires all over the world. I look forward to a day when fashion brands like Zara, Louis Vuitton, Gucci and other big fashion brands would make this type of company wide announcement.

Since they are likely going to accept Shitcoin, that would be better than sending your BTC to them. If I were to buy one, I would probably do it in the bull run peak that even the shitcoin will have a big value enough to buy one.

So far it's only Ferrari announcing something like this, no other car producer yet. It's Ferrari sees there will be more BTC millionaires soon and they are likely buyers in the future. Cars like Ferraris are meant to be showcased only on some occasions.

it's mean countries where crypto is banned or at least not legalize will be in risk if they want to buy through crypto. So this offers is not for all and only Europe countries will take benefits of this service because residents of country where crypto not legalize will not take a risk when there is other ways available to buy(without risk).

Not only for Bitcoin but also for Ferrari. This news spread all over the crypto social platform and everyone is discussing upon it just like we are doing here. As Rikafip mentioned that Ferrari company just wanted to sell their cars and they have no interest in btc adoption or publicity so this why they are not going for own nodes or other alternative.

+1

It baffles me that people here are saying "no one in their right mind will spend bitcoin on Ferrari" while there are loads of crypto millionaires who are flexing by buying luxury cars, and just because they are not willing to spend bitcoin, they think that everyone else has the same mindset.

As I mentiond earlier, few years ago I bought my father a car with bitcoin. At that time BTC was ~50k and logic behind this was that my father is not getting any younger while his dream was to have SUV or something along those lines as he is at the age when its not easy to get in/out of those lower cars (and the one he drove was ~20 years old). So why the fuck not cash out part of my BTC instead holding onto it for 4-5 years more just so I can get better car/spend less BTC? I am not saying that people should sell all of their BTC they have and buy some crap (but even if they want, who am I to tell them how to spend their money), but I don't see anything bad at spending part of it every once in a while.


Not once I heard people here saying that its stupid to spend bitcoin and if people here are not willing to do it, then who is?


You will probably pay even higher fee when converting btc to fiat so I don't see any problem with that. Would it be better if Ferrari acceptes BTC directly? Of course it would, but that's not realistic at this point and it won't be for quite some time.


Of course they won't bother making their own payment system when percentage of people who will actually pay with crypto won't be that high anyway. They don't care about bitcoin as all they care about is how to sell cars in the most convenient way.


Since payments will be processed by Bitpay its safe to assume that all currencies supported by them will be accepted, including BCH.


What people here often don't understand is that we won't woke up one day and suddenly everyone will accept bitcoin directly as intended. Instead, changes will be small and gradual and I see this as just another small step into right direction when companies finally understand that bitcoin is here to stay and that it has many advantages over fiat. But untill that happens, 3rd party services are necessary evil.

I think the automobile companies accepting bitcoin might just know it as a medium of payment and that's it. So when a company like Bipay approaches them with a business proposal, as long as it looks good to them and it will increase their sales, they just go for it. It's the same thing with Honda automobile, who has a third-party agent accepting bitcoin on their behalf on every car purchase and a certain percent goes to the company. They can actually remove the middleman by running thier own nodes, but the publicity is still good for Bitcoin.

No, I didn't miss it, I was actually curious what other shitcoins they might accept and if it's Ferrari or some dealership and read all of it.

What happens is that I simply changed my opinion, you know I was anti shitcoin, anti-intermediaries, but if you see things are not working the way you wish then you start to think what's the next best and less bad than complete control thing, and yeah, payment gateways, without them there is nothing so the only compromise available. Besides, nobody stops Ferrari after taking your BTC to dump them on the market, right?

Let's simply say that I prefer today's illusion versus the faraway dream I less and less believe in becoming true.

As for the KYC, common, that would be the last problem, it's a car you have to register, even without KYC you would still provide the dealership with a copy of your ID as it's a legalized sale that's going to happen there.

It's a shitty thing but if nobody uses it it will be even worse!

If currently the only option is to only be able to use Bitpay as a payment mode, I don't think that's a significant problem, why was the Internet alone difficult to navigate when it first started.


I think they have read and studied future opportunities and this, if I assume, is a smart move because BTC is still very cheap after the last big correction and if this goes according to the company's target, the profits that will be obtained in the future will be extraordinary, where with BTC buyers can buy the car without attaching your name or other personal information to it.

Elon Musk has done this recently, good news for bitcoin, and in the end everyone will accept bitcoin as the world currency.

I do not see any obstacles to such implementation in Asian countries that legally accept cryptocurrencies and if you were referring to the availability of BitPay's services, there's always the option of using "other payment processors in different regions".

Considering that they'll be using BitPay's services, the data of Ferrari customers will be at a higher risk of being exposed if a data breach were to happen to one of them!

Plus there's THAT, BitPay. This is going to be a nitpick. Ferrari isn't truly accepting Bitcoin if they're going to convert the coins to fiat, which isn't bad, but if we believe that they want to accept Bitcoin because of its ethos, in my opinion, they're not.

- Because payments are made through BitPay, Ferrari will probably accept shitcoins? It would be laughable if they accept BCash too. BitPay was a known advocate for BCash.

¯\_(ツ)_/¯

Just recently, last week, we heard that the Honda company has implemented accepting Bitcoin as one of their options that can be used as payment. And now it's Ferrari's turn. Look at these giant car companies. Now they are starting to recognize Bitcoin in their business, and they have made it one of the payment options in Bitcoin at this time.

Why do they smell that Bitcoin will be 100k in the coming halving and bull run? Of course, if I am one of the rich people who have the capability to buy a Ferrari and have an idea for Bitcoin, why would I waste it if I knew it would give me a huge profit in the future?
Maybe later, when the bear market returns, they will no longer accept Bitcoin as payment because they will see the value drop.

They didn't do that at the right time; in fact, they should have started it during the bear market.

This is positive news showing a strong growth in bitcoin's popularity, but hopefully, this news will have a big impact on the price, I think this news is not interesting enough to attract much of everyone's attention.  I also saw this news on social networks but did not see many people discussing this issue.  it is completely unlike the news that Tesla has released, so expectations of a positive impact on bitcoin prices are very unlikely.

Chosing Bitpay means we have to pay 1-2% + 25¢ extra if we want to buy Ferrari car with btc. Ferrari is such a big company and company like this should work on own payment system rather then other source where customers have to bear the extra fee burden. Months ago I read news about Paypal also who was relying on third party source.

Despite this fact I think this is very positive movement and this news show that interest and demand of people to use btc/crypto in online payment is increased and big companies now providing services to got attention of users who love to pay through btc. I hope we will hear about many others companies in this year just like many ETF providers applied for Bitcoin ETF after Blackrock.

This sounds like a great news and should make a positive impact on BTC price but I see that the momentum is low.
But even that is good because steady growth stays for a long time than a sudden pump in price.
Recently Uber had announced that they will start accepting crypto payments and now Ferrari.
Seems like big companies are starting to adopt cryptocurrencies and I hope the list of companies keeps increasing.

I expected that they would manage their own node or use any open source code, but relying on a third party, especially Bitpay, shows that it was the company that negotiated with Ferrari.
Bitpay is a Bitcoin payment processor that has been operating for a while, but there are many complaints about it, so I am concerned about user complaints, but it is a good start, and I hope they change their mind about accepting Bitcoin directly in the next few years.

Although I appreciate moves like these, as they promote cryptocurrencies as something real that you can use in real life for tangible purposes, there's still a large number of people who are completely unaware of them and their purpose. Although this is also my opinion, I also don't believe there's enough audience in order to add such a feature. Tesla tried it as well, and not only are they a huge manufacturer, but they also sell quite expensive cars. There must be a reason for Elon Musk to remove it as a payment option, and most likely, it was due to a lack of usage and nothing to do with energy consumption.

Moreover, I also highly doubt that this announcement is going to make any significant difference (if any) in the market.

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.

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

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.
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.

If you have enough money to buy a Ferrari, then you are in rich club and word expensive doesn't make much sense.

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.

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

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  .

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.

Really how many people innthis forum are really interested or can afford a Ferrari car with fiat money not to talk of spending bitcoin on Ferrari purchasing, the highest they can get from this forum is what their getting right now by getting their name mentioned in comments, aside from that there is nothing significant with that in terms of promotions as you mentioned.


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 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

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

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.🤣

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 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.


You may have missed this:


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!

Bitcoin price is still hovering around $26,8K~ ish, where's the pump? lol.

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.

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.

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.


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.

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.

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.

Wow. We are really building up on some big motions by big companies that really have that push towards the acceptance of cryptocurrencies in payments of their services and products. It's really going in that direction IMO.

It can have somewhat an effect but at least it's announced so maybe a lot of other big companies will follow suit.

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.

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.

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.


No shit, Sherlock.


I would agree with you if Ferrari accepted it at the peak in 2021 just to ride the hype train, but they accepted it at the entirely different time when bitcoin is far from all time high. Imho, its a good marketing move as crypto millionaires are usually connected with lambos (which I thought is overblown until I visited Dubai) so why not try to get into that market too?


Buddy, people are buying all kind of crazy stuff with bitcoin. Hell, few years ago I bought my father a car with bitcoin money (not Ferrari ofc lol but a decent Nissan) and I am far from rich so you can imagine what those who have millions (and often lack of brain) do with crypto money.

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. Since they are accepting BTC, Ether and USDC for now, i think that if their customers want to pay with crypto, they will probably do so with USDC which is a stable coin, because to the customers it will feel like they are spending fiat and aren't losing a valuable asset.

Plus those rich nocoiners who want to buy a Ferrari won't do, "Buy Bitcoin -> Then buy Ferrari", probably except if Ferrari offered their cars with a good discount if the purchase was made through Bitcoin. For the same price it would be inefficient because why not buy the Ferrari directly with their fiat? It doesn't prove anything from the viewpoint that Bitcoin is making markets more efficient. It's merely "propaganda", merely "puff", "hype" for the people in general.

Although, from a viewpoint of a HODLer, it's very good.

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.

For such a big company, I'm certain there's a significant impact on the market. It seems like we are now witnessing more significant news related to Bitcoin, and it appears to be gearing up for a new bull run. For us to have an idea on its potential impact on the market, as per... ; Market capitalization of Ferrari (RACE) it's marketcap as of October 2023 is $56.40 Billion. Just imagine the positive impact it will have on adoption.

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.