eAutoLease is preparing to accept cryptocurrency as payment for their auto leasing transactions. As an online dealership, eAutoLease is perfectly situated to join other businesses that have begun accepting certain types of cryptocurrency, such as Bitcoin or Dogecoin. While eAutoLease doesn’t yet accept crypto forms of payment, they are performing due diligence to make it happen.
A cryptocurrency is a form of digital currency. It’s not tied to a gold standard or any other form of currency, such as a national or regional currency exchange. Instead of having a set value that may change slowly, if at all, it’s more like a commodity. Gold and silver, for example, are valuable commodities, but the value of an ounce of either changes daily, based on supply, demand or other economic factors.
So it is with cryptocurrency. As a decentralized commodity that’s entirely digital, it gains its value against hard currencies, such as the dollar, by the same supply and demand metric. It may be safe and secure within its framework, but its value may ricochet wildly in any given year, based on transactions, investments, and other real-world events.
While the value of specific cryptocurrencies changes over time, the currencies themselves are amazingly secure, due to the dispersed technology and validated transactions. It’s impossible to falsify payments. You can even store crypto in a so-called cold wallet, meaning it’s not directly connected to the internet.
You can trade crypto into hard currency, essentially selling your cryptocurrency. Some car dealers, especially high-end dealers, started accepting crypto in 2019. Other businesses are following suit, but it will likely be some time before crypto is accepted by mainstream businesses. Businesses that already accept crypto include:
Once eAutoLease finishes its explorations and research, it will begin accepting cryptocurrencies such as Dogecoin or Bitcoin. There are differences between the two. In fact, there are thousands of different varieties of cryptocurrency, although Bitcoin has the most market share and is the most well-known.
It’s true that more and more mainstream businesses are starting to accept cryptocurrencies like Bitcoin and Dogecoin. But it’s not as simple as flipping a switch. All financial transactions are complicated. When it comes to accepting invisible currencies, all parties have to learn how to protect themselves.
Some businesses accept crypto directly. Others insist that you convert your cryptocurrency into a hard currency like US dollars. The difference is significant, as some businesses that accept crypto may charge a substantial transaction fee. Despite all the practical issues, eAutoLease believes the time has come to make it happen for our customers, so you can:
Contact us at eAutoLease or call 718-871-CARS (2277) to tell us about your interest in using cryptocurrency. Bitcoin or Dogecoin may become accepted currency in New York City at eAutoLease. One of our financing professionals will notify you when it’s in the works.
Whether you’re looking to lease a car, buy a pre-owned vehicle, or have your car repaired, get honest answers to your questions from eAutoLease.com. You may be surprised by your options, which may soon include paying with cryptocurrency.