I Bought A New Car With Bitcoin. Yes, Really.
Chances are, you've probably heard the term "Bitcoin" tossed around in the last few weeks. Maybe you've even noticed the Bitcoin ATMs that have been popping up around Genesee County (there's one at Hill and Fenton with a sign outside).
If this all confuses you, you're not alone: let me tell you how a person can go from buying a few Bitcoins to buying a new car.
Back in 2011, I became aware of cryptocurrency, which is a generic umbrella term for all new forms of digital currency. I decided to buy some Bitcoin, which was the most popular available at the time.
Soon after, I started buying OTHER cryptocurrencies such as Etherum and Litecoin. And for a long time, the value stayed flat.
Then, Bitcoin jumped. And so did the rest of them.
All of a sudden, everywhere you looked in the news, you were reading stories about overnight millionaires and skeptical economists. Let's be clear: I am NOT one of those millionaires, and I'm not a money expert.
Once we realized that I would soon need a new car, and cryptocurrency started gaining more value, I made a goal for myself: buy a new car outright with cryptocurrency.
So, I waited about a year, watching the values go up and down (but mostly up) on a daily basis. Once the "big boom" happened, I realized that I would actually be able to achieve my goal.
Unfortunately, there's only one car dealership in the country that accepts Bitcoin as payment at the moment. So I sold enough of it on the open market for cold, hard US $$. I was then able to walk into a local dealership and plop down the full payment for the car.
Why am I writing this, you may ask? Not to brag, believe it or not, but to show people that cryptocurrency is tangible. It's real. It's the future.
And it's NOT too late to invest. I've had plenty of friends jump on board the train; there are new cryptocurrencies popping up every day, so if you missed the Bitcoin boom, you can still invest in others.
So, for folks who have been wondering, "what is Bitcoin and what can you actually do with it?" Here's your answer.
*Disclaimer: I don't know what the hell I'm talking about, other than my own experience. I'm not telling you to sink your life savings into cryptocurrency - do your own research and make your own financial choices*