Friday, 29 May 2020

London Motor Company completes second Bitcoin vehicle sale

London Motor Company (LMC) has sold a second vehicle using the Bitcoin cryptocurrency. The first Bitcoin transaction was completed in May this year.

LMC is an independent used vehicle dealership based in Grays, Essex. Established in 1980, the business offers a variety of digital retailing solutions.

Company owner, Spencer Kent, said: “We decided to accept Bitcoin as we like to try and be at the forefront of technology and be open minded about the possible use of different payment methods.”

Although the company has advertised that it is willing to accept payment by Bitcoin on its site and various social media platforms, the second purchase was a referral from the first customer.

Bitcoin was created in 2009 by an anonymous person known only as Satoshi Nakamoto. The digital currency uses encryption to regulate the generation of units and verify the transfer of funds, operating independently of a central bank.

Kent added: “I think in the future crypto payments will certainly sit alongside the mainstream payment systems but if I’m being honest I don’t see the big dealer groups considering it yet, independents like ourselves will be the ones that take the leap initially and try different tech to maximise our business potential.”

At time of press, one Bitcoin was valued at about £5,000. But it is possible to purchase 0.1% of a Bitcoin, which allows the exact amount to be transferred for payment.

Transactions are made with no intermediary, such as a bank. This means there are no additional charges for the transfer.

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