Interested to buy vehicles, parts or merchandise off Tomcar Australia? Well, now you can purchase them with Bitcoin
One of the biggest global phenomena in the digital payment vertical now is Bitcoin. For those who are unfamiliar with it, Bitcoin is a digital or virtual currency that uses peer to peer technology to facilitate instant payments. Here is a video that explains how Bitcoin works.
Recently, Bitcoin’s growth was notorious by its role in seemingly sly market reputation, where it is often used in online transactions for illegal products. In October 2013 FBI also shut down one such market online, known as Silk Road, which specialised in dealing prohibited drugs and US$28.5 million worth of Bitcoin currency was seized by authorities.
Yet, the numbers of legal merchants using the crypto-currency have been on the rise. The incentive for these business owners to accept Bitcoin is clear; transaction fees are lower than the two to three percent typically imposed by credit card processors. Some of these vendors include WordPress, OkCupid and Baidu.
Adding onto its long list of vendors which accept Bitcoins is Australia-based Tomcar. Tomcar claims to be the world’s first original equipment car manufacturer to accept Bitcoins, through a partnership with Bitcoin payments provider CoinJar. Customers at Tomcar Australia’s new online store can buy vehicles, parts and merchandise with either Australian dollars or Bitcoin.
David Brim, Tomcar Australia Co-Founder & CEO, says they are a strong supporter of the Bitcoin economy, as it allows overseas transactions with less fees and exchange rate fluctuations.
“As Australia’s first new mass production car manufacturer in over 30 years, our business is based on disrupting the old system. To be a truly innovative auto manufacturer, it needs to be about more than what you make. It needs to transfer through the entire company system, your supply chain, distribution, and now even payment systems such as Bitcoin” says Brim.
Asher Tan, Co-Founder of CoinJar adds that it is a smart move for companies like Tomcar Australia to embrace new consumer trends.
