With all this talk of trading Fiat for Bitcoins, I thought it would make sense to trade Bitcoins for a Fiat (a car), as it might be kinda funny. Firstly, I had to find a Fiat vehicle that fit my needs. Living in an urban environment, with two young kids, I figured a Fiat Bravo 16v should fit the bill, with 5 doors, 42MPG, and a small kick that should help keep driving slightly less mundane. So! I found such a vehicle, a 2007, grey Fiat Bravo 16v for £3,499 from Day’s nearby in Swansea.
Now, I just had to: convince the garage owner that Bitcoin is a legitimate currency, teach him how to use Bitcoin, and get him to use Bitcoin for this trans action.
The conversation went like this:
Me: “Yeah, so I want to buy this car. Let’s do it”
Car dealer: “Okay. Great”.. <handshake> … “So how will you be paying?”
Me: “Bitcoin. Can we do this in Bitcoin? I can transfer it, and it’ll be confirmed in your wallet with 10 minutes.”
Car Dealer: “Bitcoin? I’ve heard of it. Look mate. I don’t take Bitcoin. I never have done. We need either bank transfer, card, or cash”
Me: “I have the Bitcoin, it’s as good as cash. Better in fact.”
Car Dealer: <confused> “yeah, I don’t think so”
me: <relishing> “It’s Bitcoin or another dealership and another car. But I don’t want to do that. I like this garage, I like this car”
Then I took 5 minutes to explain why Bitcoin is here to stay, how its valuable, how it’s a medium for financial exchange and for how for him it’s actually little risk, he can swap from bitcoin back to fiat (pounds).
To give Chris Jones, the car dealer, some credit, he actually listened to me. I mean, I could have been some loonamoron, right? Or perhaps it was just that it was a Tuesday afternoon and no one else was in the car yard.
Me: “As soon as the Bitcoins have hit your account. You can initiate an exchange back to Fiat (currency)”
Car dealer: “Can you stop talking about pound sterling as fiat? it’s all getting a touch confusing”. So there you have it. I helped Chris set up an account on a Euro exchange www.btc-e.com. (at time of publishing still no instant UK exchange). He was happy with ending up with Euros, as he deals with some European countries too.
We did the calculation, at £3,450 GBP, an exchange rate to Bitcoin of £554.793=1BTC, that is
Which is how much it cost me to by Fiat with Bitcoins.
I pressed send from my Android Bitcoin Wallet.
We chatted about how car sales were picking up, and before long, we checked the blockchain, to see the transaction. And then I drove away with my lovely second hand Fiat.
Note: None of this actually did happen, that car dealer photo isn’t the said guy, because I still as yet haven’t earned any Bitcoins. To make this happen and to spread the word about Bitcoin, I need your donations.
So support this blog, BTC to : 1DtGfZGUrHCN5K2hEW2YvW9NKW7cDChLg3 – Thanks