The economic instability and resulting unemployment in Europe have led to a significant surge in the number of businesses closing their doors in recent years. Although this might not be confined to Romania, it certainly affects the country and its citizens in general. You can check bitcoins-evolution.com to learn more about bitcoin trading.
Interestingly enough, one industry seems to be booming much more than before; the automobile business has been recording record sales for the past few years, with the demand for new cars being up by nearly a third compared to 2010.
This has been attributed to several factors, including a more lenient tax framework and the overall economic progress that Romania has been going through at this time.
It’s like an online bank account, except you store and access your money using encryption technologies.
6 Positive ways how bitcoin benefits the automobile sector in Romania
Here are six ways how bitcoin can benefit the Romanian automobile industry:
1. It acts as a currency exchanger.
Although not all car dealerships accept bitcoin, the ones that do will provide their customers with an opportunity to pay for vehicles in whatever currency they want. So, for example, if somebody wants to spend bitcoins on purchasing a new Porsche, they can do so by transferring an appropriate number of bitcoins to the dealership’s bitcoin account.
2. It is a low-risk, high-profit investment opportunity.
Therefore, it is becoming increasingly attractive as an investment vehicle or simply as an alternative currency to help the Romanian automobile industry be more competitive globally.
In addition, bitcoin is not as volatile as other currencies and is likely to increase in value rather than decrease it over time which provides an excellent opportunity for investors.
3. It is faster and easier compared to the traditional payments method.
If somebody wants to purchase a car from Italy or Spain, they might be required to wait for weeks until the car arrives at its destination point. However, paying with bitcoins makes it possible to transfer money rapidly regardless of distance.
4. It ensures legal compliance on a global level.
Using bitcoin as an alternative payment method, Romanian-based automobile dealerships can ensure their complete compliance with international law and set themselves apart from competitors that still rely on traditional payment methods.
The automotive business is not known for being extremely secure, so it might be good to reduce the risks involved by making payments via bitcoin instead of using traditional payment methods.
5. It gives online shoppers more control over their transactions.
Bitcoin is a global currency that allows international buyers to make transactions without worrying about exchange rates or transaction fees involved in their purchase decisions.
This creates an excellent opportunity for Romanian car dealerships to grow and improve the overall customer experience and benefit from possible growth opportunities.
6. It is a faster, cheaper, and more convenient way of conducting business online.
Romanian-based car dealerships have no other option but to provide a fast, reliable, and secure payment process to capitalize on potential customers interested in purchasing vehicles online.
3 Negatives of bitcoin that impacted the automobile industry in AUTOMOBILEmania
- It is not regulated by any state or authority, meaning that there might be some legal issues in the future when Romania implements regulations concerning this alternative means of payment
- There are still many potential risks involved in using bitcoin as a form of payment which makes Romanian-based car dealerships somewhat reluctant to take this step. For example, there is a risk that either the value of bitcoin might go down or its value might be manipulated by hackers and other cybercriminals, making it a less attractive option as an alternative payment method.
- Some technical issues still need to be resolved before bitcoin can become a natural alternative for traditional financial transactions, meaning that Romanian-based car dealerships might decide to wait until this happens.
However, it is essential to note that bitcoin might be the future currency despite some of these issues. Therefore, if Romanian-based car dealerships wish to stay ahead of their competitors, they need to use this alternative means of payment as soon as possible.