Australian company will now buy your used car for Bitcoin

Interest in Bitcoin is booming and now Aussies have an easy way to get the controversial digital currency through their used car.

Bitcoin used to be laughed as an alternative to cash, but the tide is turning.

Australian used vehicle outfit CarBuyers is giving owners the chance to be paid in Bitcoin, a boon for the upstart digital currency.

The used car appraiser and purchaser is the first in the nation to give risk takers the chance to trade their car for the new currency that is known for its wild swings in value.

In the past 12 months Bitcoin has risen from about $12,000 a unit, up to more than $80,000 and now currently sits about the $70,000 mark.

Daniel Werzberger is the transformational Director at CarBuyers.com.au, which now pays for your used cars in Bitcoin.

Daniel Werzberger, the transformational director at CarBuyers.com.au, has said the company has responded to clients interest and demands to be paid in cryptocurrencies.

“As cryptocurrencies have increased in popularity, they are increasingly viewed as legitimate alternatives to traditional coin and paper based tender,” said Werzberger.

“Other than buying and selling crypto on a verified exchange, there are only a handful of legitimate businesses who are offering payment in this currency directly to consumers.”

Werzberger believes depositing the cryptocurrency in a wallet of the customer’s choice removes one of the biggest hassles of buying bitcoin via an exchange.

The funds will be deposited in the customer’s account the same day as the vehicle changes hands.

The company buys used cars from as little as $2000, which gives Aussies a chance to get a foothold in a growing market with less risk than investing your savings. Sellers can either choose a cash value or the same amount in Bitcoin.

Tesla announced it would accept Bitcoin as payment for its cars.

CarBuyers will come to you and do a no obligation car inspection of any vehicle built after 2002 and with less than 180,000km on the clock.

Electric car maker Tesla recently announced that it would accept payment for its vehicles in Bitcoin. Initially it will only be available in the US but the company plans to extend this globally later this year.

The company also announced it made a $US1.5b ($1.93b) investment in Bitcoin about the same time, which caused a surge in the digital token’s value.

Elon Musk, owner of tesla, invested close to $2b in Bitcoin earlier this year through his electric car maker.

In another move to legitimise the burgeoning digital currency Visa announced in March it would allow customers to pay off their credit card balances with cryptocurrency USD Coin that is linked to the US Dollar and uses the ethereum blockchain.

Visa has launched the pilot program with payment and crypto platform Crypto.com, and the company said it plans to offer the option to more partners later this year.

Bitcoin and other cryptocurrencies have come under fire for the environmental impact they cause. The “mining” for the digital currency takes masses of computer power, which requires high energy use often from high-polluting sources.