Originally Posted by Cryosis00
No, the dealership had the seller convert the bitcoins to US dollars, then purchase the vehicle. The dealership did not directly take bitcoin as payment.
Yup, they used an exchange/currency converting service. So the article was a little misleading with how it stated the facts....
Basically the buyer sold his coins to a middle man, who then took their fee, and handed the balance off to the dealership as pure cash.
Years ago I sold cars for a very brief period of time, and a guy bought a truck with gold and silver, but the dealership wouldn't take the gold and silver right out. Instead the dealer had the local gold buyer come in, buy the gold and silver off the guy in the showroom, write him a check, and then the guy selling the gold signed the check over to the dealership.
I asked why we had to do it this way and it had something to do with not being able to "sell" a product or item for gold, there are laws against it. You can "trade" gold for items, but then you are in an entirely new area of write offs, inventory, and accounting.