The UK’s first and largest cryptocurrency automobile trader AutoCoinCars witnesses tremendous growth and expansion of its operation in 2020. The online forum witnessed a month-on-month growth of over 1000 percent despite lackluster economic activities in March. During the year, the online car trading forum has gotten more than 100 dealers on board that will enable buyers to purchase cars and pay for it with cryptocurrencies. These dealers will join a long list of existing dealers that feature some of the UK’s biggest car sellers, including Redline Specialist Cars, GVE London, Benz Bavarian, etc.
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The growing number of crypto owners in the UK
The number of cryptocurrency owners in the United Kingdom is growing. In June 2020, the Financial Conduct Authority (FCA) in the UK reported that approximately 1.9 million adults own cryptocurrencies.
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AutoCoinCars aims to provide a reliable and swift platform to cryptocurrency owners to buy and sell their cars. The forum connects the buyers with the dealers who accept cryptocurrency. The swift and easy transaction of cryptocurrency means that the buyers don’t have to exchange them for fiat money.
Other than the growing number of crypto owners, one reason for the adoption of cryptocurrency in automobile trade is ‘security.’
Mustansar Iqbal, founder, and chief executive of AutoCoinCars, says that people are concerned about counterfeit transactions when using traditional payment methods. However, the use of cryptocurrency guarantees that all transactions are safe and secure since it is a digital payment method.
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