Cryptocurrency, or crypto for short, can be used just like regular cash if you're in that financial world. It can be used to buy goods and services, and in some cases, you can even buy homes or vehicles using crypto. Crypto is gaining in popularity, but it's still not as widely accepted as cold hard cash.
What is crypto? Crypto is simply digital money. The big deal with it is that there's no governance over cryptocurrencies. Crypto is decentralized and is kept track of as a digitally-recorded blockchain.
There are many cryptocurrencies around these days, though some, such as Bitcoin, are more widely recognized. It's becoming more widely accepted, and used more around the world, which means that doing something like buying a car with crypto isn't out of the question.
Should I use crypto to buy a car? Unless you already have a chunk of crypto accumulated, it's probably easier to stick to cold hard cash, or standard financing in order to buy a vehicle. There's no sense in converting cash to crypto for a typical car purchase.
If you do have crypto to use, though, the easiest way to buy a car with crypto would be to find a dealership that accepts payment in crypto. Brands like Tesla accept crypto, but you need to do your research before planning to pay for your purchase in this way.
Not all dealerships or manufacturers may participate in taking cryptocurrency as payment, though there are services that are making this process easier these days. But, not all crypto is created equal, and not all types are accepted everywhere. Another reason not to use crypto is the transaction fees – depending on your cost, and the cost of your car, using crypto can add hundreds or thousands of dollars to your cost in transaction fees.
These caveats aren't the same for all situations, so remember to do your homework before hopping on the cryptocurrency train just to pay for a purchase. You're likely to have more options if you opt for traditional methods of paying for or financing your next car.