Digital Assets: In Maryland, You Can Now Pay For Your Porsche With Crypto

April 21, 2022 | Digital Assets, News

Porsche Towson, a dealership in Maryland, accepts bitcoin and other cryptos for its cars.

Bitpay, the US provider of bitcoin payment services, tweeted its announcement that Porsche Towson, a Porsche dealer serving the Baltimore area in Maryland, US, has started accepting payments for their cars using cryptocurrencies, including Bitcoin and Ethereum.

Porsche Towson offers new, certified pre-owned, and leasing options across their locations in Maryland and Pennsylvania. The Baltimore, Lutherville-Timonium, Hunt Valley, Bel Air, and Towson locations can be found in Maryland. The Pennsylvania location can be found in York County. (Bitcoin Magazine)

Luxury cars paid via crypto!

Potential buyers of high-value items such as Porsche luxury cars often seek to pay in alternative currencies such as bitcoin but are hampered due to the non-availability of payment methods that can process the transaction securely and immediately.

However, Bitpay offers an enterprise-grade cryptocurrency payment system that allows businesses such as Porsche Towson to accept cryptocurrencies like BTC by taking the stress away from business owners with a seamless application programming interface (API).

Bitpay, therefore, enables both one-time and recurring crypto payments for businesses. Further, the merchant is not exposed to bitcoin’s price volatility because Bitpay pays out the entire contracted dollar amount minus a transaction fee of 1%.

In addition, the Bitpay platform has now added the Layer 2 protocol Lightning Network functionality that will enable merchants to receive cheaper and faster payments.

The combination of payments made through the main Bitcoin blockchain and through the Lightning Network results in an overall better payment experience that is fast, low cost, and scalable. Lightning Network can process hundreds of thousands more transactions per second than the main Bitcoin blockchain.

Related Story: Magnum Offers New York City Condos For $29M (Bitcoin Only Accepted)

Image Credit: Porsche Towson

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