As Rusty’s Auto Salvage works toward the use of cryptocurrencies, we thought it might be useful to publish an article explaining our thought process. We have gone through careful and informed investigation around adding cryptocurrencies to the services we offer our clients. Hopefully other businesses will find this article helpful. If you have any questions or would like to join the discussion, please email us at email@example.com
Like everyone else, Rusty’s Auto Salvage management has been hearing the chatter about cryptocurrency. Back in January of this year we started having internal discussions regarding how we could benefit from the widespread cryptocurrency interest. Obviously, there is some benefit to using the new currency just to be included in the enormous buzz around the new form of investment and payments however, there are also drawbacks and concerns. These are some of the key reasons we have decided to add a cryptocurrency option for our clients:
We are not naive, we understand there are also risks and drawback to this decision. These are some of the concerns that have prevented us from making this move sooner.
Remechain is planning to launch a scrap metal exchange based on blockchain technology. This article from Coinspeaker, discusses Remechan’s plans. Their plan is to create a decentralized marketplace that cuts out brokers and middlemen and allows trading to and from any country. Their platform would provide real time price quote to allow for a more efficient market. The worldwide market for scrap metal exceeds $106 billion and Remechain feels their platform would overcome the substantial barriers to international trade in scrap metal including what the article describes as “widespread fraud.”
New and used car dealers have already moved into the bitcoin realm. High end car dealers are working with bitcoin to capitalize on the newly created bitcoin millionaires. Lamborghini of Newport Beach currently accepts bitcoin for their high-end cars. There are a handful of other dealers across the country who are also dabbling in Bitcoin including, Sam Pack’s Five Star Ford in Dallas and Chrysler, Dodge, Jeep and Ram in Kansas.
Rusty’s Auto Salvage would be pioneering the use of cryptocurrencies to pay sellers of junk cars. We are confident that if we get traction in this space that our competitors will follow. For now, the use of cryptocurrencies feels more like an experiment but if our clients respond digital currency could become a major part of our business.
If you have read this far and are scratching your head wondering what exactly cryptocurrency is and why all the excitement there are lots of resources on the web to help you learn. However, here is short summary of cryptocurrency.
Cryptocurrency is a decentralized digital cash system. Decentralized means that is it not controlled by any government and it avoids the modern banking system. Currency is exchanged directly between individuals with values being set in real time without government manipulation. Each “coin” is just a long string of 0’s and 1’s and encrypt the coin. Only the holder of the code has control of the currency. Because currency is traded electronically without banks or government involved it is essentially untraceable. While some people are drawn to the new currency because it is unregulated and untraceable, those same benefits also create risks for the users. If a thief can find your store of digital codes for your coins, then they instantly and untraceably become the owner of those coins.
Although cryptocurrencies are unregulated, they are recorded by a series of open source “peer” computers. Each computer records the entire history of a currency including, when it was created, and all the trade transactions that have occurred. However, the individuals making the trades are obscured using cryptocurrency.
We hope to roll out the digital currency option in the 4th quarter of 2018. We will start very slowly and only promote the cryptocurrency option for buying junk cars through our phone agents discussing the option with our sellers on the phone. Once we have worked out the bugs we will begin promoting the option our site and we are even considering an AdWords campaign targeting cryptocurrency enthusiasts. Like so much of the cryptocurrency world, the future of trading in junk cars by using digital currency is very uncertain be are determined to be a part of that future. We feel there is great potential in providing this great new service to our sellers and we believe our buyers will be excited to be able to make international transactions without using the traditional banking system.
If you are interested in selling you junk care anywhere in the US, check our sell junk car locations page for a location near your or just call our 888 number.
I had a wonderfully experience with the company they were fast and I didn't have to wait they came rite out to pick up the car.
Regina - El Paso, TX
Great customer service. Right on time. Easy to work with. Thanks Rusty for picking up that hunk of junk, and paying me a fair price too..!! God is good.
Cindy - Billings, MT
Thank you for dealing with my crappy car. The process was very easy and I'm pleased with the check you sent me. I recommend to anyone who needs to get rid of a car.
Jason - Madison, WI