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Your Car May Soon Be Powered By Bitcoin

May 10, 2017 7:35 pm Published by

Receiving bitcoin through your car will be possible in the near future.

AT&T (global telephony) has filed for a patent to make payments using Bitcoin via your vehicle. The patent titled ‘Vehicle System with System Report Generation and Methods for Use Within’ will help push Bitcoin into everyday use for car drivers.

Until now, Bitcoin adoption has been ‘slow but steady’. Little by little, as people get on board, it is being used for real-world transactions, such as ordering pizzas and even buying houses.

In online venues, it can be transferred for goods or services across national borders. And as it continues to grow, Bitcoin has yet to be used by the majority of people for day-to-day tasks — but that could be changing.

The AT&T patent states that a processor in the vehicle would cooperate with cryptocurrency protocol. A digital currency record would correspond to each vehicle report and each record would be unique. This record would be stored digitally and would record the transactions that are made.

The application appears to exist for the regulation of micropayments for things that occur while out driving.

It is hard to tell exactly what the everyday use for this program will be, as the patent says that an hour’s drive on the highway might be worth a dollar but more if potholes, damaged road signs, or broken traffic signals are detected.

While this is not the first time that Bitcoin has been used in the car industry, this would be the first time a car user would have a Bitcoin account actually tied to their vehicle.

The car industry has already welcomed users to make purchases with Bitcoin, and in California, people can buy a Lamborghini with the cryptocurrency 🙂

Jeep has followed suit and made headlines for accepting Bitcoin at their Overland Park, Kansas location. Dealerships all over the world have been reported to accept Bitcoin, and there are even online venues that will take it as payment for buying a used car. Unfortunately, it has been noted that the acceptance of Bitcoin does not eliminate or even reduce the lengthy process and paperwork associated with buying a new vehicle.

And Bitcoin is not only coming to your car, but to your home too. An earlier AT&T patent relates to setting up a blockchain home subscription server. And AT&T customers can already top up their mobile credit with bitcoin.

From cars to mobile credit — the practical uses of bitcoin are growing fast.

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