BitCar is a decentralized platform that allows people to participate in the trading and acquisition of exotic cars. Exotics and collectible cars are extremely desirable and a well performing class of assets. Conventionally, the access to such class of assets was only available to influential people. Typically, the ownership of exotic and collectible cars is driven by the potential increase in the value of cars.
BitCar gives an opportunity to current owners as well as collectors of cars to increase their collections by including the variants of top-end within the liquid and modern platform. Furthermore, it has opened up a class of assets for new, less established and young car aficionados.
The platform of BitCar is using the technology of Blockchain to offer a safe as well as distributed p2p platform of trading. This platform makes use of the primary token of BITCAR and enables people to make payments against other cryptocurrencies, like Ether, Litecoin, and Bitcoin. This allows users in the increasingly growing sector of cryptocurrency an entry to p2p sale and purchase of exotics on the platform of BitCar. Potential users include the people that have adopted the technology of Blockchain.
The advent of virtual currency took place a few years ago and has already created mainstream adoption and awareness with increasingly growing value and participation. The capitalization of the digital currency market has increased significantly and has reached the height of 200 billion US dollars. Assets powered by the digital currencies may offer less volatility as compared to conventional cryptocurrencies.
The international market of hypercar is estimated to develop at an annual growth rate of more than 37% as per the research conducted by Technavi. Therefore, the demand for high performance sports cars is increasing in the international market of automobiles. The global market of automobiles has developed over the past few years. The remarkable improvement in the demand and sales of hypercar market corresponds to the recent effects that took place in the market for classic cars.
Nowadays, automobiles are not just a mode of transportation, rather they are a symbol of status, especially when it comes to the cars, which are performance-oriented. The platform of BitCar is of the opinion that the supercars can serve people in a better manner when they get a chance to enjoy them continuously. BitCar has disrupted the traditional system where ownership of the class of assets was only in the hands of a few people.
Exotic cars are more like an investment where enthusiasts used to make an investment in the class by owning a collection of vehicles. The platform of BITCAR enables every person to become a member of the community engaged in the collection and assembly of exotics.
Moreover, the international market for exotics holds a substantial value. The approximate number of Ferraris that are made till this date is 130,000. If the average value of one Ferrari is 100,000 to 200,000 dollars, then the total value of the market is assumed to be 13 billion dollars to 26 billion dollars.