Why you would use BitCar
Charles Kilborn of BitCar talks about why you should be a part of BitCar and its market.
Mr Kilborn sat down with Crypto Finder to discuss why you would use BitCar, who are their competitors and how they will scale the company.
Interview from Blockchain Week London. 23rd January 2018.
What is BitCar?
Historically the ownership of rare and exotic hyper and super cars (known as ‘Exotics’) and classic cars have been limited to the very wealthy, until now. BitCar opens up Exotics asset class to everyone in the world allowing anyone to purchase an interest and or trade, in different Exotics. BitCar is opening up the door to traditional car ownership of Exotics and the P2P trading platform is only the very first instalment to the BitCar’s decentralised platform. The automotive industry is set to be disrupted and BitCar, after two years of research and development with the top legal firms in the industry, are set to take on the automotive industry by storm. (From BitCar website)
Read the transcript:
Why get involved with BitCar?
It's a unique opportunity to get involved with a very exciting asset class that has previously not been available. It's a crypto safe haven that's pegged to an asset base, and the token and economy are very unique. I think you'll find it to be unique industry-wide.
Who are your competitors?
Fortunately right now we don't really have any in this space. So not only is the token economy somewhat unique for the tokenisation of assets in particular, but in the automotive industry itself, there's just not a player.
There are some ride-sharing concepts which are great for those folks who are only interested in the experience. Not that we wouldn't develop that later on, but we feel that there's a lot of value in having an asset-based platform of ownership.
It also resembles a safe haven for crypto players because they're allowed the opportunity to park in places that have some liquidity, but have a relationship with an asset.
And how is the existing market reacting to this? Are you getting any pushback from people who don't want this new edge into the scene?
No, you know we haven't. Obviously, institutional finance at large probably doesn't want to have anything to do with any of it.
But you know, they're in the business now too. They're in the marketplace and they're coming in at a considerable pace, so the separation won't be for long.
I think it's more or less just trying to just get over the point of, "I won't get to drive the car". I think that's been the only hurdle we've had to relieve and think about.
We've had very positive interaction. Our private pre sale went better than we planned, sort of over that amount. And so we expected things coming from the ICO and I think the team and the management team is also very, very unique.
We have three private sectors CEOs, we have a formula champion driver on the team, we have in-house legal counsel and things that aren't typically available to the average team.
If you go to these conferences you'll run into large percentages, in fact vast numbers of early-stage ICOs and it's a stretch [to understand] what they're really offering. And I think this offers a little bit of an alternative to what you're seeing in the blockchain industry right now.
How scaleable is it given that these are physical items that are going to be somewhere? You were talking about getting people involved. They can see it, they can get involved with activities at showrooms. And are there perks?
Yes. Well we hope to drive at least to about half a billion dollars of inventory within the next year and a half. So we will be actively pushing.
Of course at these prices it doesn't take a considerable amount of inventory to do that, but sizeable, yes.
The good thing is that the regionality of the access points for purchasing these vehicles is global.
So we'll probably have a presence in Dubai, the UK, Singapore and places around the world where these cars are typically purchased and not far from where they're being manufactured.