How to rent a car for cryptocurrency in Ukraine?

Cryptocurrencies continue to grow in popularity around the world. And they are increasingly being used not only as investment assets. Now you can even rent a car in Lviv with payment in crypto. The original idea behind the creation of cryptocurrencies is that they will play the role of a decentralized means of payment. Stablecoins are not subject to any country and are not issued by any state bank. Payment with cryptocurrency is a modern, free and safe way!

Table of contents:

1. Paying for a rental car with crypto
2. How do you make a payment with cryptocurrency for the rental car?
3. Why is it profitable to choose payment in crypto for a car?
4. Benefits of paying with cryptocurrency
5. Is payment by crypto safe in Ukraine?
6. How do you pay with Stablecoin?
7. Which Stablecoin should I choose?

Paying for a Rental Car with Crypto

We are used to paying for groceries, renting a car or buying clothes through banks. They are centralized, meaning that information about all transactions is in one hand. The fact that money is transferred from one account to another is confirmed by the bank. The transaction cannot be done twice or pretended not to have happened because the bank is responsible for confirming it and keeping it safe. Banks charge customers for their work and dictate their terms of use of financial products.

Cryptocurrency in Ukraine works similarly, but there is no single center. Transaction information is stored on thousands of computers around the world. It is combined into blocks, blocks into chains, which are protected by cryptographic keys. This technology is called the blockchain. If you change the information in any of the blocks, the whole chain will change.

Cryptocurrency is not controlled by states or central banks. Therefore, payment in crypto can be called independent, transparent to all participants in the network of computers included in the blockchain, and at the same time anonymous. 

How do You Make a Payment with Cryptocurrency for the Rental Car?

The payment process itself, using cryptocurrency, is not much different from the perspective of the client and the landlord. Payment with cryptocurrency includes the following steps:

• The customer selects the right car and goes to the payment page.
• When filling out the application, the client specifies that he wants to rent a car with payment with cryptocurrency.
• The client chooses from a list of available cryptocurrencies the one with which he wants to make a payment.
• The payment page generates a QR code, which the user can use to pay for the car rental.
• The customer confirms the transaction and it goes to processing.

The difference in processing payments in fiat currencies and cryptocurrencies is that banks and the payment system are not involved in the process. After confirmation, the transaction goes into the blockchain. After confirmation in the blockchain, the money is credited to the landlord's account. The client, in turn, safely and anonymously gets a great car in just a few minutes. Payment in crypto occurs literally in a few clicks. 

Why is it Profitable to Choose Payment in Crypto for a Car?

Most people consider cryptocurrency in Ukraine solely as an investment tool that provides high returns in a short time. But the development of financial markets and the emergence of new services makes it also a relevant means of payment for services or purchases.

Renting a car does not stand still, but is rapidly developing. Landlords care about the convenience, safety and anonymity of customers. Therefore, they not only expand the range of cars but also allow paying for rent in a modern way - with cryptocurrency.

Benefits of Paying with Cryptocurrency

Paying for car rental with cryptocurrency, which is not controlled by the existing banking system and is not taxed, has many benefits. So, payment with cryptocurrency is:

• Profitable - the benefit is guaranteed by low commissions (their size depends on the load of the blockchain network). The commission, unlike bank payments, is not calculated as a percentage, but is charged as a network commission and at a cost much lower than when paying by card;
• Fast - transactions are conducted in a continuous mode so that funds arrive in the landlord's account as quickly as possible, and only the need for conversion or the presence of a queue in the blockchain can slow down the process;
• Secure - when using cryptocurrency as a means of payment, complete confidentiality is preserved, as transactions are made anonymously; no information would allow identifying the customer anywhere, and it is virtually impossible to hack the security system with cryptographic encryption;
• Simple - due to the decentralization of cryptocurrency in Ukraine, international settlements are simplified, as there is no reference to the currency policy of individual states;
• Convenient - payment in crypto is made online, and it can be done at any time and in any place where there is the internet.

Is Payment by Crypto Safe in Ukraine?

Cryptocurrency in Ukraine continues to rapidly gain popularity. According to statistics, Ukraine is in the top 5 by the number of citizens who own cryptocurrency. Moreover, in 2021 cryptocurrency was legalized and recognized at the state level. Therefore, it is safe to say with confidence that it is legal and safe. Now more and more services are offering payment in cryptocurrency, and those who provide such an opportunity have more benefits, as customers have an additional convenient way to pay.

How do You Pay with Stablecoin?

Stablecoins are a class of cryptocurrency whose price is more stable than that of non-fiat cryptocurrencies such as bitcoin. They are "pegged" to a stable currency - gold, euros, dollars, and so on. This is what ensures their stability.

Values such as stable coins provide security for investors. In this way, users can be confident in their savings and investments that they won't disappear tomorrow. The stability of stable coins justifiably attracts investors of all levels, which is why crypto is gaining in popularity. They can also be used to pay for purchases, car rentals, and anything else you can think of. This way you pay a fixed amount and don't lose money!

The QR code is individual for each product, and if it is marked in the program on the lessor's device, the client can scan it to pay for the purchase. In this case, it is necessary to allow the payment app to debit the cost of renting the car from his account.

With cryptocurrencies, this scheme works the same way as with ordinary accounts and cards. This ensures the security of payments - by paying by QR code, you will not leave your data at the site of the car rental company. The main thing is that the site has the necessary software installed to make payments via blockchain.

Which Stablecoin should I Choose?

Stablecoins are now plentiful. It can be difficult for a beginner to decide which currency to choose. Pay attention to the most popular and reliable stablecoins:

• Tether is a currency that is known around the world and is pegged to dollars. Tether is widely available and popular among beginners and experienced investors;
• Binance USD is a stablecoin also pegged to dollars and issued by the leading cryptocurrency exchange Binance in cooperation with Paxos. It is one of the most reliable cryptocurrencies today;
• Gemini Stablecoin, issued by Gemini and available for purchase on Gemini, is designed to provide ERC-20 standard tokens on the Ethereum network that provide price stability for cryptocurrency markets.

Mankind is rapidly evolving and so are all areas of service delivery. Choose a modern and secure way to pay for car rental - cryptocurrency. It will help you quickly get the best car and be completely anonymous!