> "Prices will not change, no fees, no surcharges if you pay through cryptocurrencies," Galliera said.
> Bitpay will immediately turn cryptocurrency payments into traditional currency on behalf of Ferrari's dealers, so they are protected from price swings.
It’s similar to how when I travel overseas, I have local currency in my account & that gets converted to local currency through an intermediary as I pay.
The intermediary usually charges a small fee. I only see local currency exit my account, and the seller only sees their local currency enter theirs.
If you use a crypto exchange to acquire cash and then purchase a Ferrari in cash, you probably will trigger IRS regulations that require the dealer to report a large cash transaction (>$10k)[0]. I cannot find clear documentation from the IRS that states cryptocurrency transactions trigger mandatory reporting, though it is possible that it is reported somewhere.
From my very biased perspective, Ferrari accepting crypto is just advertising to various "bad folks" (drug/gun/human traffickers) that they're not gonna tell the IRS.
[0] https://www.irs.gov/newsroom/cash-payment-report-helps-gover...
What is the flow of fiat -> BTC? Aren't there multiple?
Isn't it like $1.00 USD can be 1.00 Tether (of which there are 7+ stablecoin alternatives https://www.makeuseof.com/stablecoin-alternatives-to-tether-...) and then 1.00 BTC to Tether basically fluctuates like crazy?
Thinking outloud here: How are you protected from a price swing? Because the car has a value in fiat I guess... and the stablecoin layer in between (because I don't think you can go straight from USD or EUR into BTC... can you?) is irrelevant. OK, makes sense.