Because of the current financial situation in Zimbabwe it’s increasing getting difficult to make payments outside Zimbabwe. Bitcoin is an obvious solution however:
- It’s still takes time for people new to bitcoin to learn what bitcoin is, how it works and how to use it.
- You can only buy bitcoin from a bitcoin exchange. Learning how to use a bitcoin exchange is another learning curve.
- At the end of the day, the customer only wants to buy a car, they don’t want to grapple with the process of learning how to pay for a car with bitcoin.
For the reasons listed above; And because we are the bitcoin experts, going forward we shall make the payments on behalf of people who want to buy cars on BeForward so that the customers don’t have to worry about finding bitcoin themselves or learning how to use it.
How it works
- The customer requests to make the payment of their car in bitcoin and then they get an invoice.
- The customer transfers the amount to BitFinance’s bank account. BitFinance will charge a 10% fee to facilitate the transaction so the customer should include the 10% fee when they transfer the funds.
- The customer also has the option to pay via cash or Ecocash.
- BitFinance will pay the invoiced amount with a period of 48 hours and the customer will receive confirmation from both BitFinance and BeForward.
- In some cases, BitFinance may fail to source the bitcoin required to make the payment within the 48 hour period. In that instant, the customer can choose to wait a little bit longer or have their money refunded to them. If the customer chooses to wait a little bit longer, BitFinance will liaise with BeForward to keep the invoice open. If the customer chooses to get their money refunded to them, BitFinance will send it back.
What else you should know
- The 10% is not negotiable.
- We use the customer’s money to buy bitcoin and then use the bitcoin to pay the invoice on their behalf.
- BitFinance does not make it’s money from the 10% fee but rather from the party supplying the bitcoin.
We charge a 10% because the price of bitcoin in Zimbabwe is usually 5% to 10% higher in Zimbabwe than it is in Japan. This different is reflective of the high demand for bitcoin in Zimbabwe. We’ve also got a blog post on why the price of bitcoin is around 10% higher in Japan than it is in Zimbabwe. The bitcoin is bought on a free market and it usually takes longer to get bitcoin at a 5% premium and it takes a shorter time to get it at a 10% premium. We’ll be buying bitcoin for you at the best price on the market to get them as soon as we can.
To get a discount
To get a discount when you buy a car from BeForward, enter the following BF Support ID when you fill in the order form: 241202