Over 5,000 Litecoins Used to Buy Tesla Model at Dealership

Tesla Motors is a futuristic technology company based out of the United States, that specializes in luxury electric vehicles. They are known to be some of the best technologically advanced rides out there.

An auto dealership based out of Tustin, California says it sold a Tesla Model S P85 to a customer for for 5,447 litecoins. At the time of the purchase, the litecoins were said to be worth around $90,000.

Litecoins For a Sweet Ride

The litecoin transaction was processed through GoCoin, the first world-wide payment processor to accept litecoin.

The Benz and Beamer car dealer, Naresh Shah, who used the payment processor said:

“GoCoin makes it extremely easy for us to accommodate new customers looking to pay with bitcoin and other emerging digital currencies like litecoin. Their platform secures the coin exchange for cash within minutes, creating a real win/win for my dealership and my customers.”

Litecoins market cap is about $300 million, while 25 million litecoins are currently in circulation. It has the second largest digital currency following after bitcoin and the third largest market cap. Today, a single litecoin is worth around $11 today and while at it’s peak, it was worth over $48.

Litcoin in Demand

The popularity of litecoin is gradually gaining momentum. Though not as popular as its big brother bitcoin, litecoin has that same presence to it.

In addition to being used in the purchase of a tricked out car, KnCMiner has created a new mining hardware, specialized for mining the litecoin currency. KnCMiner calls the hardware the Titan, and has also begun accepting litecoin as a form of payment for those who wish to buy one. Their website reads:

“We are happy to announce that we now accept Litecoin payments for our products, as well as Bitcoin payments and USD bank transfers.”

The Titan model is one of the more powerful litecoin mining machines to be released yet. Within just 4 hours of going on the pre-order market, the Titan sold $2 million worth of hardware. The demand for litecoin is seems to be very strong.

For more digital currency news, stay tuned to Coinreport.net.

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