Using Bitcoin or Ethereum to pay for a new Proton? Cryptocurrency not accepted, dealer suspended

Using Bitcoin or Ethereum to pay for a new Proton? Cryptocurrency not accepted, dealer suspended

A photo of a Proton dealership apparently accepting cryptocurrency, more specifically Bitcoin and Ethereum, as payment for new Proton cars has gone viral on social media recently. Such transactions, however, is not valid, the company has clarified.

The offer was independently initiated by that particular dealer, and is not recognised by Proton. The dealer has since been suspended, pending further investigation, according to the local carmaker.

Through an official statement, Proton also adds that while it “is open to innovative ways of car sales to keep customers’ interest in our cars, we would also like to caution our sales network to exercise consideration and due care in carrying out promotional activities which are not endorsed by the company.”

There are complications with cryptocurrency’s unstable nature, obviously. At the time of writing, one Bitcoin is worth RM67,500, enough to buy a Proton Preve. Just three weeks ago, it was worth around RM10,000 more, and at this time last year, it was RM4,200, just enough for a downpayment on a new Iriz. It’s also worth noting that Bank Negara Malaysia has announced that cryptocurrency is not a legal payment method in the country.

What do you think of this, dear readers – would you actually want to use cryptocurrency to pay for cars? Let us know your thoughts below.

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Hafriz Shah

Preferring to drive cars rather than desks, Hafriz Shah ditched his suit and tie to join the ranks of Malaysia’s motoring hacks. A car’s technical brilliance is completely lost on him, appreciating character-making quirks more. When not writing this ego trip of a bio, he’s usually off driving about aimlessly, preferably in a car with the right combination of three foot pedals and six gears.

 

Comments

  • Jeffri Taib on Jan 07, 2018 at 1:32 pm

    Proton dealers should concentrate on the established ways of selling cars.

    I notice in malls and road shows, always got Japanese brands, German brands and Perdoua setting up booth and trying to promote their cars.

    Salesman stand all day long trying so hard to entice customers to make sales.

    But I have never seen Proton setting up exhibitions in malls or shopping places trying to sell their cars.

    Proton dealers just expect sales to come knocking into their showroom. They just lepak there waiting for the 1 or 2 to come into showroom per day.

    So, instead of doing all this Bitcoin nonsense, better for Proton dealers to work hard and try to promote their cars like how other car companies are doing.

    Hot debate. What do you think? Thumb up 236 Thumb down 191
    • You telling them to work hard on sales. Maybe this is their hard way of doing it? How about let them do their job the way they want.

      Most problem with Proton is not from sale department anyway. It’s hard to convince people a well-known turd is a diamond.

      Like or Dislike: Thumb up 56 Thumb down 9
      • Especially when its a diamond in the rough.

        Like or Dislike: Thumb up 60 Thumb down 51
        • Useless Parent on Jan 08, 2018 at 12:36 am

          Problem is not the dealers who put their hard earned money running the business… failure is PROTON and their weak management sitting in their oversized offices…doing nothing meaningful…. it’s the dealers who are supporting Proton.

          Like or Dislike: Thumb up 29 Thumb down 21
          • Dealers must be smarter when selling a P1 car. Its no longer a USP to flog the patriotic spirit as espoused by a certain ex-chairman. They shud have promoted the safety features, durability, FC, and quality of the car. COE team there does a gud job promoting these features but the independent dealers still havent change then.
            Well, Geely will make sure of that.

            Like or Dislike: Thumb up 56 Thumb down 43
          • LOLOL on Jan 08, 2018 at 11:21 am

            Very stupid to accept bitcoin payment. Today you pay 1 bitcoin = $17K. Tomorrow maybe that 1 bitcoin = $10K. Then before car registration, 1 bitcoin = $1K how?

            Like or Dislike: Thumb up 27 Thumb down 4
          • sarawak sarawak on Jan 09, 2018 at 1:39 pm

            Give the best dealer in the world the lowsiest car also he wont be able to sell…

            Like or Dislike: Thumb up 0 Thumb down 2
      • Chettynutz on Jan 07, 2018 at 7:05 pm

        Creditors see both bitcoin and proton as junk status

        Like or Dislike: Thumb up 20 Thumb down 6
      • I don’t like your choice of words. But you have a valid point. One can only do so much given lack of good product line-up.

        Like or Dislike: Thumb up 14 Thumb down 0
    • What justification is there for P1 to do promo in ur cave?

      BTW: They DID went to Midvalley during Carsifu.

      Well-loved. Like or Dislike: Thumb up 232 Thumb down 181
    • Mani Maran on Jan 07, 2018 at 10:02 pm

      Well totally agree. I had cancelled my recent purchase for Persona due to many misinformation by agent. Never explain promotional package and slow to respond. Hope they can be more reliable

      Like or Dislike: Thumb up 2 Thumb down 1
      • Well 55% of Mivi customers din follow thru cuz of overhype by P2 sales team.

        Like or Dislike: Thumb up 5 Thumb down 1
    • Proton mostly do their roadshows in supermarket such as Tesco, Giant, and etc. I saw many.

      Their aimed audience is different from Japanese & German.

      Like or Dislike: Thumb up 5 Thumb down 0
  • sohai on Jan 07, 2018 at 1:34 pm

    I don’t see why not.
    they even consider barter trade of my old car as part of the deal for a new car… in fact if they accept my kitchen sink as part of the trade I dont really care and very much welcome it. so long there is a fair valuation of anything that’s part of the deal.

    Proton just say it is not valid, but never say why….

    I think the question is, whether will we accept Bitcoin as payment when we sell our car.

    Like or Dislike: Thumb up 32 Thumb down 35
  • Problem with these virtual currencies is, they change value by the hour. It might be a small difference but something that might be sufficient to pay for the car may be worth lower one hour later when the accountant tries to cash in the currency.
    So whos gonna bear the price diff? Customers, who had agreed to pay the sum of coins? The dealer, who wud have to bear the loss during transaction? The poor accountant, who wasnt fast enuff to cash in the coin? P1, who has nothing to do with this?

    Furthermore these currencies arent legal tender as said by BNM so using it for transaction is, in fact, illegal.

    Well-loved. Like or Dislike: Thumb up 259 Thumb down 181
    • Waters on Jan 07, 2018 at 4:20 pm

      Yes. Good point. Too volatile. Cryptos, right now, are okay as stored value investments, but using them for transacting…not yet.

      Like or Dislike: Thumb up 32 Thumb down 1
    • Borneo Darul Seram on Jan 07, 2018 at 4:29 pm

      This dealer could be offering virtual proton car to cryptocurrency miner/speculator…LOL

      Like or Dislike: Thumb up 16 Thumb down 3
    • 12yrsold on Jan 08, 2018 at 9:10 am

      Hehehehe. When I read your 1st line that say – they change value by “the hour”. I wanted to correct U here but on 2nd tot, nah … bcos U will not appreciate it.

      Like or Dislike: Thumb up 0 Thumb down 7
    • Raymond on Jan 12, 2018 at 4:36 am

      You Malaysians ah… Still thinking in the old fashioned way, no choice, no wonder still afraid to buy/invests/trade bitcoin. But for mlm/ money game/JJPTR, many people are willing to get cheated again and again. The Malaysian style. There is already an online service that converts bitcoin directly to cash within seconds called “Bitpay”. Of course you guys don’t know. You still think that Bitcoin still depend on traditional bankers and accountants. Bitcoin is the uber/Airbnb/Grab car that would put bankers/accountants/cashiers/stock exchange out of business one day. You can laugh at me now but that day will come.

      Like or Dislike: Thumb up 1 Thumb down 0
  • The risk falls on the dealer alone. Anyway since dealer pays cash RM before collecting their stocks from the Distribution Yard. So transaction between dealer & Proton is clean, nothing to do with cryptocurrency. Bitcoin involves dealer & customers. As long as it is understood & agreed upon, hence the onus are on them. Put it writing of course

    Like or Dislike: Thumb up 18 Thumb down 3
  • Bernard on Jan 07, 2018 at 3:20 pm

    Bitcoin etc, definitely not. Too many uncertainties with it.

    Like or Dislike: Thumb up 20 Thumb down 2
  • What is new with proton?

    Like or Dislike: Thumb up 3 Thumb down 4
    • Diao Ma on Jan 07, 2018 at 6:31 pm

      Independent dealer liao. They a bit bodo advertise want use buttcoin for official dealings. BTC not even stable and on the verge of bubble collapsing still say OK can accept. Kena liao haha.

      Like or Dislike: Thumb up 11 Thumb down 5
      • You missed the train to buy Bitcoin at cheap price?

        Like or Dislike: Thumb up 2 Thumb down 2
      • They won’t sell proton if they are smart, aren’t they?

        Like or Dislike: Thumb up 1 Thumb down 6
        • Definitely smarter than selling low quality unsafe P2, thats for sure. They have the decency not to endanger road users.

          Like or Dislike: Thumb up 10 Thumb down 5
  • Ben Yap on Jan 07, 2018 at 4:17 pm

    if cryptocurrency value is stronger than RM, why not?

    Like or Dislike: Thumb up 13 Thumb down 32
    • Bitcoin’s drop in few months is even more spectacular than RM drop in a year. How to work with something thats less valued when cashing out? Or will customers demand for reimbursement when coin goes up 1 hr later?

      Like or Dislike: Thumb up 26 Thumb down 29
    • Well It’s Not Stable … In 2017 Bitcoin Has Fallen 3 Times …. 2018 Will Fall Even More …. so It’s not Safe

      Like or Dislike: Thumb up 24 Thumb down 4
    • Diao Ma on Jan 07, 2018 at 6:35 pm

      Aiya. If like that don’t bother use USD also la. Better just regress to barter system like Venezuela lo. Buy 1 car with 1000 toilet paper.

      Like or Dislike: Thumb up 23 Thumb down 3
  • As long the dealers can guranttee to settle the payments to Proton without fail, so why not allow them to collect deposit in any means of payments. Get the dealers to put in security deposit in case of any payment defaults.

    Like or Dislike: Thumb up 4 Thumb down 3
    • Becoz if this whole thing go Boom, then the dealer can just run away leaving excess cars unpaid for, and fuming customers that cant take their ride cuz what they paid was much less than car price, and it becomes bad PR to P1 even thou its not their fault. And this is just 1 dealer, imagine if 100 dealers absconds. So better to nip it in the bud b4 it becomes uncontrollable.

      Like or Dislike: Thumb up 10 Thumb down 2
  • Many commentators think that the volatile nature of bitcoin ONLY makes it a disadvantage to the salesperson. You may have forgotten that the volatile nature of the currency has only ridden with the rising price of bitcoin. That means that if the salesman didn’t have time to “cash out” the bitcoins before the price falls, then he has los money. On the contrary, he is actually gaining profit if he truly understands the undervalued nature of bitcoins. All he has to do is keep his bitcoins and only cash out enough MYR that he needs to spend, like food, clothing, rent, etc. This way bitcoins decreases in quantity per person, making it higher in demand hence higher in price.

    Like or Dislike: Thumb up 4 Thumb down 8
  • Chong on Jan 07, 2018 at 6:04 pm

    Is it under the agreement that cyptocurrency is not acceptable. Plus is free awareness for proton why would priciple do that. It does no hard to them.

    Like or Dislike: Thumb up 1 Thumb down 2
  • Afandi Al-Banna on Jan 07, 2018 at 7:19 pm

    Totally disaggree even BNM enstablished this method of payment. Please keep this illegal in MY.

    P/s: Most people so poor, because the only thing they have is money.

    Like or Dislike: Thumb up 7 Thumb down 2
  • Stupid Proton do you know why Nokia once the largest mobile phone maker become a trash can because they are sleeping from what future brings. What’s the problem accepting crypto if the seller can convert it to cash in matter of sec? With this mind set Proton which is already rotten gonna die for the upcoming trend.

    Like or Dislike: Thumb up 2 Thumb down 9
  • George Singam on Jan 07, 2018 at 10:38 pm

    It’s eventually going to happen, so the dealer may have thought why not I start this first and get the ball rolling although I do believe that he should have made the proper request with the relevant authorities to proceed.

    Like or Dislike: Thumb up 0 Thumb down 3
  • smalluck on Jan 07, 2018 at 11:35 pm

    They should allow cryptocurrency. If that dealer think its okay then its okay. The risk is on him and there is no need to suspend them. I am still keeping 54 bitcoins from last time which cost me next to nothing.

    Like or Dislike: Thumb up 1 Thumb down 4
  • Why should proton bother as long as the dealer pay them in RM for the cars. Even if he accept goats or chickens also it is his business.

    Like or Dislike: Thumb up 1 Thumb down 4
  • Razak Najib on Jan 08, 2018 at 8:03 am

    ok la tu boleh bahar pakai crypto..

    daripada statement yang kata pakai BR1M beli Iriz..

    Like or Dislike: Thumb up 1 Thumb down 2
  • Y pipu bother? Crypto not stable is dealers problem ma… Its not like proton need to accept payment in bitcoin from dealer what… Though i don’t support bitcoin, just because its not valid doesn’t mean you can’t trade, so what if someone wants to trade a toilet paper for a car? It’s not your problems right?

    Like or Dislike: Thumb up 2 Thumb down 4
  • ohlala on Jan 08, 2018 at 9:48 am

    now 1 bitcoin worth 60k? convert back as cash lah. then use that money as deposit to buy 2 iriz, 2 myvi – then rent it out to uber drivers..ooh lala.

    Like or Dislike: Thumb up 2 Thumb down 0
    • If convert back to cash 1st then its okays cuz then its legal tender. But if direct transaction using bitcoin, then all kinda problem like i mentioned above will come out.

      Like or Dislike: Thumb up 2 Thumb down 1
  • isitlegal on Jan 09, 2018 at 11:29 am

    It’s not recognized as a legal tender, but under barter trade arrangements it’s possibly legal – willing buyer willing dealer basis ~my 2 sen.

    Like or Dislike: Thumb up 0 Thumb down 1
  • Chicken for car on Jan 09, 2018 at 8:19 pm

    A man asks a Proton dealer: I want to buy your Saga with my 20 chickens, can ah?

    So happen the Proton dealer like the chickens a lot and accept the deal. Then the Proton dealer buy the Saga from Proton Edar using Ringgit and give the Saga to the man and keep the chicken.

    The Proton dealer didn’t force Proton Edar to love chicken like him. Proton Edar still received Ringgit.

    What’s wrong here?

    Like or Dislike: Thumb up 2 Thumb down 1
 

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