The electric vehicle manufacturer Tesla has started accepting Bitcoin payments from their customers. This payment method is presently available in the United States only, but Elon Musk stated that customers from other regions would also be able to pay via Bitcoin soon. The option of payment through Bitcoin is also visible on Tesla’s United States website.
The primary source of this news was the CEO of Tesla, Elon Musk, who tweeted saying that now people can buy a Tesla vehicle with Bitcoin. Musk further gave technical information regarding the way Tesla intends to handle the cryptocurrency payments. Musk informed that Tesla aims to use internal software, and Bitcoin nodes will be used directly to ensure the entire Bitcoin’s blockchain’s safety. The CEO of SpaceX also ensured that the Bitcoin payments will not be converted into fiat currency and only be perceived and accepted as Bitcoin.
Bitcoin Payment Details and FAQs
To make the process of Bitcoin payments easier for customers, Tesla has added the Frequently Asked Questions (FAQs) section on its website. This section explains that customers can scan a QR code to successfully transfer the payment. There is another option where customers have to enter their Bitcoin wallet address to initiate the transaction. One important detail for customers is to remember that Tesla accepts only Bitcoin payments and any other cryptocurrency only unacceptable but also non-refundable. The terms and conditions of Bitcoin payments on Tesla’s website also stressed the point that all Bitcoin payments should be equivalent to the US prices. For example, Tesla elaborated that a US $100 paid today equals 0.00183659 coins of the leading cryptocurrency.
Tesla also warned the customers in their terms and conditions section, saying that people should be really careful when entering their Bitcoin addresses. The electric vehicle company clearly stated that an incorrect address could lead to a loss and destruction of their crypto tokens. Tesla also considered the volatility of the leading digital asset and told customers that the refunds might be less than the original purchase because of the US dollar rate relative to Bitcoin at the time the vehicle was purchased. Tesla has so far invested a massive $1.5 billion in Bitcoin.
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