Bitcoin makes it to Tesla!

Elon Musk announced via his Twitter account that a Tesla can now be bought using Bitcoin (BTC) on March 24, 2021. Elon Musk was constantly tweeting about cryptocurrencies since past few months. Which, of course, caused instability and fake pumps in the value of some cryptocurrencies like DogeCoin. This particular news of accepting crypto as a way to buy Tesla is not out of the blue. Because on 8th February 2021, the Tesla company invested $1.5 billion in bitcoin cryptocurrency and announced

Tesla will begin accepting bitcoin as a form of payment for our products in the near future

As cryptocurrencies like BTC are legal in America, you can now buy a Tesla using BTC if you are in the United States (US). But the rest of the world needs to wait for this feature to be made available for them.

Moreover, Tesla is operating its own BTC nodes and the payments received in BTC will remain in BTC. It means that all the payments made using Bitcoin will not be converted to fiat currency. Which is a very good signal and an indicator how much the company trusts the digital currency i.e. Cryptocurrency and especially Bitcoin.

Elon Musk has taken to Twitter a handful of times talking about cryptocurrencies. Many people are not sure why he keeps trolling with his DogeCoin tweets. He uses Dogecoin purely for humorous reasons. One thing is for sure that he likes cryptocurrencies even though he likes to troll. Many people have claimed that the reason behind Elon’s success is because he invests the money in himself, but Tesla investing in crypto proves them wrong to a certain degree.

Bitcoin Wallet Used By Tesla

As stated in Tesla Bitcoin FAQ, Tesla will be using disposable Wallet addresses and customers have to complete the transactions with in the given time period otherwise the counter will reset and the customer will have to start the procedure again, therefore it will be best to keep your crypto wallet handy with the required amount in the wallet to avoid any issues at the time of transaction.

BTC as a Payment

Paying with Bitcoin, however, is a bit complex as compared to bank / card payment . “All products are priced in US dollars,” the website added.

“If you choose to make a payment using bitcoin, you must pay an amount of bitcoin that is of equivalent value to the US dollar purchase price.” But customers who select this option may be prompted to “provide us with additional information to allow us to verify your identity,”

Tesla said in its terms and conditions section on the website.

You can learn more about payments using BTC on Tesla’s support page for Bitcoin.

If you accidentally send your BTC to the wrong address, then that transaction can not be reversed, and Tesla will not be liable for anything, just like any other cryptocurrency transaction. Moreover, customers have to bear the transaction fees. Tesla has also warned that when making a refund in Bitcoin, the value of it, relative to US dollars “might be significantly less.” It means that you might be refunded a little less than the expected amount in BTC as compared to fiat currency. One interesting FAQ about “What if I send the wrong amount?” states

If you send the wrong amount for your order fee, your order might be cancelled. If you’re buying a car and send the wrong amount for the final payment due on your car, your delivery will be delayed until we receive the rest of it from you. And this is important: please do not overpay us. If you send more Bitcoin than the Bitcoin price, we might not be able to return the extra amount.

If you happen to send amount higher then the required amount you will not be able to get a refund on that and this is the nature of cryptocurrency because cryptocurrency gives you complete control of your assets and with that control you become responsible of your actions in totality thus taking care of what amount you have to send and where is upto you.