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Tesla accepts Bitcoin for payment (from US customers)

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Tesla allowed customers to pay for their electric vehicles with Bitcoin. The founder of the auto concern, billionaire Elon Musk, announced this on Twitter. The option to pay with cryptocurrency indicated on the company’s website in the United States, where it is available alongside the traditional card payment option. That is, now, the deposit when booking the purchase of a Tesla electric car can be paid both in fiat (US dollars) currency and in Bitcoin.

In addition to confirming the availability of the new payment method, Musk shared some details of how Tesla handles the cryptocurrency:

https://twitter.com/elonmusk

According to the rate indicated on the website, the basic configuration of the Model S will cost almost 1,5 Bitcoin. Tesla also notes that the option is currently available only to US residents. The company will consider opening Bitcoin payments in other countries in the future. Tesla doesn’t accept cryptocurrencies other than Bitcoin.

Bitcoin payment process

Tesla’s official website specifies that payment made from the client’s bitcoin wallet. He can scan a special QR code or enter the bitcoin address and amount of the payment on his own. At the same time, you can pay only from one wallet.

Tesla’s terms of use also warn that customers must be careful when entering a Bitcoin address and amount to pay. In large print company note that “they can’t cancel the Bitcoin transactions”. So “if you enter a Bitcoin address incorrectly, the money may be irretrievably lost or destroyed.”

Clients are also responsible for paying all Bitcoin transaction fees. Tesla warns that while Bitcoin payments usually take less than an hour, in some cases it will take “up to one day or more”. Due to the volatility of Bitcoin prices, Tesla warns that the value of any refunds made in Bitcoin “could be significantly less” than the value of Bitcoin against the US dollar at the time of purchase.

Bitcoin growth amid Tesla’s statement

Tesla announced its intention to start accepting Bitcoin as payment just over a month ago in its annual report. At the same time, the company announced that it had invested a total of $ 1.5 billion in cryptocurrency. This news led to the fact that the price of Bitcoin exceeded $ 43,000. It was a record figure at that time. The company intends to continue acquiring cryptocurrency as well as preserving new digital assets in the long term.

Tesla clarified that it accepts all the risks and uncertainties associated with the volatility and unpredictability of the cryptocurrency market. The company will take additional security measures and implement controls to protect its intangible digital assets.

Aafter Musk’s statement that the company really began to accept payments in Bitcoin, the price of the cryptocurrency jumped again by 2.82% and amounted to just over $ 56,000.

Tesla electric vehicle sales growth

The adoption of Bitcoin as a payment method expected to help Tesla’s EV sales by attracting fortunes from crypto enthusiasts to the brand.

At the same time, the automaker has already been repeatedly criticized for investing in Bitcoin. Since a large amount of electricity spent on mining cryptocurrencies, maintaining the functioning of the blockchain and executing transactions. What reflected in the rate of global warming of the planet. Yet electric vehicles should fight this.

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