The Conversation (0)
Electric Cars
GearBrain
Tesla now accepts bitcoin as payment for its cars in the US
Bitcoin payments are to extend beyond the US later this year
Tesla boss Elon Musk has confirmed that his electric car company now accepts payments using bitcoin cryptocurrency.
Musk made the announcement on Twitter this morning and explained it in greater detail on Tesla's website.
Read More:
- What happened to the Tesla Cybertruck? Elon Musk says update coming soon
- Tesla is looking at ultra-wideband key fob tech; here is why other automakers should too
- Tesla Model Y vs Tesla Model 3: What's the difference? Updated for 2021
Musk tweeted: "You can now buy a Tesla with Bitcoin...Tesla uses only internal and open-source software and operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as bitcoin, not converted to fiat currency."
In a follow-up tweet, Musk added that bitcoin capability outside of the US will be available later this year. However, a note on the Tesla website more conservatively states: "We will consider expanding into new markets in the future."
Bitcoin has been added to a list of accepted payment methods on Tesla's website, alongside direct debit, wire transfer, and check. However, Tesla says only credit cards and bitcoin are accepted for the initial $100 order fee.
Payments can be made by either scanning a QR code or copying and pasting a Tesla Bitcoin address and exact Bitcoin amount into your wallet. If precisely the correct amount of bitcoin is not sent, Tesla says the order may be canceled.
A new support page on Tesla's website explains how the exact amount must be transferred in one bitcoin transaction and from one wallet. Tesla adds: "Once you send bitcoin from your wallet, the page will refresh within one minute...We will email you a confirmation once payment is received. This can take up to six hours to process."
Tesla invested $1.5 billion into Bitcoin in February this year to "diversify and maximize" its investments, but the move was met with concern given the volatility of Bitcoin and other cryptocurrencies. Now at approximately $56,400, bitcoin is estimated to have been worth around $35,000 when Tesla made its investment.
From Your Site Articles
- Tesla, Audi, Kia: The best electric cars on sale in 2021 - Gearbrain ›
- Data Breach Tracker: Who lost control of your info this week ... ›
Related Articles Around the Web
GearBrain Compatibility Find Engine
A pioneering recommendation platform where you can research,
discover, buy, and learn how to connect and optimize smart devices.
Join our community! Ask and answer questions about smart devices and save yours in My Gear.
