Elon Musk tweeted on Tuesday that "You can now buy a Tesla with Bitcoin," confirming that the company has now opted to accept the most popular cryptocurrency.
Tesla then explained on its support page the complete procedure of how customers can pay using the digital currency. This brings big changes to the market, with Tesla adopting new bitcoin nodes, company policies and transaction options for their customers.
You can now buy a Tesla with Bitcoin— Elon Musk (@elonmusk) March 24, 2021
Elon Musk and Bitcoin
Last month, Elon Musk revealed that Tesla bought $1.5 billion worth of bitcoin to give their company liquidity when it starts to accept cryptocurrency as a payment mode. This time, the automaker stayed true to his promise, officially accepting bitcoins for Tesla cars for sale.
Purchasing Tesla Using Bitcoins
Torquenews gave detailed instructions on how to purchase Tesla using Bitcoin. Here's the step by step guide:
When customers place their order, the options will present "Apple Pay," "Order With Card," and a recently added "Bitcoin."
After clicking the Bitcoin option, you will see a page with a QR code where you can scan. Tesla would also give you an option to copy-paste the bitcoin address to your wallet.
After initiating the order process, Tesla gives the customer 30 minutes to finish the transaction.
During the transaction, Tesla would determine the equivalent value of bitcoin to dollars. The prices can vary in real-time, so Tesla determines the bitcoin-dollar exchange rate every 30 minutes.
Customers must send the exact amount of bitcoin within the given 30 minutes, or the transaction would be forcefully terminated as the bitcoin-dollar exchange rate changes.
After sending the payment, Tesla processes the order. Tesla would then send two emails to the customer: one stating the bitcoin payment is initiated and the second saying the bitcoin payment has been settled.
Be warned that if the customer sends the wrong bitcoin amount, Tesla said it could result in the order being canceled or a delay in the car's delivery.
Tesla is currently supporting bitcoin for customers only living in the continental United States. However, Musk promised that people outside the U.S. could also buy in bitcoin currency later this year.
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Tesla Operates Bitcoin Nodes Directly
Tesla runs their own nodes for bitcoin transactions. Nodes are computers loaded with the bitcoin's network to verify transactions and avoid duplicate transactions. The crypto transactions are operated directly without conversion to fiat money. CNBC explained that Tesla would therefore obtain the benefit of price swings in the cryptocurrency or fiat currency.
Under this new system, Tesla announced the firm's refund policy. Tesla warned its customers that if they return their electric car and obtain a refund, the company has the right to pay them back in either U.S. dollars or bitcoin. Tesla also reserves the right to refund their customer in U.S. dollars by the exact price the bitcoin was worth during the time of purchase.
This progress marks the day that Musk has accepted bitcoin transactions within the Tesla ecosystem. This might also bring big changes to the crypto market, but it remains uncertain if this will make the bitcoin's value price go up or down.
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