Cryptocurrency has been booming lately. Many businesses have slowly started accepting cryptocurrency as a valid source of payment. Electric Car manufacturer Tesla has also hopped on to the bandwagon. This was inevitable considering how much promotion their CEO Elon Musk has been doing for the past months.
Tesla has officially started to accept Bitcoin as a valid source of payment for its Vehicles. This is just limited to the US for now. Tesla’s CEO Elon Musk recently announced on Twitter that “You can now buy a Tesla with Bitcoin”, he further went on to elaborate that “Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency”.
You can view the original Tweet below.
We have confirmed that the checkout page of the company’s website now includes an option for Bitcoin. Tesla also promises that this initiative will soon be available outside the US later this year. This news is not really a shocker though and just recently the company bought around $1.5 billion worth of Bitcoin last February.
The decision is a bold one, considering how volatile the value of Bitcoin is. In other words, depending on how bitcoin grows in the future. You may just have overpaid or underpaid for your Tesla and no one likes that. Another sneaky tidbit for buyers is tucked in the terms and conditions that “bitcoin transactions cannot be reversed” and “if you input the bitcoin address incorrectly, your bitcoin may be irretrievably lost or destroyed.”
Cryptocurrency mining also remains to be extremely costly on the environment, being a very environment unfriendly process. It globally accounts for the carbon emissions on the level of a whole country. Tesla used to praise itself for offering its customers a better and environment-friendly solution to transportation.
Elon Musk was initially skeptical of bitcoin but has recently become a staunch supporter. Even going as far as to say that the currency “is on the verge of getting broad acceptance by conventional finance people”.