Buy a Tesla car with your Bitcoin
Buy 1 Tesla with 1 BTC
In a surprise announcement on Twitter, the Tesla CEO, Elon Musk has said that you can now buy a Tesla electric car with Bitcoin (BTC).
Elon Musk is a big Block Chain enthusiast and a huge fan of cryptocurrencies like Bitcoin.
As the BTC price is volatile, the price you pay for the car in Bitcoin will change daily and even hourly depending on current price versus the US Dollar.
Tesla is now invested heavily in digital assets and especially Bitcoin with $1.5bn (£1.1bn) holdings. The company said they had developed internal software to handle BTC payments which "operates Bitcoin nodes directly". Nodes are basically computers that process digital currency transactions.
BTC saw modest gains on Wednesday after the announcement was made. Mr Musk said, "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency"
As of today, 25/03/2021 one Bitcoin is worth $51,694 USD. You can now secure an order for a new Tesla in the United States with the equivalent of a $100 (193,443 satoshi’s) deposit in Bitcoin.
The btc payment facility will be rolled out in other countries in the next few months.
Bitcoin's volatile price makes its use to buy real-world goods somewhat complicated. According to Tesla's Terms and Conditions, if you are looking for a refund, it can pay in either the exact amount of Bitcoin you paid or in US dollars based on the dollar price of the car. Basically speaking, if the price of Bitcoin makes a move to the upside before a refund is issued, the customer could lose out.
Justin Kavanagh is a recognised leader in automotive intelligence and vehicle data supply to the entire motor industry. He has almost 20 years experience in building systems from the ground up. As the Managing Director of Vehicle Management System, he understands the need and importance of trustworthy and reliable vehicle history and advice to both the trade and the public.
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