Elon Musk, in his Twitter tweet, stated that Tesla payments can now use the bitcoin cryptocurrency. After investing USD 1 billion in the world’s most valuable crypto, Elon Musk said via Twitter. Tesla will accept payments using bitcoin in the United States (US). This process can be found on the company website. There, you will see a new option for paying with bitcoin under the card button.
“Tesla only uses internal & open source software and operates the bitcoin node directly.” Musk said, continuing his first statement about paying using Bitcoin.
Musk added that bitcoins paid to Tesla will be retained as bitcoin and will not be converted to fiat currency. According to Musk, this ability to pay with bitcoin will likely become available outside the US later this year.
As Tesla explains in the FAQ on the site, customers can initiate bitcoin payments by scanning the QR from the site. After that, the QR code is copied to the bitcoin address with the amount due. If the amount is not deposited, the order will be canceled. Meanwhile, if a customer sends a deposit and makes an incorrect payment at the end of the due date, the delivery may be delayed.
The first payment will take 1 minute. If the page doesn’t reload after the first payment, the company insists they don’t make the second payment. Wait for confirmation from Tesla first to take the next steps. This will probably cost you a lot of time in front of the screen and fiddling with features because everything is done entirely online and digitally.
It should be noted, however, that the only cryptocurrency Tesla accepts is bitcoins. If a customer tries to send a different cryptocurrency, such as Etherium or XRP, Tesla will not get the transaction. And at worst, the customer will lose all the coins that were about to be sent.
To note, currently, 1 bitcoin is worth more than USD 57.00. In recent days, CoinDesk quoted from BGR (25/3) showed crypto fluctuation between USD 54,000 and USD 61,000, but has not fallen below USD 50,000 since early March.