Whenever there is a moment of hesitation for investors to buy Bitcoin, unexpectedly good news about the famous comes to save the reputation of the famous cryptocurrency. As the holder of a considerable portfolio of Bitcoin coins, the giant Tesla is directly interested in its success, at least in the immediate future.
Tesla bought $ 1.5 billion worth of Bitcoin coins, with the trading price estimated at about $ 40,000 / Bitcoin. Currently, the Bictoin price is $ 57,000, with an upward trend.
Leaving aside obvious conflicts of interest, Tesla now accepts the use of Bitcoin as a payment method when purchasing electric vehicles for customers in the United States. But those who chose to use this option should now pay about 5% more than the day before, the news given by Elon Musk raising the price of Bitcoin overnight. However, given the extreme volatility of Bitcoin quotes, the patient only has to wait for the next crash to get the coveted “discount”. That, if not, the price of Bitcoin will continue to rise to new historical highs.
In addition to confirming the availability of the new payment option, Musk also provided some details on how Tesla manages the cryptocurrency. “Tesla only uses internal and open source software and operates Bitcoin nodes directly,” he said in a follow-up tweet, “Bitcoin paid to Tesla will be kept as Bitcoin, not converted into fiat currency.”
How the payment process works is presented in the Q&A section of the Tesla website. In short, users will have the option to scan a QR code or copy-paste the address of the bitcoin wallet in which the payment will be made. Tesla states that any form of cryptocurrency other than Bitcoin is not accepted, the attempt of such a transaction can lead to the irrecoverable loss of those funds.
According to the terms and conditions of payment in Bitcoin, its cars will continue to have prices expressed in US dollars, and customers who choose to pay the equivalent value in cryptocurrency referring to the Bitcoin quotation at that time. At the same time, Tesla warns future customers to be especially careful when entering the Bitcoin address and the payment amount, stating that “bitcoin transactions cannot be canceled”, any mistakes resulting from the loss of those funds will be attributed exclusively to the party that initiated the payment.
Robert J. Smith is still early into his career as tech reporter but has already had his work published in many major publications including JoyStiq and Android Authority. In regards to academics, Robert earned a degree in business from Fordham University. Robert has passion for emerging technology and covers upcoming products and breakthroughs in science and tech.