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You can now buy a Tesla with bitcoin in the USA

Available outside the US later this year

Tesla now accepts bitcoin as payment for its cars in the United States, CEO Elon Musk announced on Twitter. The option to pay using cryptocurrency now appears on the company’s website in the U.S., where it is available along with the traditional card payment option. Musk said the option to pay with bitcoin will be available to other countries “later this year”.

In addition to confirming the availability of the new payment option, Musk offered some details about how Tesla is dealing with the cryptocurrency. “Tesla is using only internal and open source software and operates Bitcoin nodes directly,” he said in a follow-up tweet, “The Bitcoin paid to Tesla will be retained as Bitcoin, not converted into fiat currency.”

Tesla describes how the bitcoin payment process works in a FAQ on its website, where it notes that users will have the option to scan a QR code or copy and paste their bitcoin wallet address to initiate payment. He adds that trying to send any other form of cryptocurrency to your wallet means that “you will not receive the transaction and will likely result in a loss of funds for you”. In accordance with Tesla’s bitcoin payment terms and conditions, your cars will continue to be quoted in U.S. dollars, and customers who choose will pay the equivalent amount in bitcoin. Tesla estimates that a $ 100 deposit paid today is equivalent to 0.00183659 BTC, for example.

Tesla’s terms and conditions also warn that customers need to be careful when entering the bitcoin address and the amount to be paid. He notes in capital letters that “bitcoin transactions cannot be reversed” and “if you enter the bitcoin address incorrectly, your bitcoin can be irretrievably lost or destroyed”. Customers are also responsible for directly paying all bitcoin transaction fees associated with their purchase, and Tesla warns that, although bitcoin payments typically take less than an hour to complete, this can extend to “one day or more “. And because of bitcoin’s volatility, Tesla warns that the value of any refund made in bitcoin “may be significantly less” than the value of bitcoin in relation to U.S. dollars at the time of purchase.

Tesla announced its intention to start accepting bitcoin as payment just over a month ago in its 10-K annual report, when it said it would add the option in the “near future”. In the same process, the company said it also invested a total of $ 1.5 billion in the cryptocurrency. The news raised the price of bitcoin to more than $ 43,000, a historic record at the time. At the time of writing, 1 bitcoin is now worth just over $ 56,000.

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