Elon Musk made it official Wednesday. With one tweet he aligned two of his biggest obsessions of 2021, Tesla and bitcoin.
“You can now buy a Tesla with Bitcoin,” was his direct to the point announcement on Twitter.
He followed that with a tweet saying Tesla would be running its own internal software in order to process payments from bitcoin.
And then added one more bit of pertinent info, saying “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat [government-controlled] currency.”
So what does that mean if you want to buy a Tesla with bitcoin? Well, in the U.S. you can secure an order for a new car with a $100 deposit in bitcoin, and later in the year it will be rolled out to other countries.
Cryptocurrency novices would be wise to avoid this type of transaction, because things get a little tricky when purchasing real-world goods because of the volatile price of bitcoin.
In Tesla’s terms and conditions it states that if a refund is needed on a purchase, Tesla would be able to pay in either the exact anoint f bitcoin paid or in U.S. dollars, determined by the price of the car. Tesla would have that choice.
That means if the price of bitcoin rises before the tissue is refunded, the customer would lose some money in the transaction.