After announcing plans to accept bitcoin as payment in February, the electric car manufacturer has added the option to its website.
After announcing plans to accept bitcoin as a payment method for its electric vehicles through a U.S. Securities and Exchange Commission (SEC) filing in February, Tesla has now officially added the payment method to its website.
A bitcoin payment terms and conditions disclosure is available on the Tesla website as well. It clarifies that purchasers must have a bitcoin wallet in order to pay with bitcoin. Tesla provides these purchasers with a Bitcoin address and they are responsible for accurately transferring their bitcoin payment to it (bitcoin transactions sent to the wrong address would be irreversible). Tesla will indicate the “Bitcoin equivalent price” at the time of purchase, which will expire after an undisclosed amount of time. Buyers are responsible for any transaction fees associated with their purchase.
Publicizing the addition, CEO Elon Musk tweeted that the company was accepting bitcoin and further clarified that Tesla is operating its own Bitcoin nodes and that it would retain any bitcoin it received, as opposed to selling it for fiat currency.
“Tesla is using only internal & open source software & operates Bitcoin nodes directly,” he wrote. “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”
As of now, it appears that the payment method is available for purchasing any of Tesla’s vehicle models, but that it is only available in U.S. stores. However, the option could soon be expanded to other locations around the world.
“Pay by Bitcoin capability available outside US later this year,” Musk tweeted this morning.
Tesla’s February SEC filing also indicated that it had bought $1.5 billion worth of bitcoin as a way to “maximize returns on our cash.” Based on Musk’s tweets, it appears that the company’s decision to accept BTC as payment is being used as another method of building up this bitcoin reserve and further opt out of fiat.
Maximizing Bitcoin Gains with ETF Data Since the introduction of Bitcoin Exchange Traded Funds (ETFs) in early 2024, Bitcoin has reached new all-time highs, with multiple months of double-digit gains. However, as impressive as this performance is, there's a way to significantly outperform Bitcoin's returns by utilizing ETF data to guide your trading decisions. Bitcoin
Increased regulatory scrutiny from China is changing the bitcoin mining landscape. But where will hash rate go?China is banning Bitcoin for real this time. Well, more accurately, it’s banning Bitcoin mining. Following bans last month in Xinjiang and Inner Mongolia, government officials have banned bitcoin mining in Sichuan (the epicenter of Bitcoin mining in the…
By making transactions cheaper, more efficient and more private, Taproot sets the stage for extra functionality on the Bitcoin network.Much has been written about Bitcoin’s Taproot upgrade, and plenty of resources exist to explain its technical concepts. However, in the author's opinion, a more comprehensive roundup of why Taproot is being implemented, what it will…
QuadrigaCX Exchange’s founder, Gerald Cotten, passed away more than two months ago, and with his death, the keys to the exchange’s cold storage allegedly went to the grave with him. This is the story that QuadrigaCX is sticking to in the posthumous mess that has followed its founder’s death. The situation has been likened to…
Today, the US government sent a transaction that appears to indicate it may be on the verge of liquidating the remaining Bitcoin it confiscated from the online marketplace Silk Road.According to on-chain data, a 0.001 BTC test transaction, part of a larger stash of approximately 30,174 BTC worth $2 billion linked to the infamous Silk Road
In today’s dynamic economic landscape, seasoned investors are reevaluating their portfolios and considering the potential of Bitcoin as an alternative to traditional assets like real estate. With a finite supply and transformative growth potential, Bitcoin presents a compelling case for forward-thinking investment strategies. Real Estate: The Illusion of Stability Real estate has long been regarded
Próspera is a charter city within Honduras that has detailed a framework for making bitcoin legal tender, but what is it really trying to achieve?When Samson Mow, architect of the “Bitcoin Bond,” announced that the charter city had adopted a bitcoin standard, many watched in confusion as this small city was largely unknown. Now, Próspera…
This is an opinion editorial by Nicholas Otieno, a freelance writer focused on fintech and Bitcoin.I’m aware that Bitcoin has become of great interest to many investors. But despite growing enthusiasm, sharp price volatility continues to worry and confuse many less-experienced investors.A key way that I believe can help these investors beat their issues with…
The exchange is set to enter the crowded market of institutional bitcoin custody as it aims to become a service provider in the cryptocurrency space.The Nasdaq is seeking to offer custody services to institutions dipping their toes into cryptocurrency.The exchange has been a service provider in the market for some time, but the new move…