Perhaps the most interesting admission of all is that Bitcoin paid to Tesla will be retained in that form factor. Pretty much every other major company I can think of that accepts crypto as a form of payment immediately converts it to fiat to avoid the roller coaster that is the crypto market.
Tesla has made good on a promise issued earlier this year to start accepting Bitcoin as a payment method for its products.
Tesla chief Elon Musk revealed on Twitter that his company is now accepting the popular cryptocurrency as a form of payment for users in the US. The alternative payment method will be available outside of the US later this year, we’re told.
Musk said Tesla is using internal, open source software and is operating Bitcoin nodes directly.
Tesla has published an FAQ on its website that details how the Bitcoin payment process works and how to avoid delays. For example, the company recommends sending the exact amount of your purchase in a single payment, rather than spreading it out across multiple payments or funding it from multiple wallets.
Also worth mentioning is the fact that Tesla only accepts Bitcoin. Any transaction funded with a different cryptocurrency will not be accepted and “will likely result in a loss of funds for you.”