On Wednesday, Tesla CEO Elon Musk said Tesla could be bought with Bitcoin, which would not be given to Fiat. This option will soon be available outside of the United States. His tweet caused the price of Bitcoin to surge, which is currently trading at 53,264, up 3.08% in 24 hours. Bitcoin investors around the world are welcoming this news.
The company operates Bitcoin blockchain nodes directly using open source software. This will undoubtedly add to the company’s holdings of Bitcoin, which were worth $ 1.5 billion the previous month. Tesla’s move appears to be an attempt to acquire as much crypto as possible.
However, if you think buying Tesla with Bitcoin is easy, you are wrong. Despite its bull trend, the cryptocurrency will struggle to gain wide acceptance as a means of payment. According to the company’s Bitcoin payment terms, the transaction should be completed within a certain time. If not, the buyer must ask for a new trade. The time set by Tesla is 30 minutes as indicated by the Tesla representative. The complexities of the Bitcoin system and United States tax policies are other difficulties in buying Tesla with BTC.
There is no BTC discount the company gives its buyers and the company accepts the exact amount of the crypto. According to the terms and conditions, the buyer’s bitcoin will be permanently lost if the bitcoin address is entered incorrectly. Tesla is not responsible for incorrect address entries and will not refund the payment.
The purchase of items with cryptos is taxable but is not mentioned in Tesla’s terms and conditions, and buyers may experience gains or losses depending on the price of Bitcoin at that time. The Bitcoin ecosystem has deflationary incentives that could be daunting for buyers using Bitcoin. Indeed, an increasing number of buyers will increase the price of Bitcoin over the years.