Elon Musk says it's now possible to buy Tesla with Bitcoin - this is how it works

Elon Musk says it's now possible to buy Tesla with Bitcoin - this is how it works

Tesla and Bitcoin - together at last. That's right, customers can buy the best electric cars with Bitcoin, the cryptocurrency that has everyone in an uproar lately. But unless you're already sitting on a pile of bitcoins, we're not sure if this will be your best option for buying a Tesla.

This electric car maker has been at the forefront of innovation, leading a bloated and slow-moving industry. But whether you like Elon Musk or not, you have to admit that he knows how to get the conversation going.

The news comes from both Tesla's website and Musk's tweets. Furthermore, Tesla uses open source software and controlled nodes to manage Bitcoin, and that the cryptocurrency will not be converted to fiat currency. Basically, this means that Tesla has no intention of cashing out the bitcoins you give them in exchange for your car.

If you live outside the U.S., you can join the crypto fun soon, according to Musk. We don't think you are missing out on much, but at least you will have options.

You have to pay in bitcoins from your own wallet, and Tesla requires you to send the exact amount of bitcoins in one payment. You must scan Tesla's QR code or copy and paste the address into your bitcoin wallet. Failure to do so could result in the order being canceled. Tesla only accepts Bitcoin and not other cryptocurrencies, let alone the up-and-coming Ethereum.

As noted above, the only time you would want to go this route would be if you already have a large amount of bitcoin. Currently, the cost of mining bitcoins is quite astronomical, including not only the purchase of hardware, but also the utility costs of maintaining that hardware. At least with bitcoin, it is no longer possible to mine a few coins in one's spare time on consumer-grade hardware.

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