Technology

Tesla cars can now be purchased with Bitcoin

Tesla— an American electric vehicle and clean energy company has announced that along cash, cheque and bank transfer consumers and now buy cars by paying via digital currency Bitcoin.

Published 5 years ago on Mar 25th 2021, 11:03 am

By Web Desk

Mr Musk, a well-known Bitcoin enthusiast, made the unexpected announcement in a tweet.

Tesla CEO Elon Musk, says Tesla's cars can now be bought with a bitcoin.

You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021

Mr Musk tweeted Tesla would be running its own internal software to handle Bitcoin payments, which "operates Bitcoin nodes directly".

Further in a statement he said: "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat [government-controlled] currency"

It should be noted that like Euro and Dollar, Bitcoin is also a currency but it is only in virtual or digital form. The virtual-digital currency can be purchased with cash, credit or debit cards and wire transfers, but first the buyer need to create a bitcoin 'vault'.

The vault creates an identity called a wallet ID and holds bitcoin similarly as cash or credit cards in your wallet.

Regarding the use of bitcoins for Tesla's vehicles, Elon Musk said on Twitter that the facility to pay with bitcoins will be available in countries other than the United States by the end of this year.

Elon Musk continues to innovate his work through technology. However, Tesla recently bought Bitcoins worth $ 1.5 billion.

Bitcoin's value rapidly moves up and down - meaning the cryptocurrency price of the car could change day to day.

Tesla— an American electric vehicle and clean energy company produces electric cars, battery energy storage from home to grid scale, solar panels and solar roof tiles, as well as other related products and services.