Tesla offers Bitcoin as payment method for their vehicles

Tesla Bitcoin

It is no secret that tesla founder Elon Musk is fond of the crypto currency Bitcoin. Just in February, the company converted US$1.5 Billion to Bitcoin. From today on, Tesla is now ready to offer Bitcoin as a payment method for their electric vehicles in continental United States, which was suggested in the Q4 2020 SEC filings.

As for now, the Bitcoin payment is only available in certain markets for now. There are also certain risks involved in accepting the crypto currency, the high degree of volatility for example. At the time this post was published, 1 Bitcoin was worth the equivalent of around US$53,863.

On Tesla’s Bitcoin Landingpage, you can access the following FAQs

How do I pay with Bitcoin?
Initiate payment from your Bitcoin wallet. You can either scan the QR code or copy and paste the Bitcoin address and the exact Bitcoin amount into your wallet.

What if I accidentally send the wrong amount?
If you did not send the exact amount due for your order deposit, your order may be cancelled. If you did not send the exact amount due for final amount due on your car, it may cause a delay in the delivery of your car.

If I have Bitcoin in multiple wallets, should I send more than one payment?
No. To ensure timely processing of your order, send the exact amount in a single Bitcoin payment.

How long does it take to process my Bitcoin payment?
Once you send Bitcoin from your wallet, the page will refresh within one minute. If it does not refresh, do not send a new payment. We will email you a confirmation once payment is received. This can take up to six hours to process.

How long do I have to complete my payment?
Once you’re on the payments page and the timer begins, you will have until the timer expires to complete your payment. Once the time runs out, the QR code, Bitcoin address and Bitcoin price will all expire and you will need to create a new order or return to your Tesla Account to initiate a new final payment.

What cryptocurrency does Tesla accept?
Bitcoin is the only cryptocurrency Tesla accepts.

What countries support Bitcoin payments?
We are only supporting Bitcoin for customers in the continental United States. We will consider expanding into new markets in the future.

What if I send a different cryptocurrency to the specified Bitcoin address?
We will not receive the transaction and it will likely result in a loss of funds for you.

Image credit: https://twitter.com/SawyerMerritt