Tesla has now officially begun accepting payment in the world’s largest crypto-token, Bitcoin. The Technoking of Tesla also clarified that no fiat currency conversions will be made of Bitcoin that is paid to the company.
Earlier this year in a Securities and Exchange Commission filing it was revealed by Tesla that it had purchased Bitcoins worth $1.5 billion. Following this, there was also news that the electric car corporation would start accepting Bitcoin as a mode of payment. This news has now become official with Tesla’s Chief Executive Officer and Twitter king, Elon Musk announcing it on his Twitter.
Musk took to his Twitter to announce to the world that Tesla could now be bought with Bitcoin.
The Tesla CEO recently changed his CEO title to Technoking. While the origin of this title is not known, a literal meaning of the title suggests that it means king of technology. Now this latest announcement of Tesla accepting cryptocurrency, makes musk worthy of this title. The electric car company certainly is using technology in its true sense. Elon Musk has always been a trendsetter in the world of technology. His tweets on Bitcoin took the token’s price to great heights and then his cryptic tweets on Dogecoin helped the digital asset gain popularity.
It was further revealed in Musk’s tweet that the option to pay in bitcoin would also be available to foreign countries. However, he added that this would be done by later this year. In his tweets, he also confirmed that Bitcoin paid to Tesla would not be transmuted into fiat currency. He further clarified that the company was operating Bitcoin tokens directly by using an internal and open-source operating system.
The official web page of Tesla also has this news publicized along with directions as to how payment can be made via Bitcoin. The page makes it clear that Bitcoin is the only digital token that Tesla is accepting. Details of the method for payment in Bitcoin reveal that it is to be paid using the Bitcoin wallet. Buyers can copy the Bitcoin address and then insert it into their Bitcoin wallets along with the exact bitcoin amount. The other and more simpler way of making the payment is to straightaway scan the QR code.
The processing time of Bitcoin payment is also revealed by Tesla, for the benefit of the customers. Once the token has been sent from the wallet, the payment page would refresh within a minute to revive the system. This will then be followed by an email confirming the acknowledgement of the payments.
Now that Tesla has set up its system for Bitcoin payment, it remains to be seen how successful it would be. This will also definitely take Bitcoin’s value at a new high.