You can now buy a Tesla in the US using Bitcoin

Shawn Knight

Posts: 13,079   +130
Staff member
Editor's take: Perhaps the most interesting admission of all is that Bitcoin paid to Tesla will be retained in that form factor. Pretty much every other major company I can think of that accepts crypto as a form of payment immediately converts it to fiat to avoid the roller coaster that is the crypto market.

Tesla has made good on a promise issued earlier this year to start accepting Bitcoin as a payment method for its products.

Tesla chief Elon Musk revealed on Twitter that his company is now accepting the popular cryptocurrency as a form of payment for users in the US. The alternative payment method will be available outside of the US later this year, we’re told.

Musk said Tesla is using internal, open source software and is operating Bitcoin nodes directly.

Tesla has published an FAQ on its website that details how the Bitcoin payment process works and how to avoid delays. For example, the company recommends sending the exact amount of your purchase in a single payment, rather than spreading it out across multiple payments or funding it from multiple wallets.

Also worth mentioning is the fact that Tesla only accepts Bitcoin. Any transaction funded with a different cryptocurrency will not be accepted and “will likely result in a loss of funds for you.”

Masthead courtesy Ivan Marc

Permalink to story.

 

Dimitriid

Posts: 389   +670
Even if we didn't take into account how we're decades behind on switching to renewable sources for energy making electric cars that depend on a carbon-emitting power plant just concentrate the problem elsewhere, we can now finally offset any and all environmental gains we would have by going with an already overpriced electric car by paying for it with one of the most destructive-to-the-environment possible ways for it. I'm surprised they don't just start taking coal that's immediately burn for power as currency for your brand new environmentally conscious Tesla!

Seriously even if you don't like the "Blockchain just wastes energy and is terrible for the environment" argument, you know *who* should probably care about that argument? A COMPANY SELLING ELECTRIC CARS EXCLUSIVELY. This basically shows why waiting for playboy Tony-Stark wannabe billionaires is never going to solve climate change at all.

Only thing that might give us a fighting chance is you know, the whole seizing the means of production thing but that's just not going to materialize in time to solve anything at this rate.
 

QuantumPhysics

Posts: 4,734   +5,144
Someone should ask the liberals how they square Tesla saving energy and reducing fossil fuels emissions - but promoting Bitcoin which is a complete and total waste of energy resources and creaqtes greenhouse emissions due to the computers needed to "mine" it.
 

QuantumPhysics

Posts: 4,734   +5,144
Bitcoin's value right now is $56,753

But a day ago it was $53,846.

So that means that there's a huge difference between buying a Tesla yesterday and buying one today.

It reminds me of the early days of Bitcoin where people were spending Bitcoin on frivolous things such as Pizza, CDs and video games.

If they hadn't spent their Bitcoin when it was $10 a coin, then they'd have "millions" worth of USD now.

How could any nation or serious trader ever square that level of volatility?
 

terzaerian

Posts: 800   +1,127
Even if we didn't take into account how we're decades behind on switching to renewable sources for energy making electric cars that depend on a carbon-emitting power plant just concentrate the problem elsewhere, we can now finally offset any and all environmental gains we would have by going with an already overpriced electric car by paying for it with one of the most destructive-to-the-environment possible ways for it. I'm surprised they don't just start taking coal that's immediately burn for power as currency for your brand new environmentally conscious Tesla!

Seriously even if you don't like the "Blockchain just wastes energy and is terrible for the environment" argument, you know *who* should probably care about that argument? A COMPANY SELLING ELECTRIC CARS EXCLUSIVELY. This basically shows why waiting for playboy Tony-Stark wannabe billionaires is never going to solve climate change at all.

Only thing that might give us a fighting chance is you know, the whole seizing the means of production thing but that's just not going to materialize in time to solve anything at this rate.
It'd be nice if Tesla looked into accepting other altcoins as well. While I refuse to lend credence to the consumption argument, the fact is that crypto is now bigger than just Bitcoin, and there are other compelling technologies in the space, many of which are proof-of-stake and would be more "sustainable" alternatives.
 

Lounds

Posts: 767   +682
Bitcoin's value right now is $56,753

But a day ago it was $53,846.

So that means that there's a huge difference between buying a Tesla yesterday and buying one today.

It reminds me of the early days of Bitcoin where people were spending Bitcoin on frivolous things such as Pizza, CDs and video games.

If they hadn't spent their Bitcoin when it was $10 a coin, then they'd have "millions" worth of USD now.

How could any nation or serious trader ever square that level of volatility?
One that stands to benefit from the Ponzi scheme.
 

NightAntilli

Posts: 557   +661
Bitcoin's value right now is $56,753

But a day ago it was $53,846.

So that means that there's a huge difference between buying a Tesla yesterday and buying one today.

It reminds me of the early days of Bitcoin where people were spending Bitcoin on frivolous things such as Pizza, CDs and video games.

If they hadn't spent their Bitcoin when it was $10 a coin, then they'd have "millions" worth of USD now.

How could any nation or serious trader ever square that level of volatility?
I guess Elon Musk is stupid
 

mattferg

Posts: 149   +153
Even if we didn't take into account how we're decades behind on switching to renewable sources for energy making electric cars that depend on a carbon-emitting power plant just concentrate the problem elsewhere, we can now finally offset any and all environmental gains we would have by going with an already overpriced electric car by paying for it with one of the most destructive-to-the-environment possible ways for it. I'm surprised they don't just start taking coal that's immediately burn for power as currency for your brand new environmentally conscious Tesla!

Seriously even if you don't like the "Blockchain just wastes energy and is terrible for the environment" argument, you know *who* should probably care about that argument? A COMPANY SELLING ELECTRIC CARS EXCLUSIVELY. This basically shows why waiting for playboy Tony-Stark wannabe billionaires is never going to solve climate change at all.

Only thing that might give us a fighting chance is you know, the whole seizing the means of production thing but that's just not going to materialize in time to solve anything at this rate.

So the TLDR of this comment basically is: I’m ignorant and don’t know how to do research.

Even if a Tesla was only charged from a grid 100% powered by the burning of fossil fuels, even including manufacture it would be orders of magnitude more green than a petrol car.

The most efficient ICE motors in the world in F1 are at best in the 40% range for efficiency. That’s the MINIMUM for electric power generation. Per mile driven, even on electricity from burning gas, a Tesla emits significantly less fossil fuels.

As for BTC - yes, it uses a lot of energy. Again, ignorance though, because 74% of the network runs on renewables. Why? Because the most competitive mining farms set up in places like Iceland where the electricity is so cheap because it’s renewable. Or they used their profits to buy solar panels.

It’s a direct effect of capitalism - the easiest way to increase their profits is reduce their main cost - power. This meant their hardware stayed relevant longer too.

So now that we’ve established you have no clue what you’re talking about, maybe stop commenting?
 

mattferg

Posts: 149   +153
Someone should ask the liberals how they square Tesla saving energy and reducing fossil fuels emissions - but promoting Bitcoin which is a complete and total waste of energy resources and creaqtes greenhouse emissions due to the computers needed to "mine" it.

Probably the same way the “party of family values” now prays at the altar of a 2x divorcee who cheated on his pregnant wife with a porn star. Or locked kids in cages while saying that abortions are murder. Or refusing to vote for stimulus checks that “may go to felons” despite doing it twice the year prior.

Or, maybe they’re just not as massive a hypocrite, and actually look at the data, which shows that 74% of the BTC network runs on renewable power. As a “completely free market” person (read: *****) you should know that any BTC farm massively invested in renewable power because it massively reduced their costs and increased their profit.

Why would they pay for fossil fuels to be burnt when the sun would power their mining for free? Oh, and home miners don’t mine BTC, it’s ETH, so since Tesla doesn’t accept that they’re completely irrelevant.
 

kmo911

Posts: 306   +34
You pay this much . ill pay in bitcon. acepted you buy whole stor. no I buy whole kindom for 1 bitcoin.
in bitcoins you said ?? thats one new !!?? 1 ee.....



more LIKE this one. 1 million dollars LOL. EHE ? to small ?
 
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Watzupken

Posts: 131   +103
Somehow I get a sense that Elon is trying to push prices of Bitcoin up. Everytime Bitcoin loses steam, you will hear some news about him investing/commenting on Bitcoin, Tesla investing in Bitcoin, Tesla accepting Bitcoin, etc. The timing is just too coincidental in my opinion, and people know that such news particularly from influencial person/ business will give Bitcoin value a boost since there are no fundamentals to value the virtual coin.
 

scavengerspc

Posts: 1,080   +1,032
TechSpot Elite
Does anyone with a strong opinion actually have any knowledge of the subject? I have never mined a single coin but everyone I have I just bought it through various exchanges and my broker. I'm ready to end the "suspense."

Time to end this. I'm thinking of using coinbase and connecting to my Paypal account to completely sell out.

Question for the Pros - Is there any better way to get this over with and cashing out?
 

Bas Keur

Posts: 41   +22
Even if we didn't take into account how we're decades behind on switching to renewable sources for energy making electric cars that depend on a carbon-emitting power plant just concentrate the problem elsewhere, we can now finally offset any and all environmental gains we would have by going with an already overpriced electric car by paying for it with one of the most destructive-to-the-environment possible ways for it. I'm surprised they don't just start taking coal that's immediately burn for power as currency for your brand new environmentally conscious Tesla!

Seriously even if you don't like the "Blockchain just wastes energy and is terrible for the environment" argument, you know *who* should probably care about that argument? A COMPANY SELLING ELECTRIC CARS EXCLUSIVELY. This basically shows why waiting for playboy Tony-Stark wannabe billionaires is never going to solve climate change at all.

Only thing that might give us a fighting chance is you know, the whole seizing the means of production thing but that's just not going to materialize in time to solve anything at this rate.

Blockchain just wastes energy and is terrible for the environment.
Does it contribute a metric-****-ton as is ? Yes, Does it need to be ? No.
In Holland the wind is currently providing so much power back to the grid on a windy day they have to shut down the windmills to prevent damage. Power isn't the problem, it's how you get it.

He's taking (As in actually) humanity to Mars, that alone have set his work in stone.
 

Dimitriid

Posts: 389   +670
Blockchain just wastes energy and is terrible for the environment.
Does it contribute a metric-****-ton as is ? Yes, Does it need to be ? No.
In Holland the wind is currently providing so much power back to the grid on a windy day they have to shut down the windmills to prevent damage. Power isn't the problem, it's how you get it.

He's taking (As in actually) humanity to Mars, that alone have set his work in stone.

This is a good point: I would have less (But not zero) problems with blockchain if we could magically switch out every single coal and gas power plant into nuclear overnight where it's feasible (Yes: only where it is feasible Japan: We don't need nuclear reactors directly on top of coastal fault lines)

However where I must again object is the Mars thing: I haven't heard any good arguments as to why he wouldn't turn a Mars colony into his Colonial paradise as the absolute ruler: just because somebody has the money to get there doesn't means he should have no accountability and we already know Musk is well, not the best when it comes to respecting his fellow human being rights given how he actively resist unionizing in his companies and goes through great efforts to avoid what should be a given right of any employee.