Tesla has confirmed to us that it is possible to pay in full for a new Tesla using Bitcoin. We break down the fairly extensive process of using Bitcoin as a payment method.
There are numerous products and services from Tesla that can be purchased with the cryptocurrency known as Bitcoin. Eligible items will have a Bitcoin symbol next to the order button. When purchasing a new Tesla, this allows customers to pay the $100 order deposit with Bitcoin.
Going a step further to pay in full with Bitcoin would require a customer to setup payment with Bitcoin after placing an order. This involves using a Bitcoin wallet that allows Bitcoin to be transferred directly. (Some services may only allow cryptocurrency to be converted to cash.)
Tesla will give buyers their Bitcoin wallet address in both an alphanumeric code and QR code. Customers are then required to manually enter this information into their Bitcoin wallet to transfer the correct Bitcoin amount. It is extremely important to note that customers should triple-check that they are sending money to the correct wallet, as it is their sole responsibility to ensure the transaction is completed properly.
Tesla’s web-site will provide a Bitcoin conversion at the time of order. The price will be active until the timer on the payments page expires, at which point a buyer would owe an updated amount.
Make sure not to overpay Tesla for the transaction, as it may not be possible for them to refund the additional amount. Also ensure to only send payment from a single Bitcoin wallet. Buyers are responsible for Bitcoin network fees as well as any fees charged by their wallet provider.
The payments page will refresh within one minute of submitting payment, and Tesla will confirm Bitcoin payment via email within six hours.
It is important to note that Tesla only accepts Bitcoin, not alternatives such as Bitcoin Cash or Bitcoin SV. Other cryptocurrencies are also not accepted at this time, and may be lost or destroyed if they are accidentally sent to Tesla’s wallet address.
Tesla is not responsible for lost or stolen Bitcoin that arise from hackers or issues with the Bitcoin network.
The good news is that paying in full with Bitcoin is for the most part as seamless and easy as paying with cash, provided that buyers follow the steps we’ve outlined. This process may change at any time, so we suggest also reading through Tesla’s support article on Bitcoin.
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