The owner of an electric car company, Tesla, Elon Musk said that the company has begun accepting bitcoin payments.
Elon Musk, therefore vowed that payments received in bitcoin will not be converted to fiat currency.
In a tweet on Wednesday, he said: “Bitcoin paid to Tesla will be retained as bitcoin, not converted to fiat currency. “You can now buy a Tesla with bitcoin.”
Consequently, the bitcoin payment option has been added to the Tesla website along with a page explaining how to pay with the cryptocurrency.
In the meantime, Musk explained that for now, the opportunity to pay with bitcoin is in the United States, adding that coin capability” will be available outside the U.S. “later this year.”
Tesla “is using only internal & open source software & operates bitcoin notes directly,” he added.
Bitcoin.com reports that a page about paying with bitcoin has been added to the Tesla website, stating that “Bitcoin is the only cryptocurrency Tesla accepts.” As for how to pay with BTC, the page details:
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.
Regarding how long it takes to process a bitcoin payment, Tesla wrote: “Once you send bitcoin from your wallet, the page will refresh within one minute … We will email you a confirmation once payment is received. This can take up to six hours to process.”
Tesla first revealed its plans to accept bitcoin payments in a filing with the U.S. Securities and Exchange Commission (SEC) last month, when it also informed the regulator that it had purchased bitcoin worth $1.5 billion.