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Elon Musk announces Bitcoin payment option for Tesla products

Elon Musk announces Bitcoin payment option for Tesla products
March 24
20:12 2021

Elon Musk, chief executive officer of Tesla Inc, an American electric carmaker, has announced bitcoin payment option for the company’s products.

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Musk, in a series of tweets on Wednesday, said bitcoin payment option is only available in the United States, adding that it will be launched in other countries later in the year.

In February, Tesla had invested $1.5 billion in bitcoin.

He said bitcoin received through sales of Tesla’s products will be retained in its original form.

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“You can now buy a Tesla with Bitcoin,” he tweeted.

“Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.

“Pay by Bitcoin capability available outside US later this year.”

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In the terms and conditions for bitcoin payment accessed by TheCable, Tesla said users may be required to provide additional information for identity verification when using the payment method.

The company cautioned customers to “exercise care when inputting the bitcoin address into the recipient field because bitcoin transactions cannot be reversed.”

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It added that Tesla will not be held responsible for bitcoin transaction fees associated with a purchase.

“We are not responsible for any failure to accurately input the alphanumeric code into the recipient field,” it reads.

“All products are priced in U.S. Dollars. If you choose to make a payment using Bitcoin, you must pay an amount of Bitcoin that is of equivalent value to the U.S. Dollar purchase price of the product that you purchase.

“We will provide you with a U.S. Dollar price for the product or service that you are purchasing, as well as a Bitcoin equivalent price (the “Bitcoin Price”).”

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Considering the unpredictable flow of the digital currency, Tesla said users must initiate the transfer of the bitcoin price within a given period of time.

It noted that failure to make the payment within the period will result in a new bitcoin price and window upon request.

Tesla added that information provided during the purchase using bitcoin payment option may be shared with relevant agencies for prevention of fraud.

“You authorize us to make inquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries,” it reads.

“When we carry out these inquiries, you acknowledge and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our inquiries in full.”

Recently, the Central Bank of Nigeria (CBN) had issued a directive to banks to close accounts of persons or entities involved in cryptocurrency transactions.

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