Tesla has begun accepting payments in bitcoin. At the moment, these transactions are only possible in the United States. But Tesla says it expects to begin accepting payments of the cryptocurrency in other countries “later this year.”
CEO Elon Musk explained on Twitter that “Tesla is using only internal and open source software and operates bitcoin nodes directly. Bitcoin paid to Tesla will be retained as bitcoin, not converted into a fiat currency.”
A support page on the company’s website explains that prices will still be quoted in U.S. dollars. Customers will pay the equivalent value in bitcoin. Because the cryptocurrency is more volatile than the dollar, customers will be presented with a timer.
“Once you’re on the payments page and the timer begins,” explains a FAQ on Tesla’s website, “you will have until the time expires to complete your payment. Once the timer runs out, the QR code, bitcoin address, and bitcoin price will all expire. You will need to create a new order or return to your Tesla Account to initiate a new final payment.”
Customers are responsible for all transaction fees that come with bitcoin payments. Tesla also warns that the value of any refunds issued in bitcoin “might be significantly less” than the value relative to U.S. dollars at the time of purchase.
