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Teslas can now be bought using BTC; Will it be easy to buy it using Bitcoin?
On Wednesday, the Tesla CEO, Elon Musk, said that Teslas could be bought using Bitcoin, which will not be turned to Fiat. This option will soon be available outside the United States. His tweet has given a rise in Bitcoin’s price, which is currently trading at 53,264 with an increase of 3.08% in 24-hour and Bitcoin investors welcome this news over the world.
The company operates Bitcoin Blockchain nodes directly by the use of open-source software. This will undoubtedly increase the company's holdings of Bitcoin, which was already valued at $1.5 billion in the previous month. Tesla’s this move seems like a push to acquire as much crypto as possible.
But, if you think that buying Tesla with Bitcoin will be easy, then you are wrong. The cryptocurrency will struggle to gain widespread acceptance as a mode of payment despite its bull trend. According to the Bitcoin Payment Terms and Condition of the company, the transaction should be completed within a specific time; if not, the buyer will have to ask for a new trade. The time set by Tesla is 30 minutes, as stated by Tesla's representative. The complexities of the Bitcoin system and the United States' tax policy are other difficulties in buying Tesla with BTC.
There is no BTC discount given by the company to its buyers, and the company will accept the exact amount of the crypto. According to its terms and conditions, if the Bitcoin address is incorrectly filled, then the buyer's Bitcoin will be permanently lost. Tesla will not be held responsible for any wrong address input, and it will not refund the payment.
Buying anything with cryptos is taxable, but it is still not mentioned in Tesla's terms and conditions documents, and the buyers can face gain or loss depending upon the price of Bitcoin at that time. The Bitcoin ecosystem has deflationary incentives that might be discouraging for the buyers using Bitcoin. An increasing number of buyers will indeed increase the price of Bitcoin over the years.