Tesla himself must admit, it is silly to buy a car with Bitcoin

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2021-03-25 15:19:32

Following Elon Musk’s tweet announcing that Tesla would allow customers to pay for cars with Bitcoin, the company’s website in the US also began offering the cryptocurrency option.

However, in the terms and conditions of payment, it seems that Tesla itself must admit that, using this currency as a means of payment is meaningless.

In addition to simple details such as requiring customers to enter the exact e-wallet address and the amount of Bitcoin to pay, Tesla’s payment terms and conditions section also has many important warnings for users.

For example, Tesla admits that Bitcoin is a volatile asset, and the automaker still charges car prices in dollars. The payment in Bitcoin will be converted to equivalent through the provisional price in the “Bitcoin Price Window”.

Bitcoin price can fluctuate and move up and down. You will be responsible for initiating a Bitcoin payment with the exact Bitcoin price indicated on the payment page within the Bitcoin Price Window. Each Bitcoin price will expire after a period on the Bitcoin Price Window.

After the price on the Bitcoin Price window expires, you will need to request a Bitcoin price and a new Bitcoin Price Window on the checkout page and you will likely have to redo the payment process.

For the order fee / deposit, if you transfer an amount other than the Bitcoin Price price, your order will not work, we may refund the order fee / deposit to you according to the this payment, and you will be asked to resend the payment process to us in the correct amount for us to process your order.. “

This means that you are essentially still paying in USD, but instead of the usual payment methods, you can use Bitcoin if you want. However, the volatile volatility of the cryptocurrency is making the payment process more complicated than usual.

Tesla himself must admit, it is silly to buy a car with Bitcoin - Photo 2.

However, the problem is even more complicated in the case of a customer wanting to refund or buy back Bitcoin.

In its payment terms and conditions section, the company says that if you want a refund, Tesla will only return the dollar amount on the bill of sale, not in Bitcoin or the amount of Bitcoin you took. pay.

Given the current volatility of Bitcoin’s price, someone who buys a Tesla car with Bitcoin may find themselves buying up to 50% just a few days later when Bitcoin rises. The opposite can also happen to Tesla in the event of a sharp drop in Bitcoin.

Despite the risks and hassles of paying with Bitcoin, Tesla isn’t the only company that will accept Bitcoin payments. Many other companies have done the same, but like Tesla, they simply convert dollars to this cryptocurrency to calculate the price.

Consult Electrek

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