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Business Reuters Wednesday February 17, Elon Musk has announced that you can now buy a new Tesla with Bitcoin. Bitcoin erupted back in and those who invested early and kept their Bitcoins were rewarded handsomely.
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Some dealerships almost immediately began accepting the cryptocurrency as payment and a few automakers began to seriously explore the idea as well. Last month, Tesla said it'll soon begin accepting Bitcoin as payment and it's remained true to its word. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
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They are not backed by gold or another commodity. Musk added that customers outside of the US will have a Bitcoin payable option later this year. This means Tesla won't be able to recognize Bitcoin as income.
For example, if a buyer does not send the correct amount their order could be canceled. Delivery delays could happen if a buyer fails to send the exact amount due for the final payment. Processing the payment once it's been sent from the buyer's digital wallet takes only about a minute, though an email confirmation may not arrive for six hours.
And then there's this extremely important piece of info: deposits are not refundable when ordering with Bitcoin. It'll be interesting to observe Tesla's venture into Bitcoin and whether other mainstream automakers will soon follow.