Elon Musk further mentioned that Bitcoin paid to buy Tesla cars will be retained as Bitcoin and not converted fiat currency (government issued money). Furthermore, the company will be running its own internal and open source software which operates Bitcoin nodes directly.
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.
The price of Bitcoin climbed almost 3% to $56,242 shortly after Musk made the announcement on Twitter. It is pertinent to mention that the electric automaker has invested a huge sum of $1.5 billion into the cryptocurrency.
The price of Bitcoin is highly volatile which has always made it difficult to purchase real-world goods with the cryptocurrency. However, the automaker has thought everything through and updated its terms and conditions mentioning what happens in case a customer demands a refund.
According to the terms and conditions, the company will refund the exact amount of Bitcoin paid by the customer or the price of the Tesla car in US Dollars. This means that if the price of Bitcoin surges within this timeframe, the customer will have to bear a loss.
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