Tesla customers can now pay with Bitcoin as if they were trading with a credit card when ordering a car online. As with any payment option, there are certain terms and conditions for payments made with Bitcoin.
Tesla announced earlier this year that it bought $ 1.5 billion of Bitcoin, then it will sell cars with Bitcoin around the world and will not convert the money from there into fiat money.
Most cryptocurrency users know how important it is to send the right amount of money to the right wallet address when sending money somewhere. It is also necessary to follow these rules when shopping from Tesla with Bitcoin. But the rules are not limited to this.
Wrong address, goodbye Bitcoin
A payment window will appear in front of users who want to pay with Bitcoin on Tesla’s site. Here, the user will write to which address (both text and QR code) and how much BTC should be sent.
Bitcoin price can change within a few hours. So customers will have a 30-minute limit to send the money after seeing the payment window. It is the user’s responsibility to send the amount of bitcoins Tesla wants to the wallet provided by Tesla within these 30 minutes.
The company emphasizes that those who make incorrect transactions can “lose their bitcoins” and that it is not Tesla’s responsibility. The user will pay the transaction fee.
Let’s say you sent extra money
Tesla says it will only accept transactions that appear to be confirmed on the Bitcoin blockchain, and that these transactions “usually take less than an hour but occasionally more than a day” to complete.
Since transactions on the blockchain cannot be undone, customers have to pay exactly the amount that was delivered to them. A customer is asked for $ 100 of Bitcoin, but if the customer sends $ 90 of Bitcoin to the address provided, Tesla will wait until the customer closes the $ 10 difference. If he sends $ 110 of Bitcoin, he won’t be able to get $ 10 back.
The laws are the sole responsibility of the user
Cryptocurrency users may encounter hacking attacks from time to time. Any possible attack during the payment will be the responsibility of the user.
Since there is no comprehensive cryptocurrency legislation in the USA and other countries, legal changes may occur in the future. The user is entirely responsible for current laws and possible developments.
A customer may want to pay 1 bitcoin to buy a car from Tesla and return the car after a while. In the event that the Bitcoin price rises in the intervening period, the customer can be refunded not 1 (for example) 0.94 Bitcoin. This is also the user’s responsibility.