Tesla website now lets you pay with Bitcoin

[ModalYYJ]

Time to spend that crypto, folks!!

Tesla Now Lets You Purchase a Car with Bitcoin - TeslaNorth.com

You can now buy a Tesla with Bitcoin, according to a change on the company’s website on Wednesday evening. Back in February, Tesla disclosed it ... Read more

teslanorth.com

 

[DriverOne]

I wonder how much use this will get. While it's great for a few bitcoin investors, I can't see how it helps turn EVs mainstream.

 

[Ostrichsak]

I wonder how much use this will get. While it's great for a few bitcoin investors, I can't see how it helps turn EVs mainstream.

Currently, not a whole lot of options out there to spend Bitcoin profits on directly. This will change with time but don't underestimate how many people are sitting on a pretty valuable pile of the stuff and looking for an outlet. There are a lot of folks out there sitting on a pile of Bitcoin looking for outlets for it who may not have been previously interested in a Tesla but saw the news that you can now buy one using Bitcoin who now find themselves interested enough to research them further. For a company with a $0 advertising budget this is a pretty easy way to attract a lot of people who may not have previously even thought of owning a Tesla.

As someone who generally buys used cars to avoid the depreciation hit, I'd be willing to buy a brand new car using crypto currency if it's value does what I believe it will do. When it gets to a point where I can pay full price for a new Model S Plaid+ or Next Gen Roadster using the Bitcoin I have it becomes awfully tempting. I wouldn't be willing to invest that much cash in a new car but if I look at how much initial cash investment I put in crypto currency years ago I'd be willing to pay directly that amount on a new car. I have a feeling I'm not alone in this stance either.

Besides, in the end, if you don't see the value in using crypto currency to buy a car this doesn't affect you in the least. You can still pay cash or finance just like you could before. It doesn't hurt at all to offer it as a buying option just like any other pathway for purchase. Companies should strive to give customers as many options as possible to give them money. That's all Tesla is doing here and if it attracts only one sale they wouldn't have got before offering it... mission accomplished. I happen to think it will generate many sales they wouldn't have otherwise received w/o it as an option.

 

[tivoboy]

I think it would truly behove Tesla to put together a little primer on what it means to use bitcoin to buy a Tesla. There doesn’t seem to be an actual way to PAY right now on the website, but one submits a form and they probably follow up with you at TOD for the bitcoin. No way are they going to take the order to delivery timeframe risk in the asset value for the bitcoin. That said, i think they also need to add to the information the tax impact that a buyer IS going to experience when swapping the bitcoin asset for the Tesla asset.. a buyer will realize the full capital asset gain on the bitcoin when the transaction is completed - AND owe the tax on this exchange. Frankly, I’d hate to buy a Tesla for $70K, AND owe all the capital gain tax on my bitcoin basis (about $50) and current market value (about $55,000). Would be another $10,000 in capital gain taxes due on the purchase.

 

[andy92782]

I think it would truly behove Tesla to put together a little primer on what it means to use bitcoin to buy a Tesla.

Here's a link to the T&Cs:

https://hmg-prod.s3.amazonaws.com/files/btc-terms-and-conditions-en-us-1616603517.pdf

I'd pay close attention to this section:

Refundsand Buybacks
If you are entitled to a refund of your paymentor to a buyback, we reserve the right to refund to you either the exact Bitcoin Price that you provided to us at the time of purchase or an amount of U.S. Dollars that is equivalent to the U.S. Dollar price of the product that you purchased, at our sole and absolute discretion, taking into consideration operational efficiency. The same applies to all fees and incidental costs to which you are entitled. THE PRICE OF BITCOIN CAN BE VOLATILE AND THE VALUE OF BITCOIN RELATIVE TO U.S. DOLLARS MAY DECREASE OR INCREASE BETWEEN THE TIME THAT YOU MAKE YOUR PURCHASE AND THE TIME THAT WE PROVIDE A REFUND OR BUYBACK. IF WE REFUND YOU IN BITCOIN, THE VALUE OF SUCH AMOUNT OF BITCOIN RELATIVE TO U.S. DOLLARS MIGHT BE SIGNIFICANTLY LESS THAN THE VALUE OF SUCH AMOUNT OF BITCOIN RELATIVE TO U.S. DOLLARS AT THE TIME OF YOUR PURCHASE. IF WE REFUND YOU IN U.S. DOLLARS, THE U.S. DOLLAR AMOUNT THAT WE PROVIDE TO YOU AS A REFUND MIGHT BE SIGNIFICANTLY LESS THAN THE CURRENT U.S. DOLLAR MARKET VALUE OF THE AMOUNT OF BITCOIN IN WHICH YOU MADE YOUR PAYMENT. YOU ASSUME THE RISK OF BITCOIN PRICE DEPRECIATION AND APPRECIATION AND WILL HAVE NO RIGHT TO SELECT THE METHOD OF REFUND. YOU ARE NOT ENTITLED TO RECEIVE ANY APPRECIATION ON THE VALUE OF THE BITCOIN THAT YOU PROVIDED TO USAS PAYMENT IN CONNECTION WITH A REFUND OR BUYBACK.

 

[SabrToothSqrl]

You buy at $50,000 for 1 BitCoin.

We choose to refund you 1 BitCoin, now worth $30,000.

Have a nice day

 

[tivoboy]

Here's a link to the T&Cs:

https://hmg-prod.s3.amazonaws.com/files/btc-terms-and-conditions-en-us-1616603517.pdf

I'd pay close attention to this section:

I‘s good to be the king.

 

[ThomasD]

So if the price of bitcoin dropped by 10,000 after you bought your car will Tesla come after you for the difference?

 

[Tam]

So if the price of bitcoin dropped by 10,000 after you bought your car will Tesla come after you for the difference?

Tesla has a window for car owners to submit their bitcoin. As long as the bitcoin is submitted within that window, Tesla cannot come after the owners for more bitcoin. If it wants more bitcoin, it has to invalidate the existing window so owers cannot submit the bitcoin. Then, the owner has to meet the deadline for a new window to submit a higher number of bitcoin this time.

 

[tivoboy]

Tesla has a window for car owners to submit their bitcoin. As long as the bitcoin is submitted within that window, Tesla cannot come after the owners for more bitcoin. If it wants more bitcoin, it has to invalidate the existing window so owers cannot submit the bitcoin. Then, the owner has to meet the deadline for a new window to submit a higher number of bitcoin this time.

What is going to be a surprise for people buying with bitcoin, is that window can’t possibly be more than about 6-12 hours at most, and that will probably only be during daytime hours in NA.

 

[andy92782]

Hmm... With all these reports of Tesla double charging customers via ACH, maybe payment via BTC isn't such a bad idea after all...

 

[sgalla04]

Has anyone here paid the $100 deposit in Bitcoin yet? As of 06Apr2021 at 2:20 PM EST Tesla wants 0.00191118 BTC or $111.25. I've checked a few times and the Estimated Bitcoin for $100 always is about 10% higher than the current BTC price. Just curious to see what people think.

 

[techitect]

Has anyone here paid the $100 deposit in Bitcoin yet? As of 06Apr2021 at 2:20 PM EST Tesla wants 0.00191118 BTC or $111.25. I've checked a few times and the Estimated Bitcoin for $100 always is about 10% higher than the current BTC price. Just curious to see what people think.

I did last night, paid from Coinbase Pro and total was $100.24. The window was 30 minutes to get the funds sent to the shown address

 

[paneristi]

@techitect Can you provide some more details on the remainder of the purchase process with Bitcoin? Does the final payment for the car happen on the website as well? When do they expect the payment to be sent?