Elon Musk, the billionaire CEO of Tesla, announced last month that customers would be able to purchase some of the firm’s branded products using the cryptocurrency dogecoin. This initiative came months after the electric car manufacturer briefly toyed with allowing customers to pay for its electric cars with bitcoin.
Musk has often shown his support for Dogecoin, which began in 2013 as somewhat of a joke. The billionaire called dodge the perfect cryptocurrency for transactions because it encourages individuals to spend rather than hoard “as a store of value.”
Using Dodge on Tesla
Not all products are dogecoin eligible. This means that some tesla products might not be purchased with the token. To find out which products can be bought with dodge, users can check for the Dogecoin symbol next to the “order” button. There, they’ll find Dogecoin-eligible products. Also, to know how much dogecoin to spend on a product if it is eligible, the price will be clearly stated in Dogecoin and will include any applicable taxes.
Also, the timer on the payments page will show users how much time they have to finish their payment. If the timer runs out, they’ll have to start the ordering procedure over.
Furthermore, users will need a “Dogecoin wallet” to buy a product on the Tesla Shop using Dogecoin. The wallet allows buyers to send and receive Dogecoin. After payment is made with Dogecoin, the payment page will display the Tesla Dogecoin wallet “address” in both alphanumeric and QR code form.
This can then be used to connect to a Dogecoin wallet and transfer the Dogecoin. In addition, it is important to note that the purchaser is responsible for ensuring that Dogecoin is correctly deposited to Tesla’s Dogecoin wallet.
Fees and other info
Each time payment in Dogecoin is made, the Dogecoin network charges network fees. Any fees associated with a Dogecoin transaction are the responsibility of the buyer. Furthermore, an order may be canceled if the wrong amount of Dogecoin is transferred. In addition to that, there is no form of reimbursement if a product is overpaid for. The buyer would bear the burden in such situations.
According to its support page, Tesla does not accept funds from multiple addresses for one payment. Such a situation might void the transaction. Also, orders cannot be canceled once they are placed using Doge as the medium of payment. Furthermore, items bought with dogecoin can’t be returned, exchanged, or swapped for cash. There is finality on every transaction done with Doge.
After sending the Dogecoin payment, users would have to wait for about a minute so the payment page can refresh. It is important not to attempt another transaction at this point. A confirmation email will be sent once the payment is complete.
The confirmation process might take as long as six hours; however, in case of a prolonged delay, users would have to reach out to their wallet provider.
There is a need to be careful when making digital payments, as hackers can easily hijack the process. In the case of any mishap, Tesla noted that it would not be held responsible.