Tesla will accept payments in Dogecoin- Corriere.it

Purchase a Tesla product by paying in dogecoin. Elon Musk keeps his word and turns December’s promise into reality allow payments on Tesla shops also through cryptocurrencies. The owner of the automaker has decided to give the announcement on Twitter directly to its 62 million followers. From his account Musk tweeted a few words, “Tesla products are available for purchase in dogecoin,” which were enough to push the value of the coin that gained up to 15% over the course of the day into the markets. Dogecoin is a cryptocurrency born as a joke in December 2013. Inspired by an internet meme featuring a Shiba dog, it quickly spread throughout 2014, attracting the attention of Tesla’s patron.

Products for sale: no cars

But what can you actually buy? At the moment it is not clear if all Tesla products will be available but the cars seem excluded. For now, some items are marked with the new currency on the store, such as the Cybertruck Graffiti Cuffed Beanie, available for 205 doge, the Giga Texas Belt Buckle for 835 doge, the Cyberquad for children for 12,020 doge. After Musk’s announcement, Tesla has opened a support page where you can find all the information on how to buy cryptocurrency compatible products.

Farewell to bitcoin

Musk’s love of cryptocurrencies has long been known even though they haven’t always been a bargain for the entrepreneur. At the beginning of 2021 Musk announced that Tesla would invest in bitcoin, introducing it in the payments in the store but then abandoning the cryptocurrency after less than two months. “Basically, bitcoin is not a good substitute for regular currency,” the South African businessman later said in an interview. On Dogecoin Musk instead he spent good words: “Even if it was created as a silly joke, Dogecoin is more suitable for transactions ». This is because, he explained, “the volume of bitcoin transactions is low and the cost per transaction is high”, while Dogecoin, on the other hand, is a currency that “encourages people to spend rather than accumulate value,” he said. Unlike Bitcoin, which was designed to be a scarce resource, Dogecoin is intentionally numerous: around ten thousand new coins are mined every minute without an indication of maximum availability.

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