SpaceX owner and Tesla CEO, Elon Musk, arrives on the red carpet for the 2020 Axel Springer Awards on December 1, 2020 in Berlin, Germany.
Britta Pedersen | beautiful pictures
Price of dogecoin up more than 15% on Monday before analyzing the gain later Tesla has begun accepting cryptocurrencies as payment for a number of goods.
On Monday, Tesla CEO Elon Musk said on Twitter that the electric carmaker’s goods can be purchased with dogecoin.
Dogecoin topped $0.20 a coin around 01:19 ET before analyzing some of those gains, according to Coindesk data. It was up more than 9% at $0.18 as of 07:06 ET.
Only a small number of items can be purchased with cryptocurrency, originally started life as a joke coin.
A whistle shaped like Tesla’s Cybertruck costs 300 doge which equates to about $59 at the time of writing. A commemorative belt buckle to celebrate Tesla’s Gigafactory in Texas will cost 835 doge, or about $164.
Plans to accept dogecoin as payment have been in the works for a while. In December, Musk tweeted that “Tesla will make some merchandise purchasable with Doge and let’s see how it goes.”
No profit with dogecoin
There are certain terms and conditions that come with using dogecoin to purchase goods from Tesla.
Users will need a dogecoin wallet to transfer the digital currency to Tesla. Furthermore, if “an order is overpaid in Dogecoin, the overpaid amount will not be refunded to the original form of payment,” according to the company. website.
Tesla warns that it can take up to six hours for the dogecoin network to confirm payments.
And the company says that any orders paid with dogecoin cannot be canceled or refunded. Normally, if a person purchases Tesla merchandise through an official store through traditional payment methods, they can return it within 30 days of receiving the product.
This is not the first time Tesla has accepted crypto payments. Last year, Tesla bought $1.5 billion worth of bitcoin at the time and said it plans to accept cryptocurrency purchases. Musk later stop accepting bitcoins about environmental concerns. The bitcoin network, through a process known as mining, use a large amount of energy.
Dogecoin uses significantly less energy, according to analysis by TRG data center. Last year, Musk said that he would work with dogecoin developers to improve the efficiency of transactions.
