Tesla Launches Dogecoin Payments for Its Goods, But There Are Pitfalls

2022/05/07 22:27

Tesla CEO Elon Musk has announced that Tesla now accepts Dogecoin as payment for the company’s merchandise. In the Tesla Store, products eligible for DOGE payment can be purchased by sending DOGE to Tesla’s Dogecoin wallet.

While it now accepts DOGE, the company also clarified that it will not accept any other cryptocurrencies. The company stated that it cannot receive assets other than DOGE on its website. The company told customers that “non-Dogecoin digital assets sent to Tesla will not be returned to the buyer.”

Additionally, items purchased using DOGE "cannot be returned, exchanged or cancelled." Tesla considers all sales completed through DOGE to be final and not redeemable for cash.

Tesla Goods Can Be Purchased With Dogecoin
— Elon Musk (@elonmusk) January 14, 2022

Dogecoin creator Billy Markus immediately responded to the announcement, calling out the Dogecoin community. “Well, Dogecoin community, you know what to do,” Markus tweeted.

The Dogecoin community was quick to respond. Some people tweeted that they had purchased merchandise with DOGE. Just minutes after the announcement, Twitter user Komaandy Dogecoin posted a screenshot of the order online, saying “Tesla tequila is shipping to Germany!”

A month ago, Tesla confirmed that it would begin accepting DOGE as payment for its purchases. This statement caused the price of the memecoin to increase by 25% at the time. On Friday, just a few hours after DOGE payments were implemented, the asset’s price jumped by 18.63%.

Back in December, Musk expressed his opinion on DOGE, comparing it to Bitcoin. According to him, “Although Dogecoin was created as a silly joke, it is more suitable for transactions.” He said that DOGE has a slight inflation, which encourages people to spend it instead of using it as a store of value.

Meanwhile, Tesla may not be the only company to start implementing crypto payments this year. A survey conducted by Visa revealed that small and medium-sized businesses will also adopt crypto payments in 2022.

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