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Tesla merchandise buyable using dogecoin, Musk says in tweet


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Tesla merchandise buyable using dogecoin, Musk says in tweet

Reuters.pngEconomyJan 14, 2022 
 
 
 
Tesla merchandise buyable using dogecoin, Musk says in tweet© Reuters. FILE PHOTO: Representation of cryptocurrency Dogecoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Tesla Inc merchandise can be bought using the digital currency dogecoin, the electric-car maker's Chief Executive Officer Elon Musk said in a tweet on Friday.

 

Products such as the "Cyberwhistle" and "Cyberquad for Kids" could be bought using the cryptocurrency, according to the Tesla website. (https://

Musk had tweeted in December saying Tesla will accept dogecoin as payment for merchandise on a test basis.

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Tesla begins accepting Dogecoin… for some merchandise

investing-new.pngCryptocurrencyJan 14, 2022 
 
 
 
Tesla begins accepting Dogecoin… for some merchandise© Reuters

By Samuel Indyk

Investing.com – Electric vehicle maker Tesla (NASDAQ:TSLA) has confirmed that it has begun accepting the cryptocurrency Dogecoin as payment for some merchandise on its website.

The news was confirmed with a tweet from Tesla CEO Elon Musk.

“Tesla merch buyable with Dogecoin,” Musk said on the social media site.

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The price of Dogecoin surged following the announcement. At 07:59GMT, Dogecoin trades at 0.195576, up 15.4% in the last 24 hours.

Some of the products available to buy using Dogecoin were the Cyberquad for Kids, Cyberwhistle, and Giga Texas Belt Buckle, according to the company’s website.

Vehicles, such as the Model 3 and Model S, and accessories for the vehicles, were not available to buy with Dogecoin.

The news should not be particularly surprising. In December, Musk tweeted that Tesla would begin accepting Dogecoin for some merchandise.

In the support section of the Tesla website, the company has provided a practical FAQ page for using Dogecoin. The company confirmed that users paying Dogecoin will incur fees, with the purchases responsible for any fees associated with a Dogecoin transaction.

Tesla also confirmed that once an item has been purchased with Dogecoin, they cannot be returned, exchanged or cancelled.

Tesla has previously ventured into the world of cryptocurrencies when it began accepting Bitcoin last year. However, the option to pay using Bitcoin was short-lived, with Elon Musk citing the environmental impact of transactions and mining on the Bitcoin network for its removal.

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Dogecoin jumps 9% after Elon Musk says it can be used to buy Tesla merchandise

Arjun Kharpal, CNBC
KEY POINTS
  • The price of dogecoin jumped more than 15% on Friday before paring gains after Tesla began accepting the cryptocurrency as payment for merchandise.
  • Only a small number of items, including a belt buckle and a whistle, were buyable with the cryptocurrency, which originally started life as a joke coin.
  • There are a number of conditions that come with paying with dogecoin, including no refunds or cancellations.

 

SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany.
SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany.
Britta Pedersen | Getty Images

The price of dogecoin jumped more than 15% on Friday before paring gains after Tesla began accepting the cryptocurrency as payment for some merchandise.

Early Friday, Tesla CEO Elon Musk said on Twitter that the electric carmaker’s merchandise can be purchased with dogecoin.

 

Dogecoin topped $0.20 a coin at around 01:19 ET before paring some of those gains, according to Coindesk data. It was up more than 9% at $0.18 at 07:06 ET.

Only a small number of items were buyable with the cryptocurrency, which originally started life as a joke coin.

A whistle shaped like Tesla’s Cybertruck costs 300 doge, which is equivalent to about $59 at the time of writing. A commemorative belt buckle to celebrate Tesla’s Gigafactory in Texas was going for 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 merch buyable with Doge & see how it goes.”

Musk is a high-profile supporter of dogecoin and his tweets often move the price of the cryptocurrency.

 

No returns with dogecoin

There are a number of terms and conditions that come with using dogecoin to buy merchandise from Tesla.

Users will need a dogecoin wallet to transfer the digital money to Tesla. Furthermore, if “an order is overpaid in Dogecoin, the overpayment amount will not be refunded to the original form of payment,” according to company’s website.

Tesla warns that it can take up to six hours for the dogecoin network to confirm the payment.

And the company says that any orders paid for in dogecoin cannot be canceled or refunded. Normally, if a person buys Tesla merchandise through the official store via traditional payments methods, it can be returned within 30 days of receiving the product.

It’s not the first time Tesla has accepted a cryptocurrency as payment. Last year, Tesla bought bitcoin worth $1.5 billion at the time and said it planned to accept purchases using the cryptocurrency. Musk later stopped accepting bitcoin over environmental concerns. The bitcoin network, through a process called mining, uses large amounts of energy.

Dogecoin uses significantly less energy, according to analysis by TRG Datacenters. Musk said last year that he would work with dogecoin developers to improve the efficiency of transactions.

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