Before you buy a Tesla car with Bitcoins, it is important to know how Bitcoins work and how to make payments using Bitcoins. To start trading with Bitcoins, you should have a bitcoin wallet from where all transactions will be done, and you can get an accurate market analysis of the fluctuations in the crypto market to make better trading decisions.
Visit this site to open an instant trading account and start trading in bitcoins. You don’t have to pay any charges to open an account. The benefits of this website are that it uses superior algorithm technology, which will provide you with a comprehensive and accurate analysis of the crypto market. No matter if you are an expert or new to cryptocurrency, you can easily use this website for trading in bitcoins. This website has a user-friendly interface and is easy to use and navigate which makes trading in bitcoins convenient. This website grants you the option to customize the level of autonomy the software operates and how many assistants you require while trading in cryptocurrency. It also provides you with high-level security so that you can have a safe and secure trading environment. Also, the safety protocols keep you protected from hacking and maintain complete privacy in your financial and personal information. Now you have successfully created a bitcoin wallet, it is also important for you to know how Bitcoins work.
How do Bitcoins work?
It can take hours to understand how bitcoins work. If you are new to bitcoins and want to start using Bitcoins without getting into the technical details, then here is a simple summary by which you can understand the basics of how bitcoins work.
The basics for a new user
For a new user, it is very important to install a bitcoin wallet on your laptop or mobile phone. Without a bitcoin wallet, you cannot trade in bitcoins. Once you have made your wallet, the software will generate a bitcoin address. A bitcoin address is needed to do transactions in bitcoin; hence you can share your bitcoin address with the person with whom you want to do a transaction. You can use a bitcoin address only once, and you can generate more whenever you are doing a new transaction. Once you pay someone in bitcoins, the person gets the funds in bitcoins as well, which can be convertible into FIAT money anytime.
The complete Bitcoin network is based on Blockchain technology which is a shared, immutable ledger for listing transactions. The Blockchain records all your confirmed transactions and calculates the available balance that you can spend on new transactions.
Transactions –Private keys
When a transaction is made, the value of bitcoins transfers from one bitcoin wallet to another, and these transactions get recorded in the Blockchain. To verify the transfer has done by the wallet owner, bitcoin saves the data, which is called the Private key, which is used to sign transactions done by the owner. Once you have made the transaction, it cannot be immutable by anyone, and the data is recorded in the network, and your payment gets confirm within 10-20 minutes.
Mining is used to confirm a transaction that is not completed by including them in the Blockchain. It maintains the transactions in chronological order in the Blockchain, avoids conflict in the network, and allows different devices to agree on the state of the system. With the help of mining, no individual can control the transaction recorded in the Blockchain. In this way, the complete process stays safe and secure.
Can you buy Tesla cars with Bitcoins?
CEO of Tesla, Elon Musk, announces that Bitcoins can be used to buy Tesla cars. The option to buy Tesla cars with Bitcoins is only available for their US website. The company CEO, Elon Musk, also said by the end of the year, many other countries will get the option to buy Tesla cars with Bitcoins. On the US website, you will find an option to pay from your bitcoin wallet along with other card payment options.
With the confirmation of using bitcoins to buy Tesla cars, Elon Musk also provided information regarding how Tesla is handling trading in cryptocurrency. Elon Musk announced on Twitter that “Tesla is using only internal & open source software & operates Bitcoin nodes directly” with a follow-up tweet, “Bitcoin paid to Tesla will be retained as Bitcoin and not converted to fiat currency.”
Tesla also shared details on how the bitcoin payment system works. On the US website of Tesla, you will find a QR Code which you need to scan, or you can make a transaction by copying the Bitcoin address and pasting it in your Bitcoin wallet. Tesla only accepts bitcoins as a form of cryptocurrency for making payments. If you try to add any other form of cryptocurrency to your wallet, you will not receive the transaction, and it will lead to loss of funds for you.
But on May 13thTesla suspended the use of bitcoins to buy Tesla cars due to the use of Fossil fuels for bitcoin mining. Bitcoin mining is the process of adding new Bitcoins into circulation. With bitcoin mining, you can earn bitcoins without losing any money for it.
After the tweet by Elon Musk for not accepting bitcoins to buy Tesla cars, the value of bitcoin fell by 17% to its lowest price. Tesla would not convert any bitcoin into FIAT money, and you can again use payment with bitcoins once mining transitions to more sustainable energy.
The mining of bitcoin creates a huge impact on the environment, and Tesla having an image of an environmentally-friendly company that specializes in making electric cars and bitcoins, is the opposite has left no other choice for the company CEO to suspend the use of bitcoins until mining transitions to more sustainable energy. Hence you can buy Tesla cars with Bitcoins, but due to unusual circumstances, Tesla will no longer accept Bitcoins for the time being.