Bitcoin, the digital currency has come and revolutionized making transactions on the internet. You can now make a purchase of anything with Bitcoin. Since the service was introduced in 2008, much progress has been made and the number of things you can use the service for it that have increased. At the introduction, the service was appreciated because it solved the double-spending problem which plagued people at the time.
The blockchain technology used by bitcoin allows the protocol to keep a record of all the transactions happening over the network and prevent the same digital token from being used twice. Since the introduction, according to Factinate, the Bitcoin currency has grown leaps and bounds and is now considered more than just a digital currency. The currency is now more than just a currency but is used as an app in various industries. As a currency, it is being widely accepted more than it was at the beginning by most businesses.
A software engineer at BitGo, Mason Borda, recently preordered a Tesla Motors Inc (NASDAQ:TSLA) Model 3, the newer version of cars that the electric car manufacturer recently released. He bought it using bitcoin. In his blog which is rightly titled, “I just preordered a Tesla Model 3, Mason Borda explains how he was firstly introduced to the Tesla electric cars and fell in love with them. He also explains the process that followed for him to manage to preorder his favorite car.
Mason Borda, however, did not directly send bitcoin to a wallet address or use a bitcoin payment gateway in the Tesla site to pre-order the new Model 3. Instead, he used bitcoin to make payment on the car manufacturer’s site while making use of the conventional fiat payments channels. In order to do that, he had to take the help of a single use bitcoin-powered credit card service, ShakePay.
Created by well-known entrepreneur and tech inventor Elon Musk, Tesla is one of the leading electric car manufacturers. The company is predominantly known for offering high-end electric vehicles that are meant for the rich, powerful and affluent people. Tesla vehicles are judged to have done the same thing that Bitcoin did by breaking the notion that most people had. Most people thought that there could not be an electric car in this generation produced which could be highly dependable and effective. Digital Currency also changed the landscape by changing the view people had about it of being an in-game currency and they have now transformed to a global currency.
Tesla recently released the Tesla Model 3 which is seen as a way by the company to target the average consumer.
Bitcoin credit or debit cards have managed to make it easier for people to make transactions at the point of sale terminals without any problems. The cards which are known as crypto-cards are connected to a user’s Bitcoin wallet and can be used just as any normal debit or credit MasterCard/ Visa cards. After payment, the money is deducted from the user’s bitcoin wallet while the seller gets their own part in flat currencies used in that country.