Buying a Tesla with Bitcoin: Worst of both worlds
I was excited that cryptocurrency is being accepted as a form of payment at Tesla. But that was until I realized Tesla is not truly treating Bitcoin as a true form of payment. In their ToS they are entitled to refund your purchase (in case of a defective car) in either Bitcoin or Cash. This leads to a worst-case scenario for buyers:
Example: You send 1BTC to buy a $50,000 car. Now you want a refund due to getting a Lemon:
- If BTC doubles to $100,000, you will be paid in USD $50,000
- If BTC halves to $25,000 you will be paid in 1 BTC.
If BTC was truly accepted as currency for payment, Tesla should be required to refund you 1 BTC no matter the price movement of BTC.
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