Tesla Accepts Dogecoin- Tesla is now accepting Dogecoin to purchase their products. This is a great news for the crypto lovers as this signifies the future of cryptocurrencies. With this Dogecoin has moved far ahead from just being a meme coin.
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Tesla Accepts Dogecoin: Not a meme coin anymore
From a meme coin to the mainstream, Dogecoin has witnessed the meteoric rise. Once laughed and neglected as a meme coin, Dogecoin has emerged to become the only cryptocurrency which is recognized by none other then Tesla.
Elon Musk the owner of Tesla is the strong supporter of Dogecoin. The coin has now been officially added
to the website of Tesla as a payment option.
Things you can buy with Dogecoin
All products can not be purchased from the Tesla. Only those Tesla products can be purchased which have a symbol of Dogecoin next to the Order button.
So, all the products lying with Tesla enterprise does not support Dogecoin as a payment option. May be, in future more items could be added to the list by Elon Musk, CEO of Tesla.
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The Pre-requisites for payment
If you are interested to purchase items from Tesla using Dogecoin you must have a Doge coin Wallet. It like other cryptocurrency wallet which is used to hold Dogecoins or transfer them to any other wallet. The price of the eligible Tesla products will be shown Dogecoins.
To purchase the item you will be prompted with a Tesla Dogecoin coin wallet address where you need to make the transfer of requisite number of Dogecoins within a given time. This is similar to making a payment for an online shopping.
Tesla has made it clear that only Dogecoin is an acceptable cryptocurrency. It does not recognize any other digital currency as a payment option. So, making payment other than Dogecoin would result in a permanent loss of the digital coins.
Also read: What are secure databases that store cryptocurrencies?
A catch you must know
However, there is a catch with making payment with Dogecoin.
- Orders placed with Tesla using Dogecoin are not subjected to any cancellation.
- Further, the option of returning the items purchased with Doge coin is not allowed.
- Any order made with Dogecoin are considered as a final sale.
The acceptance of Dogecoin by Tesla has increased the popularity of Doge coin. It has made the coin more credible for future adoption. In the long term, if its adoption is increased, the price of Doge coin may skyrocket.
How it affects other cryptocurrencies
The acceptance of Dogecoin by Tesla has sent shock waves into the galaxy of cryptocurrency. The event does affect all other digital coins in a positive way.
There may be an increased adoption of other cryptocurrencies by the big players in the market. Bitcoin and Ethereum, the two leading coins, are already being accepted as a payment option in number of online platforms and other enterprises.
Time is not away when we may see more countries, like El Salvador, accepting Bitcoin as a legal tender. Such things make digital assets more visible and legal.
Even, countries may come up with there own digital currencies which would be considered as a legal money. This is to catch up with the fast moving technology and economy. And it is true that people love digital payments. The time of holding the dollars in cash is gone.