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Elon Musk says you can now buy a Tesla with Bitcoin — and this is how it works

tesla model s
(Image credit: Tesla)

Tesla and Bitcoin — together at last. That's right, customers can buy some of the best electric cars with Bitcoin, the cryptocurrency that has everyone in a tizzy lately. But unless you're already sitting on a stack of Bitcoins, it's not clear whether this would be the best option to purchase a Tesla.

The electric vehicle manufacturer has been at forefront of innovation, pushing along a bloated and slow industry. But whether you like Elon Musk or not, you have to admit that he knows how to drum up conversation. 

The news comes from both Tesla's website and a tweet from Musk. Furthermore, Tesla is using open source software and controlled nodes to manage the Bitcoins and said cryptocurrency will not be converted to fiat currency. Basically, that means that Tesla isn't going to cash out the Bitcoins you give in them exchange for a car.

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If you live outside the US, you can join the crypto fun soon, according to Musk. We don't think that you're missing out on much, but at least you'll have the option.

You'll need to pay by Bitcoin from your wallet and Tesla insists that you send the exact amount of Bitcoin in a singular payment. You'll need to either scan the QR code for Tesla or copy and paste the address into your Bitcoin wallet. Failing to do so might result in an order cancellation. Tesla only accepts Bitcoin and no other cryptocurrencies, not even the up-and-coming Ethereum. 

As mentioned above, you'll probably only want to go this route if you already have a lot of Bitcoin. The cost to mine Bitcoin at the moment is quite astronomical, not only in purchasing the hardware, but in the utility costs to maintain that hardware. You can no longer mine a few coins in your spare time with some consumer-grade hardware, at least not with Bitcoin. 

Jordan Palmer

Jordan is the Phones Editor for Tom's Guide, covering all things phone-related. He loves nothing more than relaxing in his home with a book, game, or his latest personal writing project. It's hard to nail down one thing that Jordan is passionate about, since his attention span for a single given topic or activity doesn't last long. Jordan tends to lurk on social media, but you can best reach him on Twitter: @jccpalmer — his Instagram feed is mostly photos of his cat.