Tesla launches Dogecoin payments for merch, but there’s a catch

Tesla CEO Elon Musk stated that Tesla now accepts DOGE (Dogecoin) for payment for its merchandise. You can purchase DOGE-eligible products from the Tesla store by sending DOGE directly to Tesla’s Dogecoin wallet.

The firm now accepts DOGE but clarified that it does not accept any other cryptocurrency. According to the company’s website, DOGE is the only asset it can receive. Customers were informed by the business that any non-Dogecoin digital assets sent via Tesla would not be returned.

DOGE items cannot be returned, exchanged, or canceled. Tesla views all sales through DOGE as final and cannot exchange for cash.

Dogecoin makes Tesla merch available for purchase
Elon Musk (@elonmusk), January 14, 2022

Dogecoin founder Billy Markus immediately responded to the announcement and rallied the Dogecoin community. Markus tweeted, “Alright Dogecoin Community, you know how to do it!”

The community quickly responded. Some people tweeted that DOGE had already helped them purchase items. Just minutes after the announcement, Komaandy Dogecoin, a Twitter user, posted a screenshot of the order online and said, “Tesla Tequila is on its way to Germany!”

Related: Dogecoin creator slams Mozilla for pausing crypto donations

Tesla announced that DOGE would be accepted for merch purchase a month ago. This announcement led to a 25% price rise for the memecoin. The asset’s price increased by 18.63% on Friday, only a few hours after DOGE payments were implemented.

Musk expressed his opinions about DOGE in December and compared it to Bitcoin (BTC). Musk stated that even though DOGE was a joke, Dogecoin is more suited to transactions. He also said DOGE is slightly inflationary and encourages people to use it for trading purposes rather than as a store of value.

Tesla is not the only company that will implement crypto payments in 2018. Visa conducted a survey and found that both small- and medium-sized businesses plan to adopt crypto payments by 2022.

https://cointelegraph.com/news/tesla-launches-dogecoin-payments-for-merch-but-there-is-a-catch

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.