Tesla instead will only be required to refund the value that is listed on the bill of sale in USD. No way are they going to take the order to delivery timeframe risk in the asset value for the bitcoin. The woman reportedly claims that faulty brakes caused her father to crash and is demanding a refund. So if the price of Bitcoin shoots up before a refund is issued, the customer could lose out. Tesla’s T&Cs state “you do not have the right to choose the method of refund“. Tesla issues refunds for customers double charged for EVs. Tesla said sorry and dished out coupons for its online store to make up for it. Now the customer wants a refund: Article Stock Quotes (1) FREE Breaking News Alerts from StreetInsider.com! Buy a bunch of Teslas for Bitcoin, then if Bitcoin goes up you send them back for Bitcoin refunds, and if Bitcoin goes down you sell the Teslas for dollars instead. Obviously it can't work this way. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more. Musk Doesn’t Want Dollars. Here’s an example: Buying the car for 60k USD at a bitcoin rate of 60k USD per bitcoin. Found in the fine print when purchasing a vehicle with BTC, there’s a catch-22 explaining that Tesla, at its sole discretion, can choose how it refunds a buyer – either through BTC or USD. Tesla Begins Accepting Bitcoin As A Payment Option. Elon Musk revealed the firm plans to keep the Bitcoin earned rather than convert it to dollars. On any refunds of purchases made with bitcoin, Tesla will decide whether to give the customer dollars or bitcoin. This is interesting, especially for anyone interested in crypto and living in Michigan. Add to this capital gains tax obligations when buying in Bitcoin, and paying in dollars looks the better deal. The move garnered mixed reactions … Now you can speculate in Bitcoin risk free! Tesla also cautions that the value of any Bitcoin refund could be “significantly less” than its U.S. dollar equivalent at the time of purchase due to the volatility of the currency. Tesla would have to cope with a wave of returns as bitcoiners sabotage their $50,000 Teslas in the hope of getting a big $500,000 bitcoin bonanza! Ransomware hackers want to return Bitcoin — but they’ll keep the change. Vocal Bitcoin hater Peter Schiff has taken to Twitter to comment on another step Tesla is making toward embracing Bitcoin. But don’t worry — if you use Bitcoin to buy something from Tesla, we’ll tell you both the US Dollar price and the Bitcoin equivalent price. Tesla also reserves the right to issue refunds for crypto purchases either in bitcoin or US dollars. One final word of warning. Elon Musk revealed the firm plans to keep the Bitcoin earned rather than convert it to dollars. Listen to the most important stories in Bitcoin and crypto covered by our newsroom in the past week. How are refunds done by law? Tesla has refunded customers it charged twice for new vehicle purchases made at the end of the first quarter, CNBC has learned.. — Elon Musk (@elonmusk) March 24, 2021 Musk made this announcement on Twitter , adding that Tesla is using only internal and open source software, and operates Bitcoin nodes directly, meaning Tesla isn’t relying on … Elon Musk’s Tesla sold some of its bitcoin in the first quarter for $272 million in proceeds, $101M of profit. Tesla also warns that the value of any refunds issued in bitcoin “might be significantly less” than the value relative to U.S. dollars at the time of purchase. Add to this capital gains tax obligations when buying in Bitcoin, and paying in dollars looks the better deal. Live ) charts, News and videos double charged for EVs is a lemon primer what. Internal and open source software which operates Bitcoin nodes directly of 60k USD per Bitcoin delivery timeframe in... 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