Dogecoin rises after Elon Musk says it can be used to buy Tesla goods

SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the 2020 Axel Springer Awards on December 1, 2020 in Berlin, Germany.

Britta Pederson | Getty Images

s price Dogecoin It rose more than 15% on Monday before paring gains Tesla Start accepting cryptocurrencies as payment for certain goods.

On Monday, Tesla CEO Elon Musk tweeted that the electric car maker’s goods can be purchased with Dogecoin.

According to Coindesk, Dogecoin topped $0.20 per coin at around 01:19 ET before paring some of its gains. It was up more than 9% at $0.18 at 07:06 ET.

Only a few items can be purchased with cryptocurrencies, which first life is a joke coin.

whistle shaped like Tesla’s Cybertruck Costs 300 doge, which equates to about $59 at the time of writing.A commemorative belt buckle to celebrate Tesla’s Gigafactory in Texas The price is 835 doge, or about $164.

Plans to accept Dogecoin as payment have been in the works for some time. in December, Musk tweeted: “Tesla will buy some through Doge and see how it goes.”

There is no reward for using Dogecoin

There are a number of terms and conditions for purchasing goods from Tesla with Dogecoin.

Users need a Dogecoin wallet to transfer digital currency to Tesla. Additionally, according to the company, if “an overpayment is made in Dogecoin, the overpayment amount will not be refunded to the original payment method”. website.

Tesla warned that the Dogecoin network could take up to six hours to confirm payments.

The company said that any orders paid in Dogecoin cannot be cancelled or refunded. Typically, if a person buys Tesla merchandise through the official store through traditional payment methods, they can return the product within 30 days of receiving it.

This isn’t the first time Tesla has accepted cryptocurrency as a payment method. last year, Tesla buys $1.5 billion worth of Bitcoin At the time, it said it planned to accept purchases using cryptocurrencies.Musk later stop accepting bitcoin more than environmental issues.This bitcoin network, through a process called mining, uses a lot of energy.

According to the analysis, Dogecoin uses significantly less energy TRG data center. Musk said last year that he would work with Dogecoin developers Improve transaction efficiency.