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Dogecoin jumps after Elon Musk says he can buy and use Tesla merchandise

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

Britta Pedersen | Getty Images

Dogecoin prices soared by more than 15% on Monday after Tesla began accepting cryptocurrencies as payments for some commodities.

Tesla CEO Elon Musk said on Monday that electric car makers’ products can be purchased with Dogecoin.

According to Coindesk data, Dogecoin surpassed $ 0.20 in coins around 01:19 ET before comparing some of these profits. 07:06 ET’s $ 0.18 rose by more than 9%.

Originally born as a joke coin, only a few items could be purchased with the cryptocurrency.

Tesla’s cybertruck-shaped whistle is 300 doge, which at the time of writing is worth about $ 59. The commemorative belt buckle celebrating Tesla’s Gigafactory in Texas was 835 Doge, or about $ 164.

Plans to accept Dogecoin as payment have been underway for some time. In December, Musk tweeted, “Tesla will make some items available for purchase at Doge and see what happens.”

Dogecoin cannot be returned

There are some terms and conditions associated with using Dogecoin to purchase goods from Tesla.

Users will need a Dogecoin wallet to send digital money to Tesla. In addition, according to the company’s website, “If an order is overpaid with Dogecoin, the overpaid amount will not be refunded to the original payment method.”

Tesla warns that the DogeCoin network can take up to 6 hours to confirm payments.

The company also states that orders paid with Dogecoin cannot be canceled or refunded. Generally, if you purchase a Tesla product from an official store using traditional payment methods, you can return it within 30 days of receiving it.

This is not the first time Tesla has accepted cryptocurrencies as payments. Last year, Tesla said it would buy $ 1.5 billion worth of Bitcoin at the time and accept purchases using cryptocurrencies. Musk later stopped accepting Bitcoin because of environmental issues. Bitcoin networks use large amounts of energy through a process called mining.

According to an analysis by TRG Datacenters, Dogecoin uses significantly less energy. Last year, Musk said he would work with Dogecoin developers to improve transaction efficiency.

Dogecoin jumps after Elon Musk says he can buy and use Tesla merchandise

Source link Dogecoin jumps after Elon Musk says he can buy and use Tesla merchandise

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