To buy or not to buy your next Tesla with Bitcoin ?
The big News
A few days ago a significant headline hit the news that it would be possible to pay for Tesla with Bitcoin(s).
Indeed a great news for those sitting on stashes of bitcoins and wondering what to do with their new found wealth!!!
However it also has implications for the common folks in the crypto space who may not have that kind of money but are directly or indirectly affected by such a news.
The news also means a push to make Bitcoin even more mainstream if it is not already.
Chances are if you you throw a stone out of the window it would hit a random person who has heard about Bitcoin.
The odd exception could be if you are living under a rock and know nothing about Bitcoin and in such a case you would not have heard about Tesla or Elon musk either.
This news is positive
Bitcoin getting positive coverage is good news as it means the positive vibes permeate to the entire crypto space.
This statement holds grounds as far as the Bitcoin dominance is maintained at a decent percent like it currently is.
BTC dominance at the time of writing this post stands at 56.8% and ETH dominance is at 12.3%
Even though this displays a monopoly of the crypto space by BTC and ETH however this is much better scenario as compared to a 60% plus dominance which was maintained by BTC for a very long time.
This translates to giving the altcoin space a healthy space to grow and expand.
The value of Bitcoin Vs Tesla over time
Bitcoin has a limited supply of 21 million however the supply of Tesla is unlimited. Mr Elon musk can keep getting them made at his factories 24X7.
Secondly you hold your Bitcoins in your wallet and it does not depreciate. Chances are it would keep appreciating over time till it reach some kind of a price stabilization.
However the moment you step out of the car showroom with your new car it begins to depreciate and this would hold even in case of Tesla.
Having said that there are few things that compare to owning a tech marble like Tesla and the envious glances that you get when you step out of your brand new Tesla. This sure does make a sure shot case to consider buying a Tesla.
However this discussion is not about to buy or not to buy a Tesla rather it is about trading your Bitcoins for a Tesla.
This is just an observation and in no way written to discourage you to trade your Bitcoins for a car.
It only points at options. Perhaps use some bitcoin power to earn more bitcoins to create a drip of income and use a few drops from this drip to get your Tesla,a house,food or whatever you need or wish to buy.
After all the possibility and use case has been created by Mr Elon Musk and we should all welcome and cheer it.
Bitcoin's changing perception
From buying a Pizza for 10,000 BTC to buying the Tesla Bitcoin sure has come a long way or rather the perception of what a Bitcoin is and how people see it and user it.
My Question to the brothers and sisters of our crypto community.
If you had the money to buy a Tesla what would you do?
- Buy it with Bitcoin(s)
- Buy it with Fiat
- Use your Crypto to create a passive income and use it to buy your Tesla, House food , pay for fees etc
- Any other way of funding your needs
Dear community please share your view about this question and how you see crypto fulfilling your dreams, desires and needs.
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This is really a positive news. I think this is showing the future of crypto and how valuable it will be
indeed the positive news has just started wait till it gains momentum. most people cannot even imagine the outcome of when that happens
https://twitter.com/Taur19/status/1378586377437151234
Thanks for sharing an interesting post, i've actually given this a thought for a while when i heard the new of buying tesla with Bitcoin the first thought that came through was, what if i buy a tesla using Bitcoin and the next day Bitcoin double in price?
I guess i would prefer buying with fiat currency although using Bitcoin is to buy a car is a great development in the crypto ecosystem.
Yes both points that you make are very valid points and I must agree that using fiat to pay for a Tesla looks to be a better option
My answer is number 3: Use your Crypto to create a passive income and use it to buy Tesla's car , House food , pay for fees etc. To date, all of this seems to be possible by putting in a lot of effort. So it's hard, but possible.
Dear @stefano.massari I am so glad you see the potential of using crypto to create a passive income. Indeed that should be or looks to be the best way going forward
If I am honest an I could buy a Telsa it would have two caveats. Firstly I would decide if this is necessary, if not then I'd probably put that money into buying a new house. But if we're definitely getting a Tesla I'd be tempted to buy some BTC, hold it a while and have it generate some passive income then buy a Tesla with a Fiat loan against the BTC. Since the BTC will appreciate better than the Fiat and the loan (collateralize with BTC) would mean not spending the BTC.......I'd try have my cake and eat it :D
Absolutely you are my man dear @mynima with crypto roi much better than fiat this strategy seems to be the best option in the current scenario.
I don't think I would do this, well of course my bags are full and I just want to treat myseld.
A better to put this is:
Elon Musk buying bitcoin with Teslas. Lol
Quite rightly put @gamsam "Elon Musk buying bitcoin with Teslas. Lol"
congrats for having the vision to see through his gameplan!
"He's not selling cars for Bitcoins. He's buying Bitcoins, with cars." 😄
Quite rightly put @deathcross he intends to entice people to give up priceless bitcoins for a metal box that depreciates in value everyday.
Thanks for sharing your clear vision and put it so nicely in a one liner
Appreciate your contribution to this discussion
The only good thing about this is that Elon is helping to pump Bitcoin. Other than that he is simply buying Bitcoin with Teslas. Thus I would not do this. I would HODL my Bitcoin in Celsius Network or Nexo. The most I would do is buy the Tesla with fiat borrowed against my crypto.
Dear @rasbas I am glad you see the strategy behind Mr Elon Musks action.
The good part is the pump as you rightly mentioned and this should rightly come to the altcoin space as well in a sustained manner.
@tipu curate 4
Upvoted 👌 (Mana: 56/112) Liquid rewards.
Have you already saw the twitter accounts that talk about the tesla? . They did not tell him that with btc they could not buy a Coke, because of how expensive it was for the high btc fees, instead with bitcoin Cash, you can buy it, and the commissions it pays are ridiculously low just pennies on the dollar ...and Elon himself felt that that is fair(he replied that in a tweet) so as a bitcoin cash enthusiast I think BCH is definitely the best option out there today. Too bad most people don't know the benefits of using it.
Quickly, so as not to make a blog in a comment here in your publication, I will name a few:
Also, the community that supports bitcoin Cash is very nice and very enthusiastic, and there is no toxic environment how I see on btc community.
So I would particularly buy a tesla with bitcoin Cash, especially because it is much easier, much faster and because it will be used by much more people worldwide.
Dear @reinaldoverdu
you add a new dimension to the discussion that is of a lower fee when using Bitcoin cash. A valid point indeed and the 4 points that you have mentioned are very true and surely one is inclined to use Bitcoin cash over Bitcoin.
The lower fee also makes it viable for smaller transactions.
Thanks for taking the time to read my post and share your views.
Enjoy your Sunday and Happy Easter to you and your family
The low transaction cost point is undoubtedly important to highlight, as a transaction in dollars is very expensive to transfer.
But BCH is like not Bitcoin... it won't command that allure, its a shit coin to me because I hate that Craig Wright fellow...always creating controversies.
On the practical side, its good that it can be used for payments, I understand the practical utility of it, but in the long run, its fundamentals for appreciation not good I guess, but I would not know.
BTC, agreed has infightings, still its limited supply, its original first cryptocurrency makes it like a crypto , blockchain NFT... I am not selling my BTC atall...because I know its precious.
I hate it and ETH for the bloody transaction fees but I know have to have it...copycats of BTC like BCH...nah...they too fight ugly the bloody Nov of 2018, that some stupid hardfork war...its disgusting too...that's why I hate BCH.
Same for Tron and Steemit but practically Tron is doing well, so to make money atleast for a while can dabble with these actual shit coins...anyway
Well I understand your point, but I prefer to be guided by the usefulness of a coin and not by the image of who represents it. If something works for me I use it, already with more personal issues in other types of things If I look for images that represent a brand or give me a sense of belonging but as for Cryptos I only care about its usability and functionality.
I think the more you hate something,more noise is created and more attention is drawn to the subject, so it is very positive that you do it and I invite you @mintymile to continue doing it 👍🏼
Coins with low value need wide adoption before they stop being shit coins... It makes no sense to make micropayments with coin as valuable as Bitcoin, but it doesn't make sense either to use some "cheaper" coin that can't be easily converted to FIAT due to low volume on exchange(s) it is listed on.
There is also a lot of coins listed on exchanges with bad reputation, either because the fees are too high, the customer service is subpar or because the markets are too much manipulated, so getting decent exchange rate is unlikely.
A lot of coins that would be good for micropayments don't have mobile wallets as companies like Google and Apple charge high fees for access to their app stores or developer tools.
BCH I think is used on this read.cash platform for payment, its doing well, for me its a shit coin though, but as of now I think it is functional with good volume to be accepted as payment.
Lots of options should be there actually, but this Tesla guy is hyping up Bitcoin with this move, his intention is not anabling crypto payments for those cars, its just create hype on bitcoin, that's all. Why he can accept payments in ADA, XML, any stable coin, ETH (ouch the fees), DCR (decreed), Atom why even HIVE right?
BTC is ok he can accept payments in BTC, its cool, no problem, but he is doing it as advertisement for Bitcoin that's all... he can advertise Doge coin also, accept it for payments why not?
Dogecoin would be pretty good for smaller payments... But there is a big risk in using Dogecoin due to high volatility... Basically accepting payments in Dogecoin when its value is at or close to all-time-high, the seller has very big chance losing when the value starts going down closer to the equilibrium.
Even though this move by Elon Musk and Tesla will further lead to Bitcoin adoption but I am thinking of something.. Imagine buying a Tesla for maybe 0.4btc and by the end of the year, that BTC worths over $100k, what will you do? I think this is the singular reason some people may still prefer to buy with fiat currency. I remember a story of someone that bought pizza for 10,000BTC or so. Imagine the worth today.
Nice piece here buddy
Quite agree with your views and using fiat looks to be the better option
I see it as a win for the crypto space. That means more companies will be keying into this although it's normal for prices to drop from time to time but that won't affect you when you have gotten your tesla.
Interesting point of view Dear @valchiz Thanks for sharing your views and stopping by to read my post.
Hi @thetimetravelerz
What history has shown is that BTC has been rising steadily, it has had its moment of correction, yes, but so far it has been just rising. That's a good point of discussion, every car when it leaves the dealership is already devalued.
so true @josevas217 some very clear thoughts that add value to this discussion.
Interesting article friend, observing the bitcoin rises and that it does not stop, it is good business for tesla, the value of your vehicle would increase in the blink of an eye, in my case if I had the amount in fiat currency I would buy it with it and would not leave my bitcoin.
See you later, have a great start of the week.
Thank you dear @amestyj for sharing your views on the topic.
your experience adds a lot of value to this post.
Thanks for the reblog appreciate your support.
Nah... no idiot will sell BTC for anything for now, other than the su[er rich!!
That Elon Mask is a guy who does this to creat buzz and raise prices of things. I hate him... nonsense fellow, I read one article where during some lockdown period he had his employees work or something, they all got COvid, but I am not sure, I don't like this Elon Mask atall.
He still crypto price pumper. Stupid, Bitcoin was there was years, now of all the time he creates buzz on it, not helping the less well do to , to purchase BTC now, does it and his tesla is for that well to do class only na??...
Anyway...
I don't think I will spend my hard-earned BTC on Tesla because I still believe that Bitcoin has insane potential to take off in the coming years.
Today, perhaps, 4-5 Bitcoins are required to buy a Tesla car, but tomorrow, 1 BTC may be more than enough :))
you've nailed it
Thank you for the mention
I hope you a good start to the week @thetimetravelerz
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