Tesla To Accept Dogecoin At Supercharging Stations And For Other Services

February 20, 2022 1:22 pm Comments

In a tweet by Elon Musk, Tesla will soon be accepting the popular meme currency Dogecoin as a payment option at its supercharging stations in Santa Monica.

The founder of Tesla has been an avid supporter of Dogecoin and his announcements regarding the coin may have spurred positive investor sentiment which has push the price to increase.

Customers of Tesla also seemed to be open to using crypto in general as a payment option as the tweet resulted in supercharging stations throughout Santa Monica to be fully occupied shortly after.

Dogecoin is currently the most popular meme currency and has seen persisting support from the crypto community which has allowed it to maintain a $19 billion total market cap valuation so far.

Bitcoinist reports:

Rayan Zohoury, the founder of Tesla Console, confirmed in the tweet that soon after ten minutes the offer to accept Dogecoin, the supercharging stations located in Santa Monica got fully occupied by customers.

Musk replied to this offer and provided details about the plans to open dinner or drive-in the theater at the supercharging stations. Customers can surely make payments in the shape of Dogecoins against both preplanned facilities.

When it comes to cryptocurrency, there are many different types of coins and tokens.

One example is Dogecoin which was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” alternative to Bitcoin with features such as accessible mining code (for those newbies).

This crypto took off soon after its launch; people loved that they could get involved without having too much knowledge about technology!

The logo also refers back to something popular online called the “Shiba Inu meme.”

The recent tweets on Twitter seems to be a follow up back in December when the company announced that they would be testing Dogecoin as a payment method for merchandise that the company sold.

With the recent updates, one can assume that the testing went extremely well due to the expansion of services and products that they now will allow Dogecoin.

The car company sells a wide variety of different items such as t-shirts, hats, and mini models of Tesla vehicles to its car enthusiasts.

Musk has stated that he actually preferred Dogecoin for specific reasons as it seemed to be a good choice for transactional currency due to having lower transaction costs than Bitcoin as Bitcoin is more suited for a store of value.

IndianExpress reports:

In a recent interview with Time magazine, the Tesla and SpaceX chief endorsedDogecoin over any other crypto coin.

“The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value.

But fundamentally, Bitcoin is not a good substitute for transactional currency,” adding that even though Dogecoin was created as a silly joke, it is better suited for transactions.

Meanwhile, the Tesla CEO is a staunch supporter of Dogecoin. This became clear after a Twitter spat between Musk and Binance CEO Changpeng Zhao.

The billionaire investor and founder of SpaceX raised concerns on behalf of Dogecoin holders regarding the recent DOGE problem at cryptocurrency exchange Binance.

At the time of writing, Dogecoin is ranked the 11th largest coin by total market cap according to CoinMarketCap and is currently priced at $0.1373.

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