Tesla is rolling out Dogecoin payments for merchants, but there’s a catch

Elon Musk, CEO of Tesla, announced that Tesla is now accepting Dogecoin (DOGE) as payment for the company’s goods. DOGE-eligible products in the Tesla Store can be purchased by sending DOGE to Tesla’s Dogecoin wallet.

Although you now accept DOGE, The company also made it clear that it doesn’t accept any other cryptocurrencies. The company stated that it cannot receive any assets other than DOGE on its website. The company told customers that “digital assets other than Dogecoin sent to Tesla will not be returned to the buyer.”

What’s more Items purchased with DOGE cannot be returned, exchanged or canceled. Tesla considers all sales made through DOGE final and cannot be exchanged for cash.

Tesla is rolling out Dogecoin payments for merchants, but there’s a catch
Tesla is rolling out Dogecoin payments for merchants, but there’s a catch

Dogecoin inventor Billy Markus responded immediately to the announcement and brought the Dogecoin community together. “All right, Dogecoin community. You know what to do “, tweeted Markus.

The community responded quickly. Some have tweeted that they have already bought items from DOGE. Just a few minutes after the announcement, Twitter user Komaandy Dogecoin already has it general a screenshot of his online order with the inscription “Tesla Tequila on the way to Germany!”

A month ago, Tesla confirmed that it will start accepting DOGE for purchases of goods. The announcement led to a 25% increase in the price of the Memecoin. On Friday, just hours after the DOGE payments were implemented, the asset price rose 18.63%.

Nice In December, Musk gave his opinion on DOGE and compared it to Bitcoin (BTC). In his opinion, “although Dogecoin was created as a silly joke, it is better suited for transactions.” He claimed that DOGE was easily inflationary and this encouraged people to spend it instead of using it as a store of value.

Meanwhile, Tesla may not be the only company to start rolling out crypto payments this year. A survey by Visa shows that small and medium-sized companies will also introduce payments in cryptocurrency in 2022.

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