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Tag: Bitcoin payment

  • Elon Musk announces Tesla’s suspension of accepting Bitcoin payments

    As a legend, Elon Musk himself is a supporter of cryptocurrency, and this is also true of Tesla’s previous investment in Bitcoin and acceptance of Bitcoin payments. Whether it was Tesla investing in Bitcoin or accepting Bitcoin payments, it made the price of Bitcoin soar at the time.

    This morning Bitcoin and other mainstream cryptocurrencies all staged a high dive, and the fuse of the plunge was Elon Musk’s announcement of the suspension of accepting Bitcoin payments.

    Although this is not the main reason for Bitcoin’s plunge, after all, the Bitcoin market has not been very good in recent days, but Tesla’s approach will undoubtedly add fuel to the plunge.

    Inner Mongolia cryptocurrency mining
    “Bitcoin, bitcoin coin, physical bitcoin, bitcoin photo” by antanacoins is licensed under CC BY-SA 2.0

    It is well known that cryptocurrencies such as Bitcoin need to use computers for high-performance calculations during the mining process, and a large amount of electrical energy is consumed during the operation of the computer.

    The issues related to cryptocurrency mining and energy consumption and carbon emissions have been discussed in the industry for a long time, mainly because most large mines rely on coal-based thermal power plants.

    Obviously, mines that rely on thermal power plants will consume a lot of coal and cause many additional greenhouse gas emissions, and the world is currently striving to achieve the goal of carbon neutrality.

    This time Tesla suspended accepting Bitcoin because of the high energy consumption of Bitcoin. It may be that Tesla has received too much criticism for accepting Bitcoin payments during this period.

    Elon Musk said that Tesla’s investment in Bitcoin will be held and not sold. At the same time, Tesla will study other alternative cryptocurrencies with lower energy consumption.

    Elon Musk also emphasized that if Bitcoin mining can transition to sustainable energy, Tesla may re-enable Bitcoin as a payment method.

    Via: CNBC

  • General Motors (GM) is considering accepting Bitcoin as a payment method

    Earlier, Elon Musk’s Tesla Company had allowed American consumers to pay for car purchases through Bitcoin, and Tesla even bought Bitcoin as an investment.

    Of course, considering that Elon Musk has a better attitude towards cryptocurrency, it is not surprising that Tesla, a new car-building force, supports Bitcoin payments.

    But now the well-known multinational automobile manufacturing company General Motors is also preparing to support Bitcoin payments, which shows that the attitude of traditional American institutions towards Bitcoin is changing.

    It is reported that General Motors CEO Mary Barra suggested that the company accept Bitcoin payments on the earnings call, but GM is still evaluating it.

    It is a strange thing for Tesla to accept Bitcoin payments because Tesla’s payment method is developed by the company itself rather than through a cryptocurrency payment provider.

    Iran Bitcoin

    “Bitcoin vs. Ethereum”by QuoteInspector is licensed under CC BY-ND 2.0

    Usually, payment service providers will accept the cryptocurrency paid by consumers, including Bitcoin, and then sell them at real-time prices and convert them into legal currencies before settlement to the corresponding merchants.

    Tesla directly establishes a Bitcoin blockchain node within the company, and the Bitcoin paid by consumers will be directly stored in the Tesla wallet and will not be exchanged for legal currency.

    This shows that Elon Musk’s attitude is very clear that it is hoarding Bitcoin instead of selling it, but it may be crazy for General Motors to keep Bitcoin.

    Mary Barra said at the earnings meeting that GM should consider supporting consumers to pay through Bitcoin, but the GM board of directors has not yet made a decision.

    At the same time, Mary Barra emphasized that although GM will accept Bitcoin as payment, it will not directly invest in Bitcoin at present, that is, purchase Bitcoin through the company’s cash reserves.

    Mary Barra did not explain why it will not invest directly in Bitcoin but only said that General Motors will closely monitor and evaluate the subsequent development of Bitcoin.

    Via: pymnts