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Tesla Sets Up Own Bitcoin Node, Promises Bitcoin Won’t be Converted to Fiat

Tesla In today opened the Bitcoin payment option on its platform for US customers while promising to avail the same for the rest of the world by the end of this year. There were several reports and speculations about Tesla possibly adding Bitcoin as a payment option ever since it made the $1.5 billion purchase this February.

 
Elon Musk took to Twitter to announce the news and also revealed that the company won’t be depending on any third-party for wallet or custody services as it has set up its own node along with the wallet. Apart from that Musk also assured that all the Bitcoin payments will remain on their nodal wallet and won’t be converted to fiat, in what many would call a true ‘Bitcoiner’.

Tesla is using only internal & open source software & operates Bitcoin nodes directly.
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
— Elon Musk (@elonmusk) March 24, 2021

Bitcoin proponents have always advocated for people to set up their own node and wallet and keep control of their own BTC without depending on others. While many institutions that have recently joined the Bitcoin league have partnered with a number of crypto companies to help them with their Bitcoin holdings, Tesla on the contrary has decided to take the traditional route of using open-source software.
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