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.
Tesla to Hodl its Bitcoin
Ever since Tesla’s $1.5 billion purchase many were speculating if Elon Musk would eventually sell the top cryptocurrency for a profit having …
Story continues on CoinGape

Related posts
NewsNews 1SocialTrading View

Tesla launches much-awaited Bitcoin payment option

A few weeks after Tesla sent ripples across the crypto-community with its $1.5 billion investment in Bitcoin, the electronic car manufacturer is in the news again today after the company officially opThe post Tesla launches much-awaited Bitcoin payment option Story…

Breaking: Tesla Inc. Opens Bitcoin Payment Option For Us Customers

Tesla Inc. the largest electric car manufacturer has started offering Bitcoin payment options for Tesla cars. Elon Musk, the CEO of the firm took to Twitter to announce the news and said, people in the US can now buy Tesla…

Bitcoin Miners Prefer HODLing Over Selling, BTC’s Risk/Reward Ratio Attractive At Current Price

Bitcoin (BTC) continues to trade in a downward pressure consolidating around $54,000 levels. However, the world’s largest cryptocurrency valuations stay above $1 trillion and will probably never go below that ever again. The reason is that the on-chain data shows…