Tesla accepts Dogecoin as payment! How many types of products can be purchased? What details should be noted?

Tesla founder Elon Musk announced last Friday on Twitter that Dogecoin can be used to purchase products from Tesla. Following the news, Dogecoin surged more than 20% on the same day. However, what exactly can be purchased with Dogecoin and what details should be noted?

Tesla Online Store

Elon Musk announced last week that Dogecoin can be used as a payment method for Tesla products, but there are not many products priced in Dogecoin in the Tesla online store. Currently, there are only 6 items available, with the majority being apparel and accessories, apart from the attention-grabbing electric ATV Cyberquad.

After selecting and providing shipping information for the items, the checkout page will appear. Simply transfer the specified amount of Dogecoin to the given address within 30 minutes to complete the purchase.

High Volatility of Dogecoin

For Dogecoin holders, Elon Musk's decision to expand the utility of Dogecoin is a welcomed development, with the market value growing by nearly 20% in the past week. However, its high volatility poses challenges in pricing. The daily volatility of Dogecoin is currently around 5%, meaning that buying at the peak of the day may result in paying more than others.

Moreover, Tesla stated on its website that the price of products paid with Dogecoin will be updated based on the time of purchase, but not in real-time. Therefore, users need to confirm the current price at the time of purchase. Additionally, products purchased with Dogecoin are not eligible for return or exchange, and no other cryptocurrencies are accepted.

Dogecoin-Centric

Upon entering the product pages where Dogecoin can be used for payment, it is evident that besides the number of Dogecoins, there is no display of its fiat currency value or even an option for fiat currency payment, making it a completely Dogecoin-centric transaction. To purchase these items, buying Dogecoin from an exchange is the only way.

Although the current products available for purchase are not Tesla's main products, as this payment method matures and Tesla intends to expand it to its popular products, the practical value of Dogecoin will be further enhanced.