Tesla Model S Purchased Using Bitcoin (Sort of)

Last week, a customer in Los Angeles was the first person to purchase a car using the digital currency known as Bitcoin. Some have questioned the longevity of the open-source peer-to-peer payment system, but the purchase of a Tesla Model S suggests that consumers are taking it seriously. The Model S was listed for about $119,000 when a customer came in and paid 91.4 Bitcoin for the electric sport sedan. According to the dealership, in an announcement on the subject: “Lamborghini Newport Beach is proud to announce that we are fully capable of accepting Bitcoin as legal tender for vehicles. We are excited to [be] opening the door to this new currency.”
Tesla Model S Purchased Using Bitcoin (Sort of)
But it’s not quite that simple. According to Jalopnik, the dealership used BitPay to facilitate the transaction, which converts Bitcoins into dollars. So it has to be converted first, which takes away from the dealers claim of “An electric currency used to buy an electric car.” Whether this was inconvenient or not for the buyer remains unclear. And since the buyer is an early adopter of both currency and vehicles, we’re guessing even if it was an inconvenience, it was of little concern to the individual. PHOTOS: See more of the Tesla Model S So, to recap: man converts his money into Bitcoin, and buys a Tesla. Dealer takes Bitcoin and converts back into money. That’s 2013 in a nutshell, folks. Image Source: Lamborghini Newport Beach

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