Innovator, Disruptor, Game-changer. These 3 words are best fitted to Elon Musk. Elon Musk is the richest person in the world and has a net worth of $187 billion.Elon Musk was born on June 28, 1971, in Pretoria, South Africa.
Why does Elon Musk say you can pay through Bitcoin to buy a Tesla? What is the future of BitCoin?
You can now buy a Tesla with bitcoin. Elon musk announced it as now to buy a Tesla using bitcoin. This is the only crypto currency accepted by the company. Elon Musk has said that the idea will be supported by Tesla running its own internal software handling Bitcoin payments, ensuring potential customers that payments will be retained as bitcoin, and can’t converts into regular currency, because government controlled currency. Tesla using bitcoin as a mode of payment marks it as an ideal form of investment. Tesla explained his reason to purchase $1.5 billion dollor of bitcoin’s is an effort to “further diversify and maximize” the return on cash.
By accepting bitcoin for payments the company will create a big position of the cryptocurrency, leading other big companies to follow Tesla’s footsteps by accepting bitcoin. The world’s largest digital currency bitcoin rose by more than 4% after musk’s tweet.
What is Bitcoin?
Bitcoin, one word and 50 million ideas about it. Bitcoin is a cryptographic, the most famous in the world. It doesn’t belong to any bank, but it is based on two principles: a network of nodes and a strong cryptography to validate and secure transactions. To buy it, you need to have a digital wallet.
- The first ever block of bitcoin, containing a total of 50 bitcoins, was mined by the creator of bitcoin named Satoshi Nakamoto.
- The total number of bitcoins ever existed is 21 million. More than 17 million are already mined
- All your Bitcoins are stored in a digital wallet which is secured by a private key. If this key is lost, there is no way to retrieve those bitcoins.
- Bitcoin or digital gold as investors like to hold it for the long term rather than using it for payment, consolidated around $46.5k after reaching its peak at $48.2k overnight on Tesla news of $1.5 billion investment. This crypto currency at the moment is more valuable than russisn ruble and it is getting closer to top then global currencies.
- In the latest all-time high, bitcoin overtook Facebook to become the world’s 8th most valuable by market cap at $809 billion. Bitcoin is a major step in the digitisation of currency and a bold step by Tesla.
- Bitcoin will expand beyond financial services. Bitcoin is a promising and revolutionary technology. Bitcoin ensures transparency, risk reduction and stamps out fraud.
- If bitcoin exists for next 20 years, there will be near universal confidence that it will be available forever. The Nash equilibrium is not too far away.
- In future, We will see the use of bitcoin in pension funds, in sovereign wealth funds, and bitcoin on government balance sheets.