The Richie rich of the world on December 14th of 2021, told that the electric carmaker will accept meme-based digital currency dogecoin, the crypto which he has been crazy of, for merchandise purchases. Earlier, Musk had bought some dogecoins for his newborn son X Æ A-Xii and was sighted often of influencing the cryptocurrency rates with his tweets.
What is Dogecoin?
Dogecoin, having ‘Shiba Inu’ breed of dog on it as a symbol, is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”, making fun of the wild speculation in cryptocurrencies at the time. It is considered both the first “meme coin”, and more specifically, the first “dog coin”, in 2013.
What Tesla Products you can buy with Dogecoins?
Though Tesla announced that it would be receiving dogecoin as a billing option, it has limited the products people can buy with it. Gigi Texas Belt Buckle and the Cyberquad for Kids are solely available to purchase with Doge as of now, and will set buyers back 835 and 12,020 Doge respectively, which costs $160 and $2300 at the current conversion rate. That makes 1 Dogecoin = $0.19 USD = ₹14.14, as of January 15, 2022.
The Cyberwhistle was also one of these products available for 300 dogecoin, but is out of stock already.
In fact, there are no visible options for any other form of payment for these items, meaning these Tesla made Dogecoin as the only option of payment for them, leading further to a statement that Tesla wants people to adapt/buy Dogecoin.