Sunday, January 29

Tesla: the small print of purchases with dogecoins

Tesla has once again become a training ground for the tests of Elon Musk, after the founder of the electric vehicle company announced last Friday that the dogecoin finally can be used as currency in the company store.

What the president of Tesla obvious, in his usual omissions in Twitter, is that the purchase policy with the cryptocurrency inspired by a Japanese dog is not entirely favorable for users.

And it is that according to the section of questions and answers on the buy with dogecoin that has been enabled on the company’s website, the products purchased with the cryptocurrency will not be subject to return, return or refund policies.

A promise kept from Musk

The introduction of dogecoin as currency of exchange on the web of Tesla last Friday, January 14, came exactly one month after Musk appears to be joking on Twitter by assuring that “they would put some merchandising available and see how it goes”.

Following the usual trend of a cryptocurrency that has experienced great ups and downs under the protection of the fascination of the American with his figure, the dogecoin price he shot himself with that comment Musk, going from 0.14 euros to 0.17 euros in just one day.

The frenzy over this possibility of dogecoin having a real-world use, however, quickly faded, causing the cryptocurrency to trade back to €0.13 as of January 10.

The launch of transactions with dogecoin by Tesla last Friday, however, returned the asset to 0.17 euros, and this time the investor’s bet on its rise lasted less than a weekend, the elapsed between January 14 and 17, in which the dogecoin returned to the terrain of 0.15 euros.

Tesla gifts for life

At the moment only four items can be purchased at the tesla store using dogecoins: a cup, a belt buckle, a whistle and a electric quad for children.

The prices of the products vary from 150 dogecoins worth a cup, 22 euros at the current exchange rate, to 12,020 dogecoins worth a miniquad, or what is the same, 1,770 euros.

For the moment, Tesla He has not indicated that he intends to adapt these prices to the constant fluctuation of the cryptocurrency, which would imply that if the price of dogecoin rose the day after the purchase, purchasing the product would have been more expensive.

This is so, in addition, because the company indicates that “all purchases with dogecoins are final sale”.

“Items purchased with Dogecoin cannot be returned, exchanged or cancelled. Items purchased with Dogecoin cannot be returned or exchanged for cash,” says the website of Tesla.

win the bank

The company does contemplate, however, a case in which a cancellation can occur; that an incorrect amount of dogecoins is entered when making the transfer from crypto wallet to crypto wallet, since users will have to specify from their mobile applications what amount they are sending and to which recipient.

“If the wrong amount of dogecoin is transferred, your order may be subject to cancellation,” says the company on its website, while sending a notice to navigators:

“If an order is overpaid in Dogecoin, the overpaid amount will not be refunded to the original form of payment.” In other words, if the user makes a mistake when buying and sends 120,200 dogecoins instead of 12,020, he would be losing 16,000 euros, according to the policy set out by Tesla.

For the moment, however, it seems that Tesla has not made any sales through this method.

This is clear, at least, from the information obtained through the website Dogechain by scanning the identification address of the wallet receiving dogecoins that Tesla provides when trying to execute a purchase on its website.