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Why Elon Musk Suspends Use Cryptocurrency As Payment For Tesla!


May 12th, on Wednesday, it has been announced by Elon Musk on his Twitter handle that tesla is not going to be accepting Bitcoin as a mode of payment for their cars and the market for Bitcoin has crashed because of the statement as the Billionaire has decided not to accept the cryptocurrency that is going to affect the value of the cryptocurrency as it already being seen in the crypto market as the CEO of Tesla has made it super clear.

Elon Musk

He also provided the people with the reason for this decision, he related it to an environmental concern as he has stated that for the Bitcoin mining and transactions to take place, fossil fuels are being used drastically and he has no interest to be a part of this and after this many of the people who are about gaining knowledge are trying to know the history of Bitcoin and how it is being traded and trying to know the person who has been the founder of it and many other Bitcoin-related questions which are coming in the people’s mind.

So Bitcoin is a cryptocurrency that is one of the most popular at this point in time market, the currency was invented in 2008 and even after having been in existence for such a long time, it is still a mirage and an enigma for many of the people as there is no proof about who has invented it, it could be that a person has come up with it or a bunch of people has but these are all assumptions as no one knows who has invented the coin, Satoshi Nakamoto is the one who has found the cryptocurrency but no one knows if it’s his name or is it just an alias, there have been speculations that the name is just a pseudonym.

Bitcoin is a decentralized digital currency and it has a unique concept of keeping a check of the data and the transactions as it has eliminated the concept of the bank from existence and that is the reason that a person can share his Bitcoin with another person without a requirement of an intermediary which is going to make you think about the scams that can happen as there is no bank in between but the Bitcoin transactions are supervised by many of the network nodes which happens through cryptography and the transactions are being recorded which we call as blockchain and it has been growing as the record list is increasing which is the reason that doing a scam in the crypto game is next to impossible as the data keeps getting recorded.

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Charitarth Ahlawat
Charitarth covers politics, crime, and entertainment stories throughout the state of West Bengal and North-East India. As a tri-lingual correspondent, he caters to Get India News.


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