Pre-Ordering the Tesla Model 3 with Bitcoin

There is no limit to what people can buy with Bitcoin, albeit some purchases will require a bit more creativity and hoops to jump through than others. BitGo engineer Mason Borda shared his latest Bitcoin purchase with the world, as it was none other than a pre-order for the upcoming Tesla 3 vehicle.

Tesla 3 Takes The World By Storm

Also read: Panama Papers Scandal Shows How Bitcoin Could Stop Corruption

It is impossible to deny the success Elon Musk and Tesla Motors is seeing right now, as international pre-orders for the Tesla 3 keep pouring in daily. Although the company expected this vehicle to be a success – due to pricing at $35,000 USD – opening up pre-orders for the minimum deposit of $1,000 seems to also have been a smart move.

At the time of publication, Tesla recorded over 250,000 pre-orders for their Tesla 3 car, allowing the company to secure $250 million in pre-order funds alone. Although it remains to be seen how many of these people will effectively buy the vehicle once it rolls off the assembly line, the sales numbers have exceeded expectations. What is even more impressive is the sheer number of people who lined up at Tesla stores to ensure their pre-order was guaranteed.

Token of appreciation for those who lined up coming via mail. Thought maybe 20-30 people per store would line up, not 800. Gifts on order. — Elon Musk (@elonmusk) April 2, 2016

Hardly anyone will be surprised to know the new model has attracted a fair bit of attention among Bitcoin enthusiasts as well, even though it is not possible to pay for a pre-order with the cryptocurrency directly. But that does not mean users can’t pay for their Tesla 3 with bitcoin.

BitGo engineer Mason Borda is one of the Bitcoin enthusiasts who wanted to secure a Tesla 3 pre-order and use the popular digital currency to do so. However, without a option direct option, Borda decided to revert to use an intermediary for Bitcoin payments. But unlike traditional Bitcoin debit card offerings, he used a brand new mobile application called Shakepay, which lets users create a one-time-use virtual card they can fund with Bitcoin.

Shaking Up the Shopping Experience with BTC

Unlike what most Bitcoin debit card providers offer, there is no waiting or verification process involved when dealing with Shakepay. Signing up for a new card and funding it takes less than a couple of minutes, and since there are no credit checks involved, the process just works.

At the time of writing, Shakepay was not available in popular mobile app stores just yet, although users can request early access through the website. Moreover, users are notified about every transaction they make with the card, regardless of whether it has been accepted or declined.

Buying a Tesla 3 pre-order is not something most people would envision for the Shakepay app in its current state, but the screenshot provided by Borda shows the process works without friction. Services such as these are a significant step forward, as they allow Bitcoin users to purchase just about anything in the world from online or physical retailers, without ever paying currency conversion fees.

What are your thoughts on buying things with a credit card funded by Bitcoin? Is this a worthwhile intermediary step, or is it diverting the attention from Bitcoin itself? Let us know in the comments below!

Source: Medium

Images courtesy of Tesla, Shakepay, Shutterstock, Popularmechanics.com