Tesla launches Dogecoin payments for merch but there is a catch

Tesla CEO Elon Musk has stated that the company would now accept Dogecoin (DOGE) as payment for its products. Products in the Tesla store that are DOGE-eligible can be purchased by sending DOGE to Tesla’s Dogecoin wallet.

While DOGE is accepted, the company has said that it does not accept any other cryptocurrency. On its website, the business claims that it cannot detect any other assets save DOGE. “Non-Dogecoin digital assets supplied to Tesla will not be returned to the purchaser,” the company warns customers.

Furthermore, DOGE purchases “cannot be returned, exchanged, or canceled.” All DOGE sales are final and cannot be returned for cash, according to Tesla.

Billy Markus, the inventor of Dogecoin, responded immediately to the statement, uniting the Dogecoin community. Markus tweeted, “Alright Dogecoin community, you know what to do.”

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The community reacts quickly. Some users tweeted that they had already made purchases with DOGE. “Tesla Tequila on the way to Germany!” tweeted Twitter user Dogecoin GER a few minutes after the announcement.

Tesla said a month ago that they will begin accepting DOGE for merchandise. At the time, the announcement resulted in a 25% price spike for the meme coin. The asset’s price has risen 18.63 percent in just a few hours since DOGE payments were implemented.

The billionaire shared his views on DOGE in December, comparing it to Bitcoin. “Even though it was created as a joke, Dogecoin is better suited for transactions,” Musk says. He claims that DOGE is somewhat inflating, which encourages people to spend it rather than save it as a savings account.