How did Tesla’s adoption of bitcoin change everything?

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Currently, bitcoin is the most demanded digital currency in the entire crypto market. The crypto market is growing drastically, which increases its market capitalization to billions of dollars. Y The Tesla car is a prime example of cutting-edge technology and innovation; they’ve made significant progress in the latest self-driving technology. Tesla cars can self-drive themselves with their sensors installed inside the vehicles. If you are newbie in trading bitcoin, check out how to make the conversion of Bitcoins

Every car has multiple sensors installed which will detect the surrounding environment. Instead, it’s a tech company that impacts every car-making industry worldwide. The traditional manufacturing of cars would take ages to profit from their investment. Still, with crypto native assets like Bitcoin and Ether, it’s much easier to profit from investments with fiat currency.

Fiat currencies are government-issued currencies which are subjected to inflation. The primary purpose of bitcoin has been to eradicate inflation since its inception in 2008 by Satoshi Nakamoto. Blockchain technology holds the potential for Tesla to make its self-driving cars much safer and more efficient by monitoring them through smart contracts.

Essential about the concept:

Here’s an infographic explaining the basic concepts of the autonomous driving industry and how it differs from traditional ones. Tesla is planning to implement self-driving cars in their future vehicle range. They’re mainly doing this because they’re expecting to profit from it. They can now use blockchain technology as intelligent contracts to monitor their vehicles through sensors and contracts. Therefore Tesla will not have to spend a single penny on manufacturing hardware or investing money, thus saving more for research purposes at the end of the day.

Adoption in Tesla:

Tesla has already started adopting decentralized technology with the implementation of Ethereum’s protocol, as it already exists in their vehicles. Furthermore, in June 2018, Tesla acquired a company called Grohmann Engineering, specializing in automated manufacturing and engineering technologies. The primary purpose of acquiring this company is to increase the speed at which Tesla can manufacture their cars more efficiently.

Grohmann Engineering’s founder, Michael Grohmann, has created a series of intelligent contract-based manufacturing systems that Tesla can use. Tesla is the company leading the charge in the self-driving cars industry. They’re making moves which will bring them to their goal of fully autonomous vehicles.

For Tesla to implement this in their vehicles, a lot of money must be invested into equipment and hardware, which does not have a lot of profit for Tesla. So Tesla decided to invest in Grohmann Engineering from Germany because it’s located near its headquarters and Volkswagen. They are also working on self-driving cars together with Tesla at the moment.

Tesla Could Start Accepting Cryptos Again:

In 2010, Tesla decided to make a referral program for the members of their website who wanted to buy a Tesla. They decided to pay members $100 for every referral made between 2009-2010, and it worked. It is how Elon Musk achieved massive popularity and worldwide admiration. Ten years on from then, after being acquired by the Oil company, Tesla Motors started by making new drivers possible with its cheap electric cars.

Many customers who have bought their vehicles are now looking at getting out of debt using Bitcoin as a payback method. Every crypto has different purposes and uses, but they are all decentralized, which Tesla needs. Blockchain technology is a mighty one which will help boost Tesla’s progress in the future, making their self-driving vehicles and payments run much faster, securer, and cheaper.

Tesla Still Holds Bitcoin:

Tesla still holds Bitcoin, an important asset to track their progress and a system in which they can implement contract-based transactions. Elon Musk believes that the transaction of blockchain technology will help prevent fraud, making Tesla pay customers with more trust and security. In 2017, Tesla started studying cryptocurrencies and their applications in their daily lives. They’re currently testing this out through their proprietary ” TeslaNet ” network. The main goal is to make self-driving cars as efficient as possible.

What’s the future of Tesla?

Tesla has publicly announced that they want to make their cars fully autonomous by the end of 2019. They’ve hired a large number of intelligent and experienced engineers from Germany to do this for them.

 

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