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All rights reserved. This site requires JavaScript to function properly. For bitcoin bulls, the announcement was the latest sign of validation for the burgeoning digital currency. Despite making inroads with investors, bitcoin has been slow to take off as a form of payment.
It was originally created in to operate like an electronic version of cash, allowing two people anywhere in the world to digitally exchange value as if they were physically exchanging cash. In practice, it hasn't worked that way.
The cost of using bitcoin, and its volatility, have made normal, day-to-day transactions impractical. That isn't likely to change with Tesla's acceptance of the currency. The fee rises when traffic is heavier. Luxury purchases, on the other hand, are where bitcoin has found its niche.
Bitcoin buyers tend to be loyal and spend more, said Jeff Klee, chief executive of CheapAir. Among the other stumbling blocks bitcoin faces in becoming more ubiquitous is its inherent volatility. Despite its recent surge in value -- bitcoin has nearly quadrupled since September -- it still swings wildly.
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Tesla hasn't revealed any details about how its bitcoin payments system would work, and a representative for the company didn't respond to a request for comment. But industry watchers suggest Tesla would likely use a third-party processor to mitigate the risk of price volatility in the period between the parties agreeing to a deal and the funds clearing the bank. Companies like BitPay automate the process, handling the back-end logistics for digital-currency payments. Unlike cash wirings, which can take days to process, bitcoin transactions close quickly, usually in a matter of minutes.
Another big hurdle for bitcoin transactions: Taxes.