Tesla receives Proposal to Add Monero (XMR) as Payment option

Tesla receives Proposal to Add Monero (XMR) as Payment option

February 11, 2021

Reading Time: 2 minutes

In an attempt to persuade Tesla CEO, Elon Musk, to include XMR in its accepted payment options alongside bitcoin, the Monero community pooled 890 XMR ($150,000) as part of the proposal.

The Monero community shared a post on the Tesla website proposing that the electric car-marker adds XMR as a payment alternative. This came not long after the firm, through its CEO, Elon Musk, suggested that they might add Bitcoin as a payment option. The Monero community followed in suggesting that XMR would also form a good payment alternative.

Monero raises funds as a persuasive means

On the 9th of February, the Monero community posted a CCS proposal. Since then, it has pooled $155,000. This will be used in a persuasive tactic to convince Musk that XMR will fit as a payment alternative alongside Bitcoin.

The CCS proposal entails details stating that the community will do anything in its power to get Musk’s attention. This is aimed at happening in 21 days commencing on 9th of February. In case the Tesla CEO embraces the move, the community will choose three charities that will receive brand Teslas. However, if the initiative is not successful, the Monero community promises a refund for all contributors. The proposal has 21 days for results to be tabled.

The Monero website reported that the move only got 11 financiers.

The Monero proposal

The proposal states that Tesla buyers will get XMR benefits; unique privacy features unlike public and traceable cryptos like Bitcoin and Ether. It suggests that some buyers value their privacy dealing with such expensive vehicles.

A part of the proposal gave an example of a restaurant, saying that most people would not like their servers knowing their total wallet balance. Similarly, they questioned why making a car purchase tells everybody all your account details. This happens as too much information is publicized in Bitcoin transactions.

It further explains that if everybody already knows that you bought a new Tesla, it is impossible to make a statement when showing up at events. Anyone can see transactions in the Bitcoin blockchain; therefore, they know the moment you make your car purchase.

Monero troubles

The Monero proposal was made at a time when there is controversy surrounding its privacy features and capability to trace XMR trades. CipherTrace filed two rights for technology intended to track Monero transactions in November 2020. The Monero community had slammed and doubted CipherTrace’s capacity to trace XMR.

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