A Florida man bought a Tesla Model S from a Lamborghini dealership in Newport Beach, Calif., this week.It was the first time the dealer had accepted Bitcoin, it said."That's right, an electronic currency was used to purchase a fully electric vehicle," the dealer's blog stated.The buyer, who wishes to remain anonymous, bought the top-of-the-line Tesla (TSLA) for $103,000, which was equivalent to 91.4 Bitcoins on Tuesday, the day of the sale, said Cedric Davy, marketing director at the dealership.The sale came about after the man contacted the dealership on Monday asking if he could use Bitcoin to pay for the Tesla, explaining that he had been turned down by other sellers, Davy said."We had heard about it before, but we weren't extremely familiar, so we basically did our homework and looked for ways for us to convert it into dollars," he said.After checking into any legal issues and other research, the dealership worked with Bitcoin payment processor BitPay to handle the transaction.Timing was on the buyer's side.

The digital currency, known for its wide price swings, dropped sharply in value on Friday, just days after the purchase.But the dealer didn't need to worry about the risks associated with the volatile currency.BitPay locked in Tuesday's Bitcoin price for both the buyer and the dealership, Davy said."We're not in the business of speculating so at the end of the day we want to sell the car as priced," he said.After news broke of the sale, the dealer fielded about 10 phone calls from more car shoppers interested in purchasing a car using the digital currency, Davy said."All these people have Bitcoins," he said."I think some people are trying to spend it."Most Teslas are sold online directly to customers by the company.Even in Tesla-owned and -run stores, the transaction is conducted online.Tesla has been fighting in several states in order to sell its cars directly to consumers from coast to coast.In fact, Tesla head Elon Musk came to fame (and riches) as a co-founder of PayPal, a leading digital payment service.

Tesla declined to comment on whether or not the company plans to accept Bitcoin as payment anytime soon.Flipped coin image via Shutterstock After Mason Borda, a software engineer at BitGo revealed that he preordered a Tesla Model 3 with Bitcoin and Christopher Malmo, internet advocate at OpenMedia discovered that Bitcoin consumes too much electricity, one thought sprouted in my head: buying an electric car with Bitcoin is like recycling electricity.bitcoin in escrowMason Borda, a software engineer at BitGo and creator of GitMoney, wrote in a blog post in early April that he preordered a Tesla Model 3 for 2.413612 Bitcoin.bitcoin spain atmBorda could not directly transfer bitcoins from his wallet address to Tesla’s wallet, which is why he used ShakePay, a Bitcoin-powered credit card service.block bitcoin ports

Using a credit card service to process Bitcoin payments for fiat currency payments is now a growing trend because this method eliminates the volatility problem by transforming bitcoins into fiat currency while the transaction is in progress.Therefore, merchants receive cash instead of Bitcoin and the unpredictable nature of this digital currency does not affect the payment.bitcoin etf impactChristopher Malmo, internet advocate at OpenMedia and contributor at VICE Canada, wrote in an article in June 2015 that Bitcoin is unsustainable because it uses too much electricity.bitcoin russia vpsAccording to Malmo’s calculations, one Bitcoin transaction uses enough electricity to power 1.57 American households for one day.belajar litecoinThe problem is that as Bitcoin continues to grow and more people adopt this cryptocurrency, power consumption is also bound to grow.build bitcoin faucet

Malmo cited Matthew Green, a cryptography expert at Johns Hopkins University, as saying that every transaction where there is an exchange of services or goods happening “is really representing even more electricity.” Less than one year later, Sebastiaan Deetman, an engaged environmental researcher and a Bitcoin enthusiast, started from Malmo’s calculations and found that if the Bitcoin network continues to expand the way it has done lately, transactions could consume as much electricity as a small country like Denmark by 2020.ethereum block dataA centralized network of volunteers validates and processes Bitcoin transactions, generally hosting hardware to perform calculations.btc robot españolThe network of Bitcoin “miners” makes sure that the system is secure, but it also consumes roughly 350 megawatts.Plus, the problem is even more severe as the growth rate has skyrocketed due to the having of the Bitcoin block-reward, which is expected to occur this summer —thus it could have serious consequences on the energy consumption.

We’ve already decided that electricity is what fuels Bitcoin mining, Bitcoin transactions and the whole idea behind this cryptocurrency.What is the connection between preordering a Tesla Model 3 and Bitcoin, you ask?They cannot function without electricity.Although Bitcoin uses massive amounts of electricity and might consume even more in the near future, there’s a sense of fulfillment in the fact that you can buy a car with electricity —one that uses electricity to get you from point A to point B. Stay updated with our Bitcoin column !Here are the latest articles from our column:Investor's GuideElon Musk Is the Most Admired Leader in TechnologyDavid Z. MorrisIn a new survey of hundreds of startup founders, 23% said they admired Tesla and SpaceX head Elon Musk more than any other tech leader.Amazon’s Jeff Bezos came in a distant second, with 10% of respondents giving him the top spot, followed by Facebook’s Mark Zuckerberg with 6%, and Apple co-founder Steve Jobs (who passed away more than five years ago) at 5%.The responses were part of a broader State of Startups survey put together by First Round Capital, a New York-based VC firm whose portfolio includes stakes in Uber, TaskRabbit, and Blue Apron.

First Round surveyed over 700 startup founders about everything from the investment atmosphere to growth opportunities.Get Data Sheet, Fortune’s technology newsletter.This is the second year of the State of Startups survey, and Musk was also the most admired leader in 2015.Over the past year, Musk and his companies have hit huge milestones, including the massively successful announcement of the Tesla Model 3 and the rollout of a plan to colonize Mars.Musk’s Hyperloop concept saw real progress, despite turmoil at Hyperloop One, which is trying to create the Hyperloop without Musk's direct involvement.RelatedRetirementThe Best Ways to Invest in Bonds NowRetirementThe Best Ways to Invest in Bonds NowThe survey’s other findings suggest big improvements in the atmosphere for startups over the past year.While 73% of founders thought the startup ecosystem was in a bubble in 2015, only 57% thought so this year—and more than half of those said it “won’t pop anytime soon.”9 out of 10 founders say it’s a good time to start a company.

72% say there will be an increase in acquisitions next year, and 43% believe the IPO market will improve.The picture for startup employment was also positive.Almost all startups in the survey said they’d be hiring in 2017, and said “hiring good people” was their biggest management concern.82% of respondents said they’d conducted no layoffs in the past year.The survey had less rosy findings, as well.7 out of 10 of those surveyed said that Bitcoin and blockchain technologies are overhyped.Diversity was another weak spot, with the average respondent believing tech hiring is 14 years away from matching the gender and ethnic mix of the U.S.more broadly.For more on startups, watch our video.Two other results suggest that while optimism is rampant, it might be encouraging risky decisions.61% of respondents said their companies were optimizing for growth over profitability, while 51% said they’d increased their rate of spending over the last year.Only 14% of respondents said curbing spending was their “highest priority.”Notably, the survey was conducted between August and September of 2016, meaning that responses don’t reflect the results of the U.S.