Everything you need to know about buying an electric vehicle in 2021
Philip Reed, NerdWallet
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Would you like to pay $2 a gallon — or a lot less — for gas? If you drove an electric car, that’s the equivalent of what you would pay for the electricity to charge the battery.
That estimate comes from Southern California Edison, the power company that supplies some of the electricity I use to recharge my 2021 Hyundai Kona EV. I say “some” because the rooftop solar panels on my house help to charge my car. During the day, electricity from the sun goes right into my car’s battery. It’s like magic.
While a $2-a-gallon equivalent sounds nice, it’s more impressive when you look at the lifetime savings. Over the anticipated 15-year life span of a vehicle, the electricity to run an electric vehicle can be as much as $14,480 cheaper than fueling a gas-powered car, according to a study done by the U.S. Department of Energy’s National Renewable Energy Laboratory and the Idaho National Laboratory.
I’m not singing the virtues of the low cost of EV charging to score eco-points. I just want people to understand what I think is one of the great advantages of driving an electric car. For a cheapskate like me, it was a welcome surprise that recharging could be so cheap — sometimes even free.
On the other hand, charging can be expensive if you haven’t planned ahead.
Recharging costs for EVs are based on many variables: the cost of electricity in your state, the time of day you charge, the size of your battery, just to name a few.
Charging at home
Buying a charging station, and having an electrician install it, costs about $1,200, according to the home remodeling website Fixr. (I spent only $500 for my charger, which I’ve been using for over six years.)
Since electricity costs more during peak evening hours, most EV owners set a timer to begin charging late at night.
Using these reduced rates, the Nissan LEAF with a 150-mile range would cost about $7 to fully charge, according to the California Air Resources Board. Compare that with a gas-powered car getting 25 miles per gallon. It would cost about $22 for enough gas to drive that car 150 miles in areas where gas costs $3.70 per gallon.
Recently, I took two road trips in my Kona EV and stayed at hotels that provided free charging. I estimated that this was a value of about $30, saving me from paying around $4.25 a gallon to drive the same distance.
Imagine if a hotel had a gas pump and it invited you to go ahead and fill up. There are many apps that can help you locate free charging, but you can find it frequently at hotels, government offices, shopping malls and grocery stores, even in national parks.
Now for the bad news: Not every hotel has a charging station, and you may actually have to pay.
While there are increasing numbers of publicly available charging stations, they can cost in ways you might not expect. Some charge a flat fee just to hook up. Some charge you if you leave the car plugged in after it’s stopped charging.
Some charging stations bill by the minute; a typical rate from the EVgo network is 28 cents a minute plus a $1.99 “session fee.” An hour at a charger (possible with an older EV whose battery accepts current slowly) would cost about $19. Newer EVs might be in and out in 15 minutes.
Other stations bill by the kilowatt-hour. A typical fast-charging rate from the Electrify America network is 43 cents per kWh. Adding 40 kWh to your EV’s battery would cost about $17.
In all cases, the cost of electricity is much, much higher than you would pay at home. Charging networks typically offer a membership pass that reduces the cost, but refueling on the road at commercial chargers frequently can lessen or even erase the savings an EV might otherwise offer.
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Three hundred thirty-one years ago, the first piece of paper money was printed in the United States. The Massachusetts Bay Colony supposedly issued those first bills to fund military action in King William’s War. Flash forward to today, and those bills are as ubiquitous as the British pound or Chinese renminbi. In recent years, however, there have also been talks that those bills may be replaced with a newer form of money altogether: cryptocurrency.
What is cryptocurrency? Is it really likely to replace our current cash system? Stacker answers all these questions and more in our closer look at Bitcoin and the world of cryptocurrencies. Using news reports, financial websites, and industry resources, we’ve answered the 10 most pressing questions you have about cryptocurrencies. While the topic is a complex one, we’ve done our best to discuss it in layman's terms and have avoided the more highly technical aspects that tend to bog down the discussion rather than carry it forward.
So read on to learn who invented this new form of money, how it’s mined, and what, exactly, Elon Musk has to do with it all. You’re sure to walk away with a better understanding of what Bitcoin is and how it affects your life.
Three hundred thirty-one years ago, the first piece of paper money was printed in the United States. The Massachusetts Bay Colony supposedly issued those first bills to fund military action in King William’s War. Flash forward to today, and those bills are as ubiquitous as the British pound or Chinese renminbi. In recent years, however, there have also been talks that those bills may be replaced with a newer form of money altogether: cryptocurrency.
What is cryptocurrency? Is it really likely to replace our current cash system? Stacker answers all these questions and more in our closer look at Bitcoin and the world of cryptocurrencies. Using news reports, financial websites, and industry resources, we’ve answered the 10 most pressing questions you have about cryptocurrencies. While the topic is a complex one, we’ve done our best to discuss it in layman's terms and have avoided the more highly technical aspects that tend to bog down the discussion rather than carry it forward.
So read on to learn who invented this new form of money, how it’s mined, and what, exactly, Elon Musk has to do with it all. You’re sure to walk away with a better understanding of what Bitcoin is and how it affects your life.
First things first: What is a cryptocurrency? In short, they are digital currencies that are protected by cryptography (a method of safeguarding information through complex codes). This encryption makes them incredibly secure and almost impossible to counterfeit or double-spend. Most cryptocurrencies work using a new technology called blockchain, a decentralized technology that's spread across many computers.
Open Studio // Shutterstock
First things first: What is a cryptocurrency? In short, they are digital currencies that are protected by cryptography (a method of safeguarding information through complex codes). This encryption makes them incredibly secure and almost impossible to counterfeit or double-spend. Most cryptocurrencies work using a new technology called blockchain, a decentralized technology that's spread across many computers.
As stated above, blockchains are a new form of technology that records information. Termed distributed ledger technology, these blockchains keep records across a large number of computers (rather than on a single computer server), grouping the data in sequential blocks. Once locked into place, these blocks cannot be changed or altered, meaning that records of who mined a currency or spent it are never called into question, and cryptocurrencies can never be stolen the way a credit card can.
As stated above, blockchains are a new form of technology that records information. Termed distributed ledger technology, these blockchains keep records across a large number of computers (rather than on a single computer server), grouping the data in sequential blocks. Once locked into place, these blocks cannot be changed or altered, meaning that records of who mined a currency or spent it are never called into question, and cryptocurrencies can never be stolen the way a credit card can.
No. By their very definition, Bitcoin and other cryptocurrencies are completely democratic and aren’t overseen by a central authority in the way that the U.S. dollar is. A true peer-to-peer payment network, cryptocurrencies can only work if all participants use the same software and abide by the same rules. This provides a strong incentive for a consensus to be maintained, or else Bitcoin will cease to have any value and all users will lose their cryptocurrency wealth.
insta_photos // Shutterstock
No. By their very definition, Bitcoin and other cryptocurrencies are completely democratic and aren’t overseen by a central authority in the way that the U.S. dollar is. A true peer-to-peer payment network, cryptocurrencies can only work if all participants use the same software and abide by the same rules. This provides a strong incentive for a consensus to be maintained, or else Bitcoin will cease to have any value and all users will lose their cryptocurrency wealth.
The interesting thing about cryptocurrencies, and bitcoin, in particular, is that they are largely self-perpetuating (with the exception of the genesis block). New bitcoins are mined (or minted) by being the first person to correctly verify one megabyte of existing bitcoin transactions. This is incredibly time-consuming work that involves a lot of computation power, but these days it is not the only way to obtain bitcoin. Bitcoin can also be bought or earned by doing things like publishing an article on a website that pays via cryptocurrency.
Mark Agnor // Shutterstock
The interesting thing about cryptocurrencies, and bitcoin, in particular, is that they are largely self-perpetuating (with the exception of the genesis block). New bitcoins are mined (or minted) by being the first person to correctly verify one megabyte of existing bitcoin transactions. This is incredibly time-consuming work that involves a lot of computation power, but these days it is not the only way to obtain bitcoin. Bitcoin can also be bought or earned by doing things like publishing an article on a website that pays via cryptocurrency.
Yes, and no. In 2021, much of what cryptocurrencies are is more theoretical than practical, which is further demonstrated by their purchasing power—or lack thereof. While bitcoin can and has been used to buy real things (you can use a third-party app called Purse to use bitcoin to buy items on Amazon, and it has often been used on the Silk Road to buy drugs), you certainly can’t just walk into a grocery store and buy a gallon of milk with a bitcoin or two. In fact, even apps like Purse or PayPal, which allow purchases to be made with bitcoin, convert the cryptocurrency into fiat money before making the transaction, so you aren’t technically spending that bitcoin or Dogecoin, but rather its legal tender value.
Yes, and no. In 2021, much of what cryptocurrencies are is more theoretical than practical, which is further demonstrated by their purchasing power—or lack thereof. While bitcoin can and has been used to buy real things (you can use a third-party app called Purse to use bitcoin to buy items on Amazon, and it has often been used on the Silk Road to buy drugs), you certainly can’t just walk into a grocery store and buy a gallon of milk with a bitcoin or two. In fact, even apps like Purse or PayPal, which allow purchases to be made with bitcoin, convert the cryptocurrency into fiat money before making the transaction, so you aren’t technically spending that bitcoin or Dogecoin, but rather its legal tender value.
So if you can’t spend a bitcoin or unit of cryptocurrency, why were they invented? The answer may lie in the text of the genesis block of Bitcoin, which reads: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” (Alluding to a headline from The London Times.) This seems to imply that the founder had a lack of faith in the banking system and was looking for an alternative way to store and protect their wealth, as well as wanting to disrupt the control of the money supply and empower the individual when it came to their finances.
Scharfsinn // Shutterstock
So if you can’t spend a bitcoin or unit of cryptocurrency, why were they invented? The answer may lie in the text of the genesis block of Bitcoin, which reads: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” (Alluding to a headline from The London Times.) This seems to imply that the founder had a lack of faith in the banking system and was looking for an alternative way to store and protect their wealth, as well as wanting to disrupt the control of the money supply and empower the individual when it came to their finances.
Bitcoin is widely considered to be the world’s first cryptocurrency. Yet, despite having existed for just over a decade, no one actually knows who founded it. The original Bitcoin whitepaper thate outlines how the currency works was published by Satoshi Nakamoto, the same person who mined the first bitcoin block, but the individual’s (or group of individuals’) identity remains a mystery. There are dozens of theories out there about who they are, but none have been definitively proven, making this a Holy Grail-level mystery of our time.
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Bitcoin is widely considered to be the world’s first cryptocurrency. Yet, despite having existed for just over a decade, no one actually knows who founded it. The original Bitcoin whitepaper thate outlines how the currency works was published by Satoshi Nakamoto, the same person who mined the first bitcoin block, but the individual’s (or group of individuals’) identity remains a mystery. There are dozens of theories out there about who they are, but none have been definitively proven, making this a Holy Grail-level mystery of our time.
Financial pundits aren’t yet convinced that Bitcoin, or similar cryptocurrencies, will replace the dollar, pound, or yen in any real way. However, as a scientific and technological innovation, cryptocurrencies are massively important. In particular, the blockchain system that governs most of these currencies has the power to change the future. Blockchain allows us to move information securely and authentically and can be adapted for things like voting, maintaining inventory records, and identifying exploited labor practices.
Financial pundits aren’t yet convinced that Bitcoin, or similar cryptocurrencies, will replace the dollar, pound, or yen in any real way. However, as a scientific and technological innovation, cryptocurrencies are massively important. In particular, the blockchain system that governs most of these currencies has the power to change the future. Blockchain allows us to move information securely and authentically and can be adapted for things like voting, maintaining inventory records, and identifying exploited labor practices.
The number of cryptocurrencies is always growing, so it can be difficult to pin down an exact count, but as of April 2021, there were over 10,000 different types of cryptocurrency. This includes coins, like bitcoin and Dogecoin, as well as tokens, which represent a tradable asset or utility (like 10 hours of free streaming on a service or a certain number of loyalty points from a company).
DaLiu // Shutterstock
The number of cryptocurrencies is always growing, so it can be difficult to pin down an exact count, but as of April 2021, there were over 10,000 different types of cryptocurrency. This includes coins, like bitcoin and Dogecoin, as well as tokens, which represent a tradable asset or utility (like 10 hours of free streaming on a service or a certain number of loyalty points from a company).
Almost every discussion of cryptocurrency winds its way to Elon Musk, so how does he fit in with all of this, exactly? Only as an ardent supporter of and believer in cryptocurrencies, really. Many have theorized Musk is actually Nakamoto (he’s not) or the mastermind behind Dogecoin (that would be Jackson Palmer), but really, Musk is simply one of the most outspoken tech leaders on the topic. Both of his companies, Tesla and SpaceX, are heavily invested in cryptocurrency and have engaged with the idea of accepting them as cash-equivalent payments for goods and services, but aside from that, Musk is no more special in the development or growth of these cryptocurrencies than you or me.
Almost every discussion of cryptocurrency winds its way to Elon Musk, so how does he fit in with all of this, exactly? Only as an ardent supporter of and believer in cryptocurrencies, really. Many have theorized Musk is actually Nakamoto (he’s not) or the mastermind behind Dogecoin (that would be Jackson Palmer), but really, Musk is simply one of the most outspoken tech leaders on the topic. Both of his companies, Tesla and SpaceX, are heavily invested in cryptocurrency and have engaged with the idea of accepting them as cash-equivalent payments for goods and services, but aside from that, Musk is no more special in the development or growth of these cryptocurrencies than you or me.
