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Buy a House With Bitcoin

May 2nd, 2014 by The JetSetter Team | Comments Off on Buy a House With Bitcoin

JS0405Lately, we’re seeing an influx of things available for purchase using Bitcoin, and now, even houses are available. In Southhampton, New York, for example, a seller has listed his property for $799,000—or, the equivalent value in Bitcoin. Owner Philipp Preuss says he’d also accept a combination of the two.

Bitcoin, which was introduced in 2009 and is not backed by a central bank or government, is a virtual currency traded online through Internet exchanges that are unregulated. Fluctuating significantly over the past year, Bitcoin has ranged from $13 to $1,200. Chinese banks have advised financial institutions to cease accepting deposits from businesses linked to Bitcoin, and the European Banking Authority has issued warnings on the currency’s vulnerability to criminal activities and the laundering of money.

Still, some businesses are accepting the unbacked currency because they believe it will widen their consumer base. The house for sale in New York is among the first of its kind, and many see the inclusion of Bitcoin to purchase the house as a clever way to draw attention to and market the property. It’s interesting, it’s new, it’s obviously being written about.

In Bali, Indonesia, a luxury home has actually been purchased using bitcoins, more than 800 of them (approximately $500,000). The villa has two bedrooms and comes fully furnished. It is located in the del Mango Villa Estate in Seminyak and was purchased through luxury bitcoin marketplace BitPremier.

The buyer doesn’t wish to be named, but is described by Ronny Tome (the real estate developer who listed the property) as an early adopter of bitcoin. BitPremier now lists a number of luxury properties on the site.

Jason Hartman is skeptical of bitcoin (he expects governments’ around the world will make it illegal), but we’d love to hear what you think. If you have any experiences using the currency (or are thinking about it) please feel free to share below!
(photo credit: fabiogis50 +2600k Thank you!!!! via photopin cc)

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