A Brisbane home owner is making history, offering to sell his home entirely for bitcoin.
The Camp Hill property has only just come onto the market but Crypto Currency experts warn there’s a bit more to it.
Two units, a house and city views, in the heart of the suburb. The whole lot could be yours for cash – or bitcoin.
“It was one of his conditions of taking on the property to sell that we needed to embrace the crypto currency world,” agent Joanna Gianniotis said.
The owner opening his doors to a whole new market.
“You can take payment instantaneously, regardless of boarders or foreign exchange rates,” Pay By Bit CEO, Caleb Yeoh, said.
It’s the first home in Brisbane available for purchase entirely in the digital dollar.
But it might take some a bit of convincing.
“I wouldn’t put that much into bitcoin,” one potential buyer said when asked if she’d buy a home with the crypto currency.
“There is still the option of paying normally with your mortgage or cash transaction,” Ms Gianniotis said.
While the prospect of buying property with bitcoin is exciting and new, experts warn there are a few things to consider first, as bitcoin transactions are irreversible.
“Anyone can see it, you can’t fudge the numbers and once you’ve made payment it cannot be reversed,” Mr Yeoh said.
Something else to consider, according to Mr Yeoh, is the currency’s rapid fluctuation.
“In 2010 someone bought two pizzas for 10,000 bitcoins.. those 10,000 bitcoins now are worth over $100 million,” he said.