You can’t read the news these days without hearing about bitcoin, which surged in value last year to record highs of $USD 20k.
The leading cryptocurrency by market cap has since crashed back down to around $USD11.5 at the time of writing (it changes about as fast as Melbourne weather).
Cryptocurrency has a reputation for being something that is used by criminals in the shadiest parts of the internet. But as it becomes more legitimate, other uses are appearing, including in real estate.
Now a property in Port Lincoln is poised to make national history after being dual listed for either fiat (traditional currency) or bitcoin.
Realestate.com.au reports that the 855 square metre vacant block at 12b Smith Street, can either be purchased for between $79,550 to $87,500 through Harcourts Northgate, or from the vendor directly at $100,000 worth of bitcoin.
At the current exchange rate, the property is going for approximately 7.12 bitcoins.
The higher bitcoin price includes the stamp duty and transfer fees that would be payable when buying with traditional currency, which kinda ruins the whole point of the exercise.
The promise of bitcoin and other cryptocurrencies is decentralised and immutable transactions, that cut out the middleman, not factor in his cut.
The vendor, Pastor David Wolverton, is a believer in bitcoin.
“In Australia … there are a growing number of companies who accept it, and it’s my conviction it’s just a matter of time before you can complete a whole house transaction using it,” he said.
Meanwhile, bitcoin is suffering from long and costly transaction times, leading many to become frustrated with its use as a currency.
It is currently viewed more as a “store of value” for money invested in other cryptocurrencies.