A recent real estate listing reveals a beautiful house for sale in a picturesque setting near a river in the Rocky Mountains. In an interesting twist, though, the homeowner is accepting an unregulated virtual form of currency – Bitcoins. Got $400,000 in Bitcoins? You could buy this “Bitcoin Home.”
Taylor More, whose family owns the home in Crowsnest Pass, Alberta, says that he’s always wanted to get his hands on some Bitcoins. “They happen to be quite hard to get if you want to get a large number of them,” he told the Globe and Mail.
Introduced in 2009, the underground currency can be transferred from person to person without the use of banks. They can be bought online and exchanged or traded for cash. More says he has collected a few hundred Bitcoins. Currently valued at approximately $70 each, a number he thinks will only increase. Users say that they’re an easier form of payment to use internationally – and cheaper.
Bitcoins are currently accepted as a alternate form of payment on a number of websites, including WordPress and Bitmit, an e-bay-like site. Because Bitcoins use a network of computers, they’re more difficult to monitor. For this reason, they make the perfect currency. They’re preferred by those who use illegal online gambling sites, and by those who shop on the black market for things like illicit drugs.
But More says has different intentions. An aspiring entrepreneur and currency trader, More would like this to be the first real estate transaction of its kind. When he mentioned it to his father, he laughed at first. Eventually, though, he agreed to accept Bitcoins as a form of payment. In the future, More (the younger) hopes to start a real estate company that uses only Bitcoins for payments.
While the homeowners will accept traditional forms of payments, preference will be given to those who offer the coveted coin. “If you have $405k I wouldn’t turn you down but if a partial or whole transaction is done using Bitcoins the price can be reduced depending on how many Bitcoins you have to trade,” he says.
The question is, though, if the currency is unregulated, will the transaction be legal? I guess we’ll find out soon enough.