Is ‘Bitcoin Property’ the new kid on the block? It’s been reported for the first time that two properties in the UK have been sold using Bitcoin as the currency!
Director of Go Holdings, Ed Casson believes he is the first UK developer to sell a property using the cryptocurrency, Bitcoin as payment.
The first property sold by Mr Casson using Bitcoin was a four-bed detached home developed by Go Homes in Colchester worth £350,000.
The buyer is believed to be a 20-year-old software developer who it’s understood made early profits ‘Bitcoin mining’ and is now converting these profits back into property. It’s understood the new owner plans on letting out the property using Bitcoin as a form of rental payment.
It has already been reported that some landlords across the UK are already accepting Bitcoin as a form of rental payment.
The Director of the development firm goes on to say:
This re-writes the rule book and shows there is another way to sell property. This is the first time a domestic property has been sold for Bitcoin in the UK. It’s a bit of history in the making. Selling homes for Bitcoin will become common in the next five years.
Our industry has largely remained unchanged in terms of innovation in the last 50 years. We are taking an opportunity to embrace this technology.
Also for the first time, The Land Registry has agreed for the sale to be recorded as Bitcoin payment; it’s believed the new owner is still undecided whether he wants to record this in pounds or Bitcoin.
What is Bitcoin?
Bitcoin is a digital currency that’s created and held electronically. Unlike ‘normal’ currency, Bitcoins are not printed.
The biggest difference between Bitcoin and traditional is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
With Bitcoin set to continue to rise over the next 5 years, many experts are predicting Bitcoin payment will become more common place for larger purchases, like property.