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First Major BitCoin Real Estate Purchase Recorded
Dated: May 12 2016
RealtyShares, a company in San Francisco, was the first realty company to accept Bitcoin as payment for both purchases and investments in the real estate market. The company was started up in February and was the first of its kind to accept Bitcoin as payment. More companies picked up on this, and now a major sale has taken place
Just recently, a huge transaction for a tropical Villa in Indonesia took place. The transaction was valued at over $500,000 worth of Bitcoin, though the total amount is unknown. The property sold was part of the delMango Villa Estate, and were considered under Indonesian law to be a long term lease, however, technically the buyer now owns the property. The Villa is fully managed by staff and includes a restaurant to accommodate any diet, including a vegetarian diet. The restaurant serves tropical food and features a lot of seafood. The purchase of $500,000 worth of Bitcoin could very well be the largest Bitcoin transaction ever recorded. I will have to note that this transaction is probably the largest LEGAL transaction made with Bitcoin. It is likely that a larger transaction took place within the Silk Road, which had millions of dollars worth of Bitcoin when it was busted.
BitPremier was the website that facilitated this transaction and sold the property. They have another listing in Paris for significantly more Bitcoins, meaning that if the Paris lot sells,BitPremier will break the current record and put a new one at $6.3 million dollars.
The Villa is beautiful and is over 3000 square feet with 2 bedrooms and personal outdoor private pool. Bali, Indonesia, is a beautiful city with a tropical climate, it is located very close to the equator and is never cold.
This transaction is ground breaking for the way people use their Bitcoin. If people purchase homes with cryptocurrency, the future is looking very bright for Bitcoin and all other successful coins. Cryptocoins have value because we choose to give them value; they are just like any other fiat currency in the way that they change value in real time. Bitcoin prices (just like real estate prices) are driven by the laws of supply and demand. With someone accepting Bitcoin as payment for large properties, it increases the value of the coin and the faith people put into Bitcoin. This is one step closer to getting Bitcoin to be mainstream. Bitcoin ATMs can already be found around the United States and are popping up all over the world.
The more goods and services offered for Bitcoin, the closer the coin gets to becoming a truly mainstream coin. This property purchase is huge for the future of Bitcoin and defines a new way to spend Bitcoins, and a more significant one than many other options before it. Bitcoin gives so much opportunity to people that they wouldn’t have had without it. The minimal transaction fees and close to instant transfers are aspects that pave Bitcoin as the currency of the future. The coins hold real and significant value and have come a very long way since the development. People are putting real value into Bitcoin. “Price is what they are paying, and value is what they are getting in return”-Warren Buffet. This real estate purchase will pave the way for more transactions like this in the future and change how everyone views Bitcoin.
originally posted by: Drew Cordell
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