Bitcoin Digital Currency has Arrived on the Property Scene
When web entrepreneur Cosmo McIntyre found the house he wanted to buy, he paid the Melbourne buying agent’s fee in Bitcoins.
Bitcoin is an online digital currency that allows users to pay for items with Bitcoins instead of using formal paper or virtual currency.
It has become popular with online businesses and tech-savvy early adopters because the funds can be transferred in real time without a clearance waiting period, and it avoids transfer fees.
This has made trading in Bitcoins far cheaper than transferring money between banks, especially for foreign transactions.
McIntyre said that he would consider buying a house using Bitcoins, but that the Australian tax implications are not clear at present as there are some grey areas around stamp duty and taxes.
Buyer’s agent, Paul Osborne, who assisted McIntyre with the house purchase, said that he could envisage potential for Bitcoins to be used in house sales, but that the currency needed to become more secure.
He does, however, expect it to gain in popularity once its profile increases and its fluctuating price is stabilised.