All You Need To Know About World's First Bitcoin Property Purchase
The world's first bitcoin real estate purchase was recently concluded in Texas, the US. The transaction was completed by Kuper Sotheby's International Realty for an undisclosed sum.
In a press note, Sheryl Lowe, broker associate of Kuper Sotheby's International Realty who represented the buyer, said: "In all of my 33 years of closing transactions, I honestly couldn't have expected something so unique to go so smoothly. In a matter of 10 minutes, the Bitcoin was changed to US dollars and the deal was done!"
She added: "Of course, it helped to have the right team behind this – Laura Pagnozzi of Independence Title was a key player in keeping everything together."
The property sold is a newly-constructed custom home located at Austin, Texas. The property is equipped with grand entertaining areas, a huge kitchen, a luxurious master suite and a landscaped backyard. The property is located a few kilometres from the city's Downtown area, also known as the Live Music Capital of the World. The area is a growing hot spot for technology companies.
What is bitcoin?
Bitcoin is a cryptocurrency which allows a transaction to be made without any middlemen, including banks. A bitcoin transaction can be made using virtual coins without any additional fee and the payee need not disclose the name.
The currency was created by a group of cryptography and computer science experts using an alias "Satoshi Nakamot" in 2009. In the early year, this currency was considered to be "a fraud", but it is now considered a legal tender in Japan.
It was in 2013 that the digital currency gained international attention and currency speculators making the most out of it. This later led to crashes in April and December in the same year. But, for those who stayed long term, Bitcoin is back with new record highs. One Bitcoin in today's time is valued around $3,429.