Balinese Villa: First Quarter of 2014’s Biggest Bitcoin Deal
Bitcoin continues to show its popularity, and was recently used to buy a Balinese property.
An anonymous purchaser in Texas bought a two bedroom, two bath luxury villa located at Del Mango Villa Estate in Bali. The buyer paid less than 1,000 bitcoins which costs more than $500,000. The transaction is considered to be bitcoin’s largest so far.
Alan Silbert, CEO of BitPremier – a website which keeps a list of items for purchase with bitcoin, mentioned, “As far as we know, there’s nothing that comes close to this. There have been some luxury car sales – Tesla, Lamborghini. So I think this is by far the priciest item that’s sold by bitcoins.”
Bitcoin is a virtual currency which enables users to exchange online credits for goods and services. It can be created on the internet by using a computer to accomplish tasks, a procedure which is known as mining. Bitcoin has been gradually attaining acceptance for transactions, ranging from businesses such as pizza parlors, hotels, and online retailers.
The electronic currency may be used to acquire more property in the future. BitPremier is listing more properties on its website, which includes a luxury Paris property with a view the Louvre at 8.5 million euros (about $11.8 million) which is around 20,000 bitcoins. It will also enlist a seven-bedroom luxury villa in Caesarea, Israel, and costs $3 million and is roughly around 5,000 bitcoins.
Despite the recent deflation of the bitcoin exchange, some view the purchase of the Bali villa as a good sign. David Moskowitz, Coin Republic’s director, testified that, “it is a transaction mechanism. It’s being used as a means of exchange and people are willing to exchange their bitcoin.”
Bitcoin use ensures faster transactions, as compared to the possibility of waiting for multiple bank transfers. According to Moskowitz, its actual transfer is immediate, and the confirmation process to verify the bitcoins were not spent twice consumes around 30 minutes to an hour. Moskowitz also mentioned that the transfer cost was probably less than $10.
At present, bitcoin’s future is not totally clear. Based on data from Bitstamp, its value is unstable; it increased from around $13.00 at the beginning of 2013, and reached approximately $1,120 in November. At the moment, it is currently trading roughly at $600.
Although slowly gaining popularity, there are those who doubt the digital currency’s fundamental value. Warren Bugget, a famous investor, recently conveyed to CNBC, “it’s a mirage basically. It’s a method of transmitting money. A check is a way of transmitting money too. Are checks worth a whole lot of money just because they can transmit money?”
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