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Purchase of properties with bitcoin.

Posted by Helena Grossberg on April 19, 2014
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Photo Golden Bitcoins (new virtual money )

Have you heard of Bitcoin?
Do you think it is possible to buy a house with this money?

Check it out here.

Bitcoin is a transfer system of direct electronic payments between peers without intermediaries, such as a bank, credit company, or a financial institution. It works as electronic money, and it’s currency, bitcoin, is created through mining, whereby the participants provide their computing power to verify and record payments, using wallet software on a personal computer or web application, in exchange for goods or services. It seems complicated, but it isn’t. The internet also seemed complicated in its early days for those who were not familiar with it. Today, bitcoin can be used in many places, and there are even automatic tellers, called robocoins that can dispense bitcoins.

The money transfer looks normal, but the difference is that it does not go through a bank or a company such as Paypal. It goes directly to the recipient, through encrypted messages. Once a message or the money is received, there are no returns, confirmations, or a way to verify its origin. The process is totally anonymous, without barriers between countries, with various exchange rates in place. There is great volatility in the market, as the value of the bitcoin depends only on the demand and the acceptance of this currency in exchange for goods or services. Because of this volatility and arbitrary acceptance, its value fluctuates just like the stock market.

Some countries see the potential of this new currency, while others limit its use, since there is no universal tax system to control it yet.

In the USA, the use of bitcoin is legal for small purchases, and limited for some exchanges, and not all establishments accept it.  In 2013, the US authorities instituted various control methods of bitcoin circulation, and laws are still pending to determine the best way to avoid its use to cover illicit drug transport and sales, terrorism, and money laundering.

One of the biggest advantages of using Bitcoin is remaining anonymous in the transaction. The first big purchase was February of 2014, of a house in Bali, Indonesia, for the equivalent of half a million US dollars. These purchases are isolated and cannot be executed yet in the USA. The technology is here, it is dynamic, and we will certainly be able to complete purchases such as these one in the near future.

Let’s talk about it. I have wonderful options for you. Buy and sell with confidence.  

 

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