Bitcoin used for $500K property purchase


"As far as we know there's nothing that comes close to this," says BitPremier CEO Alan Silbert after an unidentified Texas buyer used bitcoin to pay more than $500K for a luxury villa in Bali in what may be bitcoin's largest transaction to date.

Using bitcoin rather than multiple bank transfers allowed for a near instantaneous transaction with a cost of less than $10, says David Moskowitz, a director at Coin Republic.

More property purchases ahead? Among BitPremier listings are a Paris property at around 20K bitcoins or €8.5M, and a 7-BR villa in Israel for about 5K bitcoins or $3M.

ETFs: BITCN, BTCS

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Comments (4)
  • youngdub774
    , contributor
    Comments (152) | Send Message
     
    Why would there need to be multiple bank transfers, cash goes from buyers bank to sellers bank, seems pretty straightforward, bitcoin bulls really clinging to the convenience line
    20 Mar 2014, 11:24 AM Reply Like
  • Trader 611
    , contributor
    Comments (134) | Send Message
     
    My thoughts exactly youngdub. Cost of wire transfer $50 maybe?
    so someone saved $40 bucks on a $500K transaction.
    Why is this news?
    20 Mar 2014, 01:11 PM Reply Like
  • aaronthrash
    , contributor
    Comments (3) | Send Message
     
    It is very common to hold money in several different accounts across different banks.
    20 Mar 2014, 01:27 PM Reply Like
  • aaronthrash
    , contributor
    Comments (3) | Send Message
     
    It is very common to hold money in numerous accounts across different banks. In fact, very few people, especially those with businesses, use only one bank account.
    20 Mar 2014, 01:27 PM Reply Like
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