Bitcoin used for $500K property purchase

|By:, SA News Editor

"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.