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Ellinas

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27/11/17

07:59

Post #: 29131514
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Originally posted by Neil1959 ↑

Interesting article in Domain tonight

https://www.domain.com.au/news/melb...yment-for-the-basin-property-20171127-gzs003/

Melbourne home owner willing to accept Bitcoin payment for The Basin property
ALLISON WORRALL TWITTERREPORTER NOV 27, 2017

A vendor selling a family house in Melbourne’s outer east is willing to accept Bitcoin as payment, in what could be the first cryptocurrency property transaction in Australia.
As digital currencies become more mainstream, they are poised to penetrate the real estate industry in Australia and abroad, raising questions about logistics and legalities.
With more buyers and sellers seeking to use Bitcoin instead of cash, government regulators across the world are scrambling to set out clear and uniform guidelines for blockchain transactions.
Blockchain, the technology behind cryptocurrency, is an anonymous, secure database that records digital transactions. Experts say it could revolutionise the property industry.
Rob, who did not want his surname printed, is an experienced builder who buys, renovates and flips houses. He first bought into Bitcoin earlier this year, but had watched the cryptocurrency market evolve over the past decade.
His latest project, 1411 Mountain Highway, The Basin, is up for sale, with its listing declaring the “owner is agreeable to accept part payment in Bitcoin”.

“I see cryptocurrency at the moment as like the early days of the internet dot com era,” Rob told Domain.
He believes marketing the property as Bitcoin-friendly could be the deciding factor in someone’s ability to purchase the house.
“If it came down to two or three people, and both had their maximum borrowing capacity at a certain amount, and one has bitcoin — because the banks don’t look at Bitcoin as an asset — that could be something that could get them across the line.”
Harcourts listing agent John Garnett said the sale would be the first time he had handled cryptocurrency in real estate.
“I’ve never had anyone transact in it,” Mr Garnett said. “There’s a few logistics we still have to iron out.
“We’ve got to be careful because the state revenue office will want the stamp duty to be paid on market revenue.”
Given Bitcoin’s value is known to fluctuate dramatically, the day of the transaction could spark tension between a buyer and seller.
“The way it would be is if someone was going to offer $10,000 in Bitcoin, then that would be $10,000 in Bitcoin whenever they pay that,” Rob said. “So if the market goes up or down or drops, that’s it.”
He said he was aware of the financial risks involved.
“A day in Bitcoin is like a week or a month in the real world. It’s volatile and in volatility, there’s a lot of money to be made and a lot of money to be lost.”
Consumer Affairs Victoria confirmed it was legal for the deposit or settlement amount to be paid in any asset or security agreed between the buyer and seller, including Bitcoin.
The Australian Taxation Office treats Bitcoin as an asset, and requires a full record of Bitcoin transactions to be kept.
The state government recommends buyers, sellers and agents seek legal advice to ensure they meet the regulatory requirements for the holding of deposits in the form of Bitcoin.
It's starting..SOARCOINS and the exchange should have some impact in 2018.
Cheers...59

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This is massive news for BPG. Everything is happening! Enjoy the ride

BPG Price at posting: 0.8¢ Sentiment: None Disclosure: Held
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