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Alberta man to sell home for Bitcoin virtual currency

Categories: Arts & Entertainment

si_bitcoin_house.jpgIt's not often that Canadian real estate listings make international headlines, but a mid-sized Alberta bungalow has people around the world buzzing today after its owner declared that he would like to sell it -- for Bitcoins.

If successful, 22-year-old entrepreneur Taylor More would be the first person ever to accept the fast-rising virtual currency in exchange for property.

"My home is being traded for Bitcoins!"  reads the listing for More's "quaint" two bedroom home in Crowsnest Pass, Alberta. "Properties like this rarely come on the market and this one's priced to sell in one of the most sought after recreation areas of the Rockies."

The property is listed for $405,000 CDN, but More writes that "the price can be reduced" if a buyer has some Bitcoins to spare.

 It will cost you 5,362 Bitcoin, or $405,000 to buy this two-bedroom home in Southwest Alberta. (Taylor More / Forsalebyowner.ca)

Bitcoin, a cryptographically secure peer-to-peer virtual currency first introduced in 2009, allows people to send money from anywhere to anywhere without restriction.

Unlike the dollar or other currencies, Bitcoins aren't issued by a bank and don't exist physically. This makes transactions notoriously difficult to track - a feature valued by users who want or need privacy.

While initially linked to "dark web" trading sites like online drug marketplace Silk Road, Bitcoin has been growing in mainstream popularity, both online and in the physical world.

Pizzaforcoins.com allows people to order food from Domino's using the currency, while an office space rental company in Toronto now accepts Bitcoins for rent. Earlier this year, a team of American entrepreneurs developed the first dollar-converting Bitcoin ATM, prompting many to write about whether or not the currency will ever go mainstream.

According to Bloomberg, Bitcoin is the world's most widely-used alternative currency, with a monetary base valued at over $600 million USD.

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One Bitcoin is currently valued at about $75 Cdn, making the value of More's house approximately 5,362 Bitcoins.

"Bitcoins are really hard to get your hands on if you want to get them in large quantities," he told the BBC when asked why he decided to accept the currency for his home. "I have a couple projects that I want to get started, and they will take a lot of Bitcoins."

What are your thoughts on alternative currency? Would you ever buy or sell something using Bitcoins? Why or why not?



Tags: POV

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