A real estate company based in Barcelona, Spain has sold an apartment for Bitcoin as cryptocurrency enters the mainstream. 

A New Way To Pay

Mister Piso, a real estate company based in Spain, has sold the first piece of real estate using Bitcoin as legal tender. The company is hoping that a shift into cryptocurrency could accelerate sales and revitalize the housing sector.

Bitcoin and similar cryptocurrencies have steadily gained popularity since its inception around 2009, but why does this appeal to businesses or the consumer?

Bitcoin was initially created as an alternative to the current financial system, a device used to circumvent middlemen such as banks and other regulatory bodies. This works because Bitcoin, like other currencies, was created as a peer-to-peer platform and does not require any central body to store the information associated with transactions. Simply put, property buyers and sellers can hinder the influence of banks and greatly reduce the cost of commissions by using Bitcoin.

A Volatile Market

The owner of the apartment closed the deal for 40 bitcoins, a modest amount of money. One bitcoin is worth about $11,840 as this article is written, meaning the residence sold for approximately $475,000.

Bitcoin does not have a fixed rate, however, and has experienced large swings in price over the past year. This causes Mister Piso to take on some risk when accepting Bitcoin, but this risk is calculated. Although the currency has the potential to drop significantly overnight, it should be remembered that the value of Bitcoin rose almost 1,500% over the course of the past year.

The company is fully embracing the risk associated with the currencies though, already announcing they have a second piece of property for sale in Bitcoin.

Changing Times

The aforementioned piece of real estate had been on the market for five years before the current owner, Anna Durango, agreed to accept Bitcoin as a form of payment. Durango said that Mister Piso suggested the idea to ensure that the property would hold a high value in relation to its initial price, as well as to streamline the sale.

The manager of Mister Piso’s Tarragona office, Gerard Platero, elaborated on the position, stating,

It’s a much cleaner transaction, and you do not have to have cash in the moment, you can have this bitcoin wallet and have something that is not tangible. If I saw a flat and liked it, instead of paying and signing and having to go to a notary, I could make the transaction very quickly in the moment, according to the value of bitcoin, and all parties are happy.

Platero explained that this “cleaner” transaction allows property owners or buyers to circumvent banks, and, therefore, avoid or reduce additional costs such as commissions.

Will we see more people making purchases using cryptocurrency? Will crypto be used for bigger purchases or will we see more day-to-day uses? Let us know your thoughts in the comments!

Images courtesy of Pixabay, ACN

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ICF Church, an evangelical church in Zurich, Switzerland, is set to begin accepting Bitcoin donations from its parishioners.

The common assumption with most churches is that they’re conservative and are beholden to time-honored traditions. While this is often true in many regards, a number of churches are actually quite keen on adopting the latest innovations that technology has brought to bear. Case in point is a church in Switzerland that is set to begin accepting Bitcoin donations.

Virtual Tithing

The cryptocurrency-accepting church is ICF Church, located in Zurich, Switzerland. It’s an evangelical church and among the largest in the country. Its parishioners are actually pretty young, and the church itself is a big proponent of cutting-edge technologies.

It is for those reasons that accepting Bitcoin donations makes perfect sense for the church. ICF Church spokesman Nicolas Legler told the local media:

Digital currencies and the blockchain technology will change our daily lives more and more in the next years.

Cryptocurrencies will be implemented, be it Bitcoin or other currencies controlled by the State. We are convinced that this technology will soon belong to our daily lives.

Keeping Current with New Tech

It makes perfect sense for the ICF Church in Zurich, Switzerland, to accept cryptocurrency. Many churches have long seized upon technological innovations to spread their ministry, from using radio to broadcast to rural audiences to having online sermons people can download and view at their leisure.

The church in Zurich raises all of its revenue from its parishioners. Being younger, they are more tuned into the latest technological trends, such as crypto, and it doesn’t hurt that Switzerland has been working to establish itself as a crypto hub.

Bitmain Technologies, the large Chinese Bitcoin mining operation, is expanding to Switzerland due to China doing everything possible to end crypto mining within its country. It was also just a few years ago that the Swiss city of Zug started a pilot project where citizens could pay for government services via bitcoins. (One wonders if the city decided to hodl any of those bitcoins or not. If it did, then the city made a huge profit.)

As cryptocurrency becomes more accepted, it’ll likely become a common sight to see a church passing around their wallet address instead of the collection plate.

What do you think about the ICF Church in Zurich beginning to accept Bitcoin donations? Will cryptocurrency replace fiat donations down the road? Let us know what you think in the comments below.

Images courtesy of Wikimedia Commons, Pixabay, and Bitcoinist archives.

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While there’s no doubt that Bitcoin is the currency of the moment, with its value rising from $0.0008 on inception, to a peak of $17,900 in December 2017, one of the biggest concerns that potential investors have is that, in reality, they are difficult to spend.

With skeptics referring to horror stories such as the man who spent 10,000 Bitcoins on two pizzas in 2010 (an equivalent cost in today’s market of $20 million), it’s easy to see why spending this currency has become contentious. Many argue that realizing the value potential of Bitcoin depends on holding on to it – but what’s the point in a currency that no one is willing to spend?

If you are one of the few Bitcoin holders that wish to part ways with the red-hot cryptocurrency while its stock is still rising, there are actually many legitimate and useful ways to cash it in.

Let’s take a look:

At Online Games and Gambling

Online is the easiest and most obvious place to spend a cryptocurrency, which opens up a range of fun ways to spend your leisure time in cyberspace. Enjoying the online games at a bitcoin casino will mean that you also get the added bonus of having the potential to win and add to your investment. You can have a look at #1 Bitcoin Casino Guide – Cryptocurrencies for Gambling and get yourself more detailed information about this.

There are multiple online Bitcoin casinos to choose from, featuring all your usual casino favorites like slot machine games, card games such as blackjack and poker, dice games and roulette. The advantages of using Bitcoin to gamble online are that the player can remain anonymous and that transactions are instant with virtually no fees involved. The no-fee advantage also extends to operators, who can avoid transaction fees and credit card chargebacks, which is sure to fuel the growth of this new online casino industry even further.

On a Holiday

Another industry that operates largely online nowadays is the travel industry, which is quickly warming to the idea of accepting Bitcoin, following the lead of travel giant Expedia. And if you want to carry the casino theme on through your holiday, the Golden Gate Casino Hotel was one of the first to accept Bitcoin as payment in the hotel and restaurant, in 2014.

If you’re organized, it may even be possible to travel the world spending only Bitcoins, as Felix Weis proved during an 18-month trip that encompassed 27 countries. You can read his story here.

On a Gift Card

While Fortune.com laments that Bitcoin is intangible, thus making it very difficult to spend in reality, there are some simple ways around this online-only issue. One solution is to exchange the currency for a gift card that you can spend in popular stores. Gyft is the most used platform for purchasing gift cards using cryptocurrency, and you can choose from over 200 retailers including Apple, Bloomingdales, Hotels.com, Nike, Sephora, Macy’s and Starbucks. GiftOff, in the UK, offers cards for Amazon, Arcadia group stores such as Topman and Topshop, Argos, Costa Coffee, Debenhams, and Tesco.

On IT Services

Assuming that the target market of Bitcoins is likely to be tech-savvy and very comfortable with all things cyber, it comes as no surprise that the largest area of spend for the Bitcoin is IT. Many computer companies accept Bitcoin payments on certain things, including computing giant Microsoft, which lets you use Bitcoin to purchase some online content, and Dell, which offers Bitcoin as a payment option on hardware such as computers and laptops. The currency can also be used to pay for online services such as web hosting and domain names, making it a handy currency for business owners and online professionals.

Donate it to Charity

If you’re feeling altruistic, there’s no better way to spend your Bitcoin profits than on a charity donation. Many charities, including The Water Project, World Aid for Homeless Children, and the RNLI (Royal National Lifeboat Institution) accept Bitcoin donations. According to CNBC, $22 million Bitcoins were donated in 2017 – which is a smart way to avoid capital gains tax on an appreciating asset, while doing good at the same time.

Whether you choose to spend your Bitcoins on hotel stays or want to gamble on the chance of making even more on your cryptocurrency investment with a flutter at an online casino, the buzz around Bitcoin is making it easier than ever to spend what’s currently the world’s most exciting new currency — that’s if you want to, of course!

What are some other ways you can think of to spend your bitcoins? Let us know in the comments below.

Images courtesy of Reuters, Shutterstock

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Howard Schultz, Starbucks Corporation’s current Executive Chairman and former CEO, said that the company sees potential in blockchain technologies and some cryptocurrencies.

Starbucks Wants To Go Cashless Without Bitcoin

Starbucks has been a leader in the adoption of promising technologies, such as mobile payment features, and is set to continue the trend with a venture into cryptocurrencies and blockchain. As excitement builds around cryptocurrencies and their underlying technology, known as blockchain, Starbucks aims to take full advantage.

The coffee giant will supposedly not be accepting the cryptocurrency Bitcoin though, the first decentralized cryptocurrency to be released back in 2009. Schultz expressed skepticism over the currency, stating, “I don’t believe that Bitcoin is going to be a currency today or in the future,” without further explaining his doubts.

However, he did hint at the likelihood of Starbucks accepting other cryptocurrencies saying,

I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimatized by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.

If implemented, cryptocurrency payments could create and increase long-term shareholder value.

Belief In Blockchain

Schultz’s belief in blockchain technology is shared by other corporations who have either created their own blockchain, invested in a blockchain project, or begun to accept blockchain based cryptocurrencies. For example, Overstock now accepts payments in Bitcoin and other alt-coins, and Seagate Technologies has been reported to have large investments in the cryptocurrency Ripple (XRP).

The company is not prepared for any immediate adoption of the technologies but believes that it will be extremely influential in the coming years. Schultz sees the high potential the brand has to legitimize the technology and give the consumer trust and confidence in the company that is providing the transaction.

The chairman elaborated on the company’s dealings with blockchain, clarifying that the company will not be investing in any projects or creating their own.

Will more retailers move to accept cryptocurrencies and integrate blockchain payments? Is Starbucks making the right decision? Let us know your thoughts in the comments below!

Featured Image courtesy of Pixabay

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Harunustaspor, a Turkish amateur football team, just bought a player using bitcoin.

The Bitcoin space might be struggling from a price and a sentiment perspective right now but that hasn’t stopped the flow of quirky news that’s become prevalent over the last six months or so, as the cryptocurrency and blockchain spaces have moved out from under the radar and into the mainstream.

The latest report of this type has come out of Turkey, which (as many reading will likely already be aware) has had something of a turbulent relationship with cryptocurrency over the last few months.

The BBC reported today that a Turkish football (soccer, for our North American friends) club has signed a new player using bitcoin.

At the top tier of football in Europe, when a club says they have acquired a new player through purchase or transfer, it normally means that the club in question has paid another club for the player that’s being transferred.

That’s not the case here, however.

We’re talking lower league teams – specifically, the Turkish amateur league – and the transfer and acquisition fee refers to the club having paid the player the funds in an attempt (and, as it seems, a successful one) to get him to join the ranks.

Specifically, the team is called Harunustaspor and the player who has been bought is a 22-year old footballer named Omer Faruk Kıroglu.

HISTORY MADE – Turkish Football club Harunustaspor have become the first side to complete a transfer using Bitcoin
The Sakarya First Division Group B side paid 0.0524 $BTC to sign Ömer Faruk Kıroğlu
More here –> https://t.co/xdn79VAn3O pic.twitter.com/y4WWs8XMzC

— Turkish Football (@Turkish_Futbol1) January 30, 2018

A Combination Of BTC And Fiat

As per the reports, Kıroglu has picked up 0.0524 BTC (which amounts to a little over $520 at current pricing) and 2,500 Turkish lira (around $665 right now) to join the club, which competes in the Turkish Sakarya First Division Group B.

And the club hasn’t been coy about the justification for the decision to pay BTC for Kıroglu.

Here’s what club chairman, Haldun Sehit, said about the move:

We did it to make a name for ourselves in the country and the world.

And, to give credit where credit is due, it’s working.

The news is being reported across the globe through numerous top-tier outlets and is likely introducing not just this team, but the league in which it plays, to a brand new global audience.

Whether Harunustaspor will pick up any new fans on the back of its dabble with bitcoin remains to be seen.

Do you know this team? Does crypto have a place in sport? Let us know below!

Image courtesy of Wikimedia Commons

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As investors eagerly wait in anticipation to see where exactly Bitcoin will go, its prospects as a viable currency are coming under scrutiny.

Cryptocurrency, Minus the ‘Currency’?

Bitcoin is looking less and less like a viable currency every day, as companies continue to drop the popular cryptocurrency as a method of payment.

One such company dropping support for Bitcoin is Stripe.

According to the self-proclaimed “first major payments company to support Bitcoin payments,” lengthy transaction times and high failure rates have made Bitcoin payments anything but convenient, and the rapidly fluctuating price of the cryptocurrency creates headaches for businesses. Worse yet, high fees make Bitcoin transactions about as costly as bank transfers.

Because of this, we’ve seen the desire from our customers to accept Bitcoin decrease. And of the businesses that are accepting Bitcoin on Stripe, we’ve seen their revenues from Bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense.

Additionally, industry-leading digital distribution platform Steam dropped support for Bitcoin in December, also citing high fees as troublesome.

Adding insult to injury, even The North American Bitcoin Conference in Miami stopped accepting the titular cryptocurrency as a means of payment, due to high network fees and slow transaction times.

A Problem Not Easily Solved

The root of Bitcoin’s payment issues stems from the cryptocurrency’s reliance on miners.

Miners confirm transactions and are compensated with new Bitcoin. However, the maximum number of Bitcoins ever allowed to exist is capped at 21 million—a number rapidly approaching. When no new Bitcoins may be created, miners will need to be compensated purely via transaction fees, which doesn’t bode well for the cost of future transactions.

However, one potential solution to Bitcoin’s sluggishness may come with the successful implementation of the Lightning Network—which aims to make transactions both instantaneous and cheap.

If successful, the Lightning Network could help Bitcoin gain serious ground as a viable currency.

Digital Gold

Though Bitcoin’s prospects for everyday use have been called into question, the cryptocurrency is still looking attractive as a store of value.

Bitcoin currently occupies a space as “digital gold” – and just like physical gold, its value doesn’t come from its usability. Just as you wouldn’t buy a Starbucks latte with gold shavings, nor should you with slow and expensive Bitcoin.

There’s a reason we use paper currencies for everyday transactions: it’s easy. Bitcoin isn’t, and there’s a small chance it never will be.

Bitcoin is, however, an interesting investment choice for those looking to store and potentially grow their wealth – not entirely dissimilar to stocks or real estate. Just as physical gold exists as a valued investment based solely on the belief that it will always have value, so too does Bitcoin carry value in its scarcity.

At its very core, Bitcoin is everything inflationary fiat currencies are not. At the moment, that means it isn’t quick and easy – but the day may come when it truly is the best way to pay.

[Disclaimer: the author of this article is a holder of Bitcoin (BTC)].

What do you think of Bitcoin’s prospects as a viable method of payment? Have you ever paid for anything with Bitcoin? Let us know in the comments below!

Images courtesy of Reuters, Shutterstock

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Cryptocurrency holders traveling to one of Australia’s busiest airports will be able to experience and enjoy the first ever digital currency airport terminal.

Virtual currencies have an eventual aim to be the global medium of exchange. Awareness, interest, and adoption are growing in many countries, showing that that aim may soon be realized.

The industry is also paving the way for a number of startups who mainly have a goal of incorporating crypto into our everyday lives. Australian-based TravelbyBit is one such platform, who is on a mission to get merchants all around the country to accept cryptocurrency payments through their payment system.

Brisbane Airport Embraces Crypto

According to DCEBrief, Brisbane Airport will be collaborating with TravelbyBit in creating a groundbreaking virtual currency terminal. The airport’s website stated that through this partnership, a range of stores and restaurants such as Botanist, Spoon, Windmill & Co. and Forte Espresso will be able to use TravelbyBit’s payment system to accept digital currencies including Bitcoin, Ethereum, Litecoin, Dash, and Steem.

Roel Hellemons, who is the airport’s General Manager of Strategic Planning and Development, had this to say:

Many people around the world have made money investing in cryptocurrencies, and a lot of these people travel internationally. So, it makes sense to offer a digital currency experience within our terminals. We’re also proud to be the first airport in the world to achieve this in partnership with a small local start-up business such as TravelbyBit, whose pioneering thinking is drawing attention to Brisbane as a serious breeding ground of innovation.

Hellemons also believes that this is just the first step in broadening crypto’s reach to other facets of the airport’s operations:

This is just the beginning for us as we hope to expand the digital currency option across the business, so watch this space.

Brisbane Airport and TravelbyBit launch world-first digital currency airport terminal https://t.co/J2ImE3qyxm pic.twitter.com/9x9ro3Kuds

— Brisbane Airport (@BrisbaneAirport) January 23, 2018

Tourism Sector is the Perfect Crypto Case Study

Caleb Yeoh, who is the CEO of TravelbyBit, explained how the tourism industry is the ideal sector to explore the benefits of digital currencies:

We are building a genuine use case for cryptocurrencies in the tourism industry. The application of digital currencies in this sector makes a lot of sense.

Whenever you travel overseas you have to deal with multiple currencies and you never know what exchange rates the banks are charging you. Here at TravelbyBit, we are promoting the Bitcoin travel movement. Digital currency for world-wide travel. It’s simple, safe and there’s no bank fees.

This is just another case of Australia embracing the cryptocurrency industry, and showing that they have the potential to be one of the leaders in crypto development.

Do you think that more airports will follow’s Brisbane’s example by creating crypto-friendly terminals? Let us know in the comments below!

Images courtesy of Wikimedia Commons

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The widespread acceptance of Bitcoin as a viable currency may be on its way if the United Parcel Service (UPS) is any indicator.

Making In-Person Transactions Safer

According to a United States patent application filed on Feb. 1, the United Parcel Service (UPS) has plans to utilize Bitcoin as a method of payment for a new decentralized locker system.

According to the patent’s abstract, UPS – a multinational package delivery company and provider of supply chain management solutions – is constructing a “secure, computerized locker bank that is adapted to facilitate the payment for, and physical exchange of an item between entities who have brokered the sale of the item via a marketplace, such as an online marketplace[…]or a traditional marketplace.”

The patent application indicates that the primary objective of the new locker system is to make in-person transactions safer and more secure while preventing theft – as private sales arranged through classified ads, online retail sales, and online auctions carry the inherent risks of being conned or physically assaulted.

The application also indicates that the new decentralized system would allow customers to have lockers, which are sealed and secured by a computerized system. To access these lockers – which also feature internal cameras and screens displaying their contents – users will require passwords. The external screen will also be used to facilitate payments.

Paying with Bitcoin

The word “Bitcoin” appears exactly two times throughout the patent application, indicating that the dominant cryptocurrency will likely be a viable method of payment.

The first mention of bitcoin appears in section 45 of the description:

In example embodiments, the locker bank 300 may include a point-of-sale (POS) system for accepting payment from users in the form of: (1) a cash transaction; (2) a credit or debit card transaction; (3) a gift certificate; (4) an electronic payment, such as payment by Google Pay, Apple Pay, PayPal, Bitcoin; and/or (5) any other suitable type of payment.

Section 45 also details that payment methods are likely to include electronic card readers, barcode scanners, NFC-enabled mobile payments, and an automated cash payment system.

Bitcoin appears for the second and final time in section 134, which simply mentions that the cryptocurrency will also be a viable means repayment in instances requiring full or partial refunds.

One Small Step for UPS, One Giant Step for Bitcoin

Though not every company follows through on their patent applications, the mention of Bitcoin alongside other commonly used payment methods indicates an increased acceptance of the cryptocurrency by major businesses.

If UPS does implement their new locker system in the near future, and Bitcoin is indeed an accepted method of payment, it is reasonable to expect other major companies to follow suit – which would represent a massive and crucial step in the dominant cryptocurrencies maturity and acceptance as a viable currency.

What do you think about Bitcoin as a method of payment for in-person transactions? Do you think Bitcoin is on the fast track to becoming a mainstream method of payment? Let us know in the comments below!

Images courtesy of Bitcoinist archives, Shutterstock

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Singapore doesn’t view Bitcoin as a threat and claims there is no reason to ban cryptocurrency trading within the city-state.

Why so Serious?

As China steps up its efforts to eradicate Bitcoin buying and cryptocurrency trading from within its borders, Singapore sees no reason to ban “experimental” cryptocurrency trading in the city-state.

The news comes after an extensive review from Singapore’s central bank, who has been conducting studies on cryptocurrencies and their potential risks. Deputy Prime Minister Tharman Shanmugaratnam says:

Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed […] If some do succeed, their full implications will also not be known for some time.

Regardless of whether or not Bitcoin and other cryptocurrencies succeed, Shanmugaratnam does not see them as a threat to Singapore, writing:

The Monetary Authority of Singapore (MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here.

With an ever-flowing flood of FUD (Fear, Uncertainty, and Doubt) from mainstream media outlets regarding Asian cryptocurrency trading, Singapore’s open stance comes as welcome news.

One Country’s Trash Is Another Country’s Treasure

Singapore is actually poised to benefit from China’s increased pressure on cryptocurrency trading. According to Cathay Capital’s Ace Yang:

It’s positive news for Japan and Singapore, because demand for participating in trading is not diminishing and traders have got to go somewhere.

Additionally, many Chinese cryptocurrency exchanges have already packed up and moved to Singapore, where they can currently operate in a city-state that is far more open to trading the emerging digital currencies.

Are you happy to hear that Singapore sees no reason to ban cryptocurrency trading? Do you think this story will be given as much media attention as the FUD out of South Korea and China? Let us know in the comments below!

Images courtesy of Pixabay and Bitcoinist archives.

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Famous venture capitalist Tim Draper believes that Bitcoin and cryptocurrencies will eventually dominate the world.

 Betting on Bitcoin

Tim Draper was one the few venture capitalists that strongly believed in Bitcoin and cryptocurrencies before they became mainstream. According to a recent Forbes article, Tim Draper first thought about virtual currency 15 years ago while he was in South Korea. In 2014, the California-based investor was featured on several news sites as he purchased around 32,000 Bitcoin, worth nearly $20 million through an auction by the U.S. Marshals Service. The coins were seized from the famous Silk Road darknet marketplace.

In the Forbes article, he stated:

I believe that Bitcoin and crypto will drive most of the commerce of the world.

Tim Draper also added:

I don’t know why anyone would want to go back to fiat when crypto is distributed, secure and global, while fiat is subject to the whims of political forces.

At the peak of Bitcoin’s price, Draper’s coins were estimated to be worth over $600 million.

Cryptocurrencies Will Replace Fiat

This isn’t the first time Tim Draper stated his strong belief for Bitcoin and cryptocurrencies. In a CNBC article, he stated that in the near future, cryptocurrencies would replace fiat currencies in commerce. He stated:

In five years, if you go to a Starbucks or McDonald’s and try to buy a burger or coffee with fiat currency, the person at the counter is going to laugh at you.

Reports suggest that Draper has invested in 40 different cryptocurrencies. He has also invested in the Tezos ICO, which managed to raise over $230 million. The project is currently facing a class-action suit, but the experienced investor isn’t worried about it.

I am still enthusiastic about the creativity that ICOs bring to society and the progress these entrepreneurs can make, but teams need to do careful planning to manage people’s expectations in the case that the token is popular.

In a Bloomberg report, he also stated following regarding the Tezos ICO:

The Tezos team is awesome, and I have complete confidence in their ability to execute and create an amazing platform.

What are your thoughts on Tim Draper’s statement regarding Bitcoin and cryptocurrencies? Do you believe that they will drive worldwide commerce? Let us know in the comments below!

 Images courtesy of Pexels, Flickr/@JD Lasica, and Pixabay.

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As Bitcoin continues to garner more and more mainstream attention, so too does its purchasing power continue to grow. Now, real estate brokers and developers are looking to get in on the action.

Buying Your New Home with Bitcoin

Sellers and developers around the world are starting to accept Bitcoin as a viable method of purchasing property, and now four new listings are available via the cryptocurrency in northwest Washington DC.

As reported by The Washington Post, developer Coloma River Capital and the Alex Venditti Group of Coldwell Banker Residential Brokerage are accepting the virtual currency for down, partial, or full payment at four new spots in St. James Place Condos—each featuring white oak hardwood floors, soapstone counters, stainless-steel appliances, and recessed lighting.

Depending on the condo, the price ranges from $569,000 (or 50 bitcoins) to $949,000 or (84 bitcoins), before adjustment.

Why Take Bitcoin?

Those selling the apartments are open to accepting the daddy of cryptocurrency following its massive increase in value throughout 2017. Venditti explains:

The developers and investors are invested in bitcoin and they pointed out that if you bought $8,700 worth of bitcoin in 2015, the value has increased so much by now that you could afford to buy the entire condo building for $3 million. We know there are millennials who may not have the down payment but who invested in bitcoin and could use that for part of the purchase.

Venditti has a point since millennials are the most open to investing in cryptocurrency, and many of them are now generally of house-buying age.

Venditti is also committed to leading the charge in what he sees becoming commonplace, stating:

We want to be on the cutting edge of new technology and the new world and we think we’ll see more cryptocurrency transactions in the future. We consulted with our internal legal team as well as a title company to make sure that the bitcoin transaction could go through.

Importantly, the virtual currency is an extremely volatile asset, liable to drastically fluctuate in price on a daily, weekly, or monthly basis—and this fact must be understood by all parties involved in the negotiation. According to Venditti:

There will be a clause in the contract to address the issue that both the buyers and the sellers need to accept the risk that the value of the bitcoin could go up or down between the day the purchase offer is accepted and the day the bitcoin transfers from the buyer’s wallet to the seller’s wallet.

Of course, this is not the first time Bitcoin has been offered as an acceptable payment for property. British property developers in Dubai were open to the cryptocurrency in September, and Miami is poised to be a bonafide hotspot for property purchases using Bitcoin.

At this rate, the house of your dreams may only be one blockchain transaction away.

Would you be happy to buy a home with Bitcoin? On the flip side, would you be willing to sell your home for the volatile cryptocurrency? Let us know in the comments below!

Images courtesy of Bitcoinist archives.

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Sometimes it can feel as though everyone in the banking establishment hates us. But before we go and eat worms, let’s cast our eye over this very even-handed assessment of Bitcoin from an analyst at Deutsche Bank. (in German).

Opinions, Myths, and Misunderstandings

In a paper published last week, DB analyst Jochen Möbert cut straight through some of the key myths surrounding Bitcoin. But before we try to take the moral high-ground, we have to accept that rhetoric and hyperbole isn’t purely the domain of nasty anti-crypto establishment figures.

It is a sad fact of life that in 2018 almost every disagreement has become polarised beyond belief. It seems like anybody who doesn’t think like we do is pitted against us. We hide inside the cozy warmth of our echo-chambers, mocking any with a dissenting voice.

But as bitcoin evangelists, we are just as guilty of cherry-picking facts to prove our argument. We just as readily exaggerate the positives while downplaying, or even ignoring, the negatives.

Beware – Some of This Might Be Tough to Swallow

Myth 1 – Bitcoin is overvalued. In several hundred years of financial boom and bust, we don’t see examples that really are “different this time”.

But bitcoin really is different and Möbert gives three examples why the traditional boom-bust model may not apply. Firstly, bitcoin does not require refinancing, as the model is not based on debt. Secondly, the decentralized nature makes it less vulnerable to attack. And thirdly, trying to value a monetary system which could overthrow the method of valuation that you are using is a pure folly.

Myth 2 – Bitcoin is competition fo US dollar dominance.

Yes, we all (Bitcoinist journalists especially) like to talk about the death of fiat, but it really isn’t anything more than a pipe dream. Despite seemingly high levels of current interest in mainstream media, take up of crypto is still relatively tiny. Think ‘Internet’ at the beginning of the 1990s.

Myth 3 – Bitcoin is dead/Regulation will kill it.

Bitcoin is already regulated in several countries and has even been prohibited in some. But other countries welcome it with open arms. It isn’t something that you can just ban. And anyway, bitcoin has already died 251 times and counting, but still appears to be in rude health.

Myth 4 – The Bitcoin community is hostile to banks.

Anybody who isn’t hostile to banks either has a short memory or enjoys getting shafted. This has nothing to do with Bitcoin, which just provided some hope of an alternative. But if banks are using the technologies to provide a better service, then crypto becomes a complementary product. Certainly with regards to the billions worldwide who are currently outside of the banking system.

Myth 5 – Bitcoin makes traditional payment methods obsolete

Not yet it doesn’t. There are cryptocurrencies that do a very good job, and maybe with the implementation of Lightning Network, bitcoin may start to compete. But nothing has been stress tested to the scale of current payment processors, so they’re going to be around for a fair while yet.

Myth 6 – The money supply of Bitcoin is fixed

Möbert’s argument here is that people have already lost millions of euros worth of bitcoin, but I don’t think that makes this a myth. He also muses that we can’t rule out a future change in protocol, but for the sake of argument, I’ll say that this one is true.

Myth 7 – Bitcoin transactions and users are anonymous

No, they aren’t. At best they are pseudonymous, but the vast majority of transactions go through exchanges, which means they aren’t even that. Every coin can be traced for its entire history, so I doubt if any have never been associated with a knowable entity.

The Conclusion

Far too early to make one. Bitcoin isn’t going to lead to the immediate overthrow of the traditional banking system. Neither is it going to roll over and die. For now, both Bitcoin and the myths around it are here to stay.

Can you think of any other Bitcoin myths that should be debunked in this list? Let us know in the comments below.

Images courtesy of DepositPhotos, Myth Busters

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Some financial institutions are claiming that a lack of demand from clients, coupled with a drought of important use cases, is holding Bitcoin and other cryptocurrencies back.

Where’s the Demand?

If you want to start actually using Bitcoin and other cryptocurrencies, says JPMorgan Chase & Co., you need to start asking.

According to Bill Clerico, CEO of JPMorgan-owned WePay, his company simply isn’t receiving enough requests to justify supporting cryptocurrency transactions.

Clerico also adds that nobody has found a must-have use case for Bitcoin or crypto, which is needed to truly drive cryptocurrency into the mainstream. “Crypto is very interesting,” he told Bloomberg, “[but] no one has figured out a killer use-case.”

Of course, JPMorgan has a history of not supporting Bitcoin, with CEO Jamie Dimon once calling it a fraud.

Two other companies, PayPal Holdings Inc. and Affirm Inc., have also cited a lack of demand as their primary reason for not supporting cryptocurrency transactions. Said PayPal spokeswoman Amanda Christine Miller in an email to Bloomberg last year:

If consumer demand increases for any new form of currency, we will consider support for those new payment methods as they become relevant to our customers over time.

Stripe, who once proclaimed itself the “first major payments company to support Bitcoin payments,” also recently dropped support for the dominant cryptocurrency, citing lengthy transaction times, high failure rates, and decreased customer demand:

We’ve seen the desire from our customers to accept Bitcoin decrease. And of the businesses that are accepting Bitcoin on Stripe, we’ve seen their revenues from Bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense.

Industry-leading digital distribution platform Steam also dropped support for Bitcoin in December.

‘Killer Use Case’

Of course, the “killer use case” for Bitcoin specifically could come after the successful and widespread implementation of the Lightning Network.

The Lightning Network aims to allow for “lightning-fast blockchain payments without worrying about block confirmation times,” meaning transactions can occur “in milliseconds to seconds.” This also significantly cuts down on transaction fees and costs.

Litecoin is also hoping to see an increase in demand from the launch of LitePay — a “game-changing” payment infrastructure purportedly allowing Litecoin users to “convert Litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments,” according to Palwasha Saaim, a research analyst at Lombardi Financial.

Though uses have understandably been limited thus far, the cryptocurrency market is undeniably growing at an astonishing rate. It’s safe to assume that the “killer use case” is somewhere on the horizon, ready to bring the herd on board and dramatically increase demand.

When do you think Bitcoin’s “killer use case” will arrive? Do you think LitePay is set to change the game? Let us know in the comments below!

Images courtesy of Reuters and Bitcoinist archives.

The post JPMorgan’s WePay: Crypto Lacks Demand, Needs ‘Killer Use Case’ appeared first on Bitcoinist.com.

On the back of Bitcoin’s recent correction and subsequent push back towards the $12K mark, long-time Bitcoin nonbeliever Mark Carney claims that the dominant cryptocurrency has failed on almost every front.

Bank of England, Unsurprisingly, Doesn’t Like Bitcoin

According to Bank of England Governor Mark Carney, Bitcoin has failed as both a viable currency and as a store of value — citing volatility and the lack of vendor adoption.

On February 19th, Carney shared his already well-established position on the popular cyrptocurrency with students at London’s Regent’s University, stating:

It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.

Nevertheless, not even Carney can deny that Bitcoin’s underlying technology is still incredibly useful and a more than viable way to verify financial transactions in a decentralized manner, which he admitted in response to a question.

In fact, the Bank of England has already begun compiling research on Bitcoin and other cryptocurrencies, in hopes of someday issuing their own Sterling-backed digital currency.

The Future of Currency

Of course, Carney’s views aren’t shared by everyone.

Venture capitalist and Tezos investor Tim Draper has gone on record to state the exact opposite, stating that it is his belief that a “very large portion” of the $86 trillion global currency market “will be crypto” in future.

On the subject of Bitcoin, specifically, he’s also extremely bullish, telling Bloomberg:

I’m looking at it in a very different way because I think Bitcoin is the future currency. People ask me, ‘Are you going to sell your bitcoin [for fiat]?’ and I say, ‘Why would I sell the future for the past?’

Draper also disagrees with Carney on the store-of-value front, claiming the virtual currency and the blockchain are actually far more secure than banks. He stated:

My Bitcoin is more secure than my dollars in the banks… my Bitcoin is very secure. The Blockchain has not been hacked, whereas banks have been hacked over and over.

It’s worth noting, however, that Draper does have a substantial investment in the dominant cryptocurrency. He is currently holding roughly 32,000 BTC as a result of auctions after the Silk Road shutdown in 2014, which is now worth $310 million.

What do you think about Bitcoin as the future of currency? Do you agree with Draper, or are you more in line with Carney? Let us know in the comments below!

Images courtesy of Bitcoinist archives, Flickr/@Policy Exchange, and Wikipedia Commons.

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Bitcoin can be a virtual minefield of information for a newbie, but ‘Bitcoin for Boobs’ aims to… No, wait a minute. You can now buy body modification for bitcoin and ethereum at a plastic surgery clinic in Houston, Texas.

Seriously, What Can’t You Buy with Bitcoin?

The list is becoming shorter and shorter, and thanks to Memorial Plastic Surgery in the good ole US of A, we can now cross boobs off that list. And bums, noses, lips, eyelids, and hymens, which sounds like the ingredients of a discount sausage.

This, despite Bank of England Governor, Mark Carney’s assertion, that bitcoin has ‘failed’ as a currency. I’ll wager that the good clinic won’t accept pounds sterling for their services.

Their Reasoning?

Well, they’re based in Houston so why would they take… oh, the crypto thing.

Founder, Dr. Patrick Hsu, said:

Cryptocurrency provides an alternative payment method, with a number of benefits, which is an attractive option to many of our patients.

The surgery serves many patients from foreign countries, and the standard process of money transfer and exchange is very time-consuming. Patients have increasingly been suggesting crypto to them as a way to streamline this process.

So How Much Will My Surgery Cost?

When a patient chooses to pay in crypto, the cost is converted into BTC or ETH according to the rate on the Gemini exchange, at that exact time and date. The patient then has a twelve-hour window to complete the payment. Otherwise, the price will expire and they will recalculate using the latest rate.

Seems like a loophole to me. If the price is heading north then don’t make the payment and wait for a better conversion rate. If the price is going down then you get a discount on your surgery. Buy the crypto back when it bottoms out and you’ve done yourself a deal.

If only spotting bottoms was that easy, eh? And yes, the plastic surgery pun is very much intended.

Would you pay for cosmetic surgery or other medical procedure with Bitcoin? Do you think that it will catch on as a method of payment for other medical professionals? Let us know in the comments below.

Images courtesy of Memorial Plastic Surgery, Shutterstock

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There’s a lot of doubt surrounding Bitcoin’s potential as a viable, real-world currency – but PayPal’s chief financial officer sees only positive things in the dominant cryptocurrency’s future.

A ‘Very High Likelihood’ of Success

According to John Rainey, PayPal’s chief financial officer, Bitcoin, and other cryptocurrencies will one day become a popular method of payment – just not yet. Rainey told The Wall Street Journal:

Given the volatility of bitcoin right now, it’s not a reliable currency for transactions because if you’re a merchant and you have a 10% profit margin, and you accept bitcoin, and the very next day bitcoin drops 15%, you are now underwater on that transaction.

Nevertheless, Rainey recognizes Bitcoin as a legitimate currency, even if it’s not quite ready for mainstream adoption yet. Says Rainey:

At some point there is very high likelihood. The technology, there is real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day.

This is not the first time PayPal has shown support for Bitcoin and cryptocurrency. PayPal was one of the first companies to accept cryptocurrency as a currency on its platform, allowing merchants the option to be paid in Bitcoin as early as 2014/2015.

Earlier this year, PayPal CEO Dan Schulman called Bitcoin “an interesting experiment” in a Facebook Live event, while also noting that “it could change the world.” At the same time, Xapo CEO Wences Casares even went so far as to predict a future in which one single Bitcoin could be worth $1 million.

Differing Opinions

Of course, not everyone agrees with Rainey’s and Schulman’s optimistic long-term assessment of Bitcoin’s future as a currency. Earlier this week, Bank of England Governor Mark Carney claimed Bitcoin has already failed on virtually every front, stating:

It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.

Venture capitalist and Tezos investor Tim Draper, however, recently claimed Bitcoin is “the future” of currency while claiming a large portion of the world’s currency will someday be comprised of cryptocurrencies.

What do you think about Bitcoin’s potential as a mainstream currency? Do you think digital currencies are the way of the future? Let us know in the comments below!

Images courtesy of Reuters, Fortune

The post PayPal CFO: Bitcoin’s Success is Very Likely appeared first on Bitcoinist.com.

In October 2017, the Iranian government all but decided to implement Bitcoin as a means to completely bypass sanctions, while also allowing citizens to conduct international trades otherwise not possible. Now, however, the Islamic Republic on the Persian coast has changed its mind.

A Foolish Inconsistency

According to the independent Iranian news site Iran Front Page (via Fortune), the Republic’s central bank claims it never recognized, nor planned on recognizing, Bitcoin as an official currency. It also denies all claims that it was actively facilitating Bitcoin transactions to circumvent sanctions while making some rather bearish statements on cryptocurrencies in general:

The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme [tactics] have made the market of these currencies highly unreliable and risky.

Interestingly, Iran’s central bank is not only claiming to be disinterested in cryptocurrency but is actively looking to “control and prevent digital currencies” in the country.

If You Can’t Beat ‘Em…

Though many Iranians are already accustomed to the decentralized benefits of Bitcoin and other cryptocurrencies, the country’s government is not. However, as is almost always the case, Iran’s anti-crypto stance coincides with a very pro-blockchain sentiment.

According to reports, Iran’s technology minister announced this week that the government is actively working on the creation of their own, state-issued cryptocurrency — possibly allowing the country, which is largely excluded from major international payment networks such as Visa, Mastercard, and PayPal, to circumvent international sanctions.

This news, of course, follows the launch of Venezuela’s own supposedly oil-backed cryptocurrency, Petro — the first state-issued cryptocurrency in history. Venezuela is currently in the midst of an extreme economic crisis, with much of the country suffering from food shortages and a crackdown on human rights, and the potential for Petro to solve any of Venezuela’s issues is speculative at best.

Israel – no friend of Iran – is also considering their own state-issued cryptocurrency. Late last year, Israel’s Ministry of Finance confirmed they are considering they’re own crypto, the Shekel, in hopes of reducing the number of cash transactions made within the middle eastern country.

What do you think of Iran’s supposed flip-flopping of opinion in regards to Bitcoin and cryptocurrency? Do you think we’ll see more state-issued cryptocurrencies in the future? Let us know in the comments below!

Images courtesy of AdobeStock, Wikimedia Commons

The post Iran Changes Mind, Decides it Doesn’t Actually Like Bitcoin After All appeared first on Bitcoinist.com.

More people have access to Internet-connected devices than have access to a bank account. This leaves a massive untapped market of potential cryptocurrency users.

Cryptocurrency ATMs

What does a cryptocurrency ATM look like to you? It may look like something that is unnecessary and cumbersome to use compared to online exchanges, but for someone who isn’t well versed in technology, it can be an invaluable resource and asset.

News about cryptocurrencies and blockchain technologies have spread to all different demographics and regional areas. This leaves many wondering, how exactly does one acquire the Bitcoin they hear so much about. Most people in this category often lack the patience and knowledge to set up and use a fiat to crypto exchange account, leaving a large untapped market.

Cryptocurrency ATMs are a perfect gateway for the average joe to acquire cryptocurrencies for cold, hard cash. It is as simple as putting in a bill or banknote and then inputting your cryptocurrency address and receiving your chosen cryptocurrency, whether is be Bitcoin, Ethereum, Litecoin or one of the many other popular cryptocurrencies.

It works just like a regular ATM, but instead of depositing funds to your bank account it deposits straight to your wallet with no strings attached.

Developing Countries: An Untapped Market

Africa is generally seen as having a lack of technology adoption. This is far from the truth as over 480 million people in Africa have access to the internet through an array of devices. Out of the aforementioned 480 million people, only a small fraction own or use a bank account.

In fact, according to the World Bank, 59% of adults in developing countries do not have access to a bank account. However, news about cryptocurrencies and blockchain technologies have surprisingly spread to the corners of Africa and many Africans eagerly await the dawn of the use of cryptocurrencies.

Nevertheless, many lack the access to cryptocurrency online exchanges as many exchanges require a bank account and government issued ID to use.

Cryptocurrency ATMs are a perfect response to this issue with a potentially large user base in the internet accessible and unbanked populations in developing countries. Additionally, many people living in developing countries lack trust in their governments and their financial systems.

Take Zimbabwe, for example, where their local currency inflated at extreme and unsustainable rates due to financial mismanagement. Many of those local economies have turned to more stable and reliable currencies such as the US dollar or the Euro.

What if these people turned to cryptocurrencies as a safe and relatively stable currency option? Over 9 cryptocurrency ATMs are installed a day throughout the world, however, a large majority of these ATMs are installed in traditional western countries. Thus letting this untapped market, in developing countries, stay untapped.

There are approximately 1400 cryptocurency ATMs in the US (Coinatmradar.com) which account for over half of the total amount of these ATMs. ATM providers have yet to turn to the developing world as a potential market but they are continually working on getting access and support for these areas.

With the arrival of cryptocurrency ATMs, we could see the mass adoption and subsequent use of many cryptocurrencies in global economies. Cryptocurrency ATMs are surely going to be a force to be reckoned with in the near future.

What do you think of cryptocurrency ATMs? Would you use them if they were widely available?

Images Courtesy of Matt Sephton/Flickr, James Bennett/Twitter

The post Cryptocurrency ATMs: The Key to Widespread Adoption? appeared first on Bitcoinist.com.

Bitcoin continues to gain acceptance as a viable form of payment as Ireland’s largest homebuilder now accepts the dominant cryptocurrency for new properties.

Luck O’ the Bitcoin

According to Raidió Teilifís Éireann — a semi-state company and the national public service broadcaster of the Republic of Ireland — the country’s largest homebuilding company plans on accepting Bitcoin as a form of payment.

Hagan Homes, based out of Ballyclare, will be the first home construction company in Ireland to accept the dominant cryptocurrency.

Large housebuilding firm set to accept Bitcoin https://t.co/YYUkPMUtSW

— Hagan Homes (@HaganHomes) February 24, 2018

Managing director James Hagan is ahead of the curve when it comes to accepting Bitcoin — a cryptocurrency he sees has having a strong future as a legitimate currency with mainstream acceptance. Explains Hagan:

Bitcoin is an innovative new payment method and essentially a new kind of money. It is very similar to a cash transaction. There has been a significant growth in the use of Bitcoin worldwide and our acceptance of this new channel reflects our willingness to respond to the market.

Still, Hagan admits that Bitcoin faces challenges as it slowly matures and seeks to gain traction as a mainstream currency. Nevertheless, he’d rather get involved now than arrive late to the party. Claims Hagan:

Of course, there are some risks to using Bitcoin for payment due to the cryptocurrency’s volatility, but buyers and sellers are finding creative ways to deal with these challenges. By incorporating the learning from our peers into our approach we can embrace this innovation.

Hagan Homes built 207 homes across 15 sites in Northern Ireland last year.

Bitcoin is Gaining Traction in the Real Estate Market

Ireland is not the only place where one can buy homes for Bitcoin.

Earlier this month, Washington D.C.-based developer Coloma River Capital and the Alex Venditti Group of Coldwell Banker Residential Brokerage put up four new spots in St. James Place Condos for down, partial, or full payment with Bitcoin.

Like Hagan, Venditti also sees his company as getting ahead of the curve, telling The Washington Post:

We want to be on the cutting edge of new technology and the new world and we think we’ll see more cryptocurrency transactions in the future. We consulted with our internal legal team as well as a title company to make sure that the bitcoin transaction could go through.

Ultimo lingerie tycoon Michelle Mone and her billionaire boyfriend, Doug Barrowman, also sold 50 of their 1,300 developments, located in Dubai’s Science Park, for Bitcoin — which sold out in almost no time at all.

Do you think more and more real estate developers will continue to accept Bitcoin as a form of payment for homes? Would you like to buy your home with Bitcoin? Let us know in the comments below!

Images courtesy of Irish News, Wikimedia Commons

The post Largest Irish Residential Property Developer Building Homes for Bitcoin appeared first on Bitcoinist.com.

Bitcoin has found a new frontier of acceptance as strippers at the Legends Room in Las Vegas now sport temporary cryptocurrency tattoos for tipping purposes.

Long ago, Bitcoin made history when it was used to buy a pizza. Now, the cryptocurrency can be used to purchase many different items and services. One of the more intriguing services has just arisen in the Legends Room in Las Vegas, where customers can scan temporary tattoos on strippers in order to tip them in cryptocurrency.

Strippers, Shots, and Cryptocurrency

The Legends Room is a recently-opened strip club in Las Vegas that has an interesting technological hook. It’s extremely crypto-friendly in that clients can pay the club’s strippers in Bitcoin and other cryptocurrencies.

The club is owned by Nick Blomgren, who wished to incorporate cryptocurrency into a business. In an interview with Las Vegas Now, he said:

We came up with an idea probably about a year and a half ago of how we could turn this bitcoin into something. So we were brainstorming. First, we were thinking about a fight company because I own a mixed martial arts gym.

Blomgren said that one idea stood out from all the others: a strip club. So the Legends Room was born.

Anonymous Works

Blomgren gets a little coy when talking about how useful cryptocurrency is for the customers at his club. He says:

It’s the best place to spend it if you don’t want your wife to know or you don’t want your boyfriend to know.

Those working at the strip club have been very enthusiastic about accepting Bitcoin and other cryptocurrencies. Strippers wear temporary tattoos that can be scanned for cryptocurrency transactions. The club’s DJ says that part of her deal with the club is that part of her pay comes in cryptocurrency form.

One of the entertainers at the club, Brenna Sparks, loves that clients are paying with Bitcoin. She says that she’s been very interested in cryptocurrency for the last 7 years and that accepting cryptocurrency really helps out the ladies working.

Another entertainer at the club affirms the benefits of Bitcoin, saying:

I’m not going to name names, but there are certain banks that… will shut down your account and actually deny you from having an account because we work in the adult entertainment industry.

Blomgren says that while fiat is still the popular form of payment, Bitcoin is actually very popular with his customers, who use the virtual currency “quite often” at his club.

To be honest, using cryptocurrency at a strip club seems to be a great idea. The anonymity and discreteness of virtual currency can help someone stay out of hot water with their significant other.

What do you think about a strip club allowing Bitcoin tipping? Do you think other entertainment venues will follow suit? Let us know in the comments below.

Images courtesy of Wikimedia Commons/@Rick Hall, the Legends Room, and Bitcoinist archives.

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