Buy a house in bitcoin?

Virtual currency for a physical house?

 The seller of a Southampton, N.Y., home is asking $799,000 for his ranch-style four-bedroom home — or its equivalent value in bitcoin. It's one of the first homes on the market testing the digital currency, which was introduced in 2009 and is not backed by a central bank or government. The virtual currency is created by a computing process known as "mining" and can be traded online through unregulated Internet exchanges. "There's room for more than one currency," says Philipp Preuss, the home's seller, who says he would also accept a combination of bitcoin and cash. The bitcoin price, he says, will likely be determined by the currency's average exchange rate on the day of closing.

Bitcoins Will Still Be Your Future Currency

It's been a tough couple of weeks for Bitcoin. Hackers have had their way with three Bitcoin sites that hold customer funds, and one, for all intents and purposes, has gone out of business. Poloniex had $50,000 of Bitcoin stolen; Flexcoin reported $600,000 in theft; and Mt. Gox -- the first and at one time, the largest exchange -- reportedly had $400 million stolen, which caused it to cease business and declare bankruptcy. This turmoil has sent the former golden child of hipster investors plummeting from the nosebleed heights of $1,242 per coin to a low of $419.

A range of businesses accept the currency.

A casino owner-turned-commercial developer is asking $7.85 million to sell a Las Vegas home, and he's willing to accept the online currency bitcoin for the deal. "There are a bunch of people who have bitcoins, and they're dying for a place to spend it," Tosh told the Las Vegas Review-Journa.

A California Lamborghini dealership sold a $103,000 Tesla to a Florida man for 91.4 bitcoin, the Review-Journal reported, and a Canadian man listed his Alberta home for the bitcoin equivalent of $405,000.

The currency hit a watermark when Bank of America Merrill Lynch said this month that one bitcoin could have a maximum value of $1,300, or more than the price of an ounce of gold.

Technology moves so fast these days that those of us who don't live, breath and drink it on a daily basis often can't see the virtual forest for the trees. So before you dismiss Bitcoin as a fad or a case of technology run amok, take a minute to see who is championing it and what their track record is in successfully envisioning the future.

How can you make money with bitcoin? ( Watch the Video )

Luis Suarez
RE/MAX Premier Associates - Sunny Isles Beach
17600 Collins Avenue
Sunny Isles Beach, FL 33160
Direct: 954-673-9576

Office: 954-384-6803Fax: 305-384-6661

Web Page: http://beachluxuryrealestate.com/