We all know that the popularity of bitcoins and their use cases have grown so much that now, it is possible to buy pizzas with cryptocurrency. Recent reports also suggest that now, it will be possible to even buy a house with as little as 457 Bitcoins, Bitcoin has found several use cases and one of such is in the real estate sector. A perfect case scenario is a house in Australia that has been sold for $2.4 million in Bitcoin.
Changpeng Zhao, Binance’s CEO, tweeted on March 10, that a house in Australia is slated to be auctioned live and the seller is willing to accept Bitcoin and Binance coin (BNB). The CEO, also said that the live auction is ongoing and the highest bidder is paying with BNB.
A closer look at the event shows that the auction was closed at $2.4 million and the buyer paid with Bitcoin. Moreover, the event was held beside a pool in the property and was graced by cryptocurrency enthusiasts from the U.S., Dubai, Australia, Asia, and other regions.
Buying this home is a somewhat risky scenario for both the buyers and the sellers. For example, handing over 457 BTC which accounts for 0.002176% of Bitcoin’s supply may not be a big deal in 2019. However, a case like the Bitcoin Pizza may be repeated. On May 22, 2010, Laszlo Hanyecz bought two pizzas for 10,000 BTC ($41 at the time) and today, that is equivalent to $52 million.
The other scenario is where the seller has received millions worth of Bitcoin only for the virtual asset’s price to crash. Nevertheless, the latter is less likely to happen and if it did, they’ll be less on the losing end in comparison to the buyer who did not hold on to their asset.
Exchanging cryptocurrencies like Bitcoin for a house is nothing new, given that several homes across the world are being sold for it. Antalya, a real estate firm in March revealed that they had sold 9 homes in Turkey in 2018 for Bitcoin. BTCNN on February 4 also outlined a number of homes around the world whose adverts called for cash as well as Bitcoin.