by Timothy B. Lee - Mar 20, 2013
Three years ago, 10,000 BTC bought two pizzas. Now that can comfortably buy a house.
An Alberta man is hoping to become the first person to sell a house for bitcoins. He's asking CAD$405,000, or its equivalent in bitcoins, for the 3.6 acre site.
"We are hoping to be the first piece of real estate sold for bitcoins," Taylor More told us by e-mail. "We think maybe this could help push the currency more mainstream."
His listing describes the property as a "quaint two bedroom bungalow" that "sits on 3.6 acres with beautiful mountain views and 110' of breathtaking Crowsnest River frontage." It includes a 2,800 square foot workshop that More says is "perfect for the handyman hobbiest and also features two additional finished bedrooms."
"If you had $405k I wouldn't turn you down, but if a partial or whole transaction is done using Bitcoins the price can be reduced depending on how many bitcoins you have to trade."
At the current exchange rate of $60 per bitcoin, buying a $405,000 house would cost about 6,750 BTC.The value of bitcoins has appreciated dramatically in recent years. In one of the first Bitcoin transactions ever recorded (which took place in May 2010) a man paid 10,000 BTC for two pizzas. If he'd saved those Bitcoins instead, he could have used them to buy More's house with almost $200,000 to spare.
Disclosure: The author of this post owns some bitcoins.http://arstechnica.com/tech-policy/2013/03/man-offers-to-sell-house-for-bitcoins/
