Bitcoin, the untraceable virtual currency that has recently become a winner amongst successful capital investors, is taking it up a notch with an Australian realtor now accepting the currency for fees.
From small beginnings trading the currency for pizza delivery and hotel rooms, the new electronic system now has the property market in its sights.
Buyer’s agent Paul Osborne has accepted Bitcoin from entrepreneur Cosmo McIntyre for the payment of his fees in the sale of a Melbourne terrace.
Developed only four years ago the currency still has issues with stability, but Obsorne told the Australian Financial Review: “I see potential for Bitcoins to be used in house sales, but only when it becomes more secure.”
Trading this morning at just over US$114, the currency is still very volatile and increasingly drawing the attention of authorities, with regulation becoming increasingly likely.
Working with Coinbase to trade Bitcoins with actual money the system provides flexibility of coinage for businesses as well as the ability to move money in a matter of minutes without the hassle of any central government agency controlling it.
A spokesperson for the Australian Tax Office told the AFR: “The ATO has not made a determination that the tax implications for trading in digital currencies are similar to foreign currency trading or commodity trading. We are still considering the implications.”
As the property market prepares for this new age way to trade, Sam White, deputy chairman of the Ray White Group, said he would welcome initiatives such as Bitcoin if it increased buyer activity.