We have been hearing a lot about how real-estate developers have been openly supporting payments in Bitcoin and backing the system. One of the reasons payment in Bitcoin proves to be beneficial to both – developers and customers – is that unlike the traditional banking system, it avoids the huge transactional costs while transferring a big sum of amount.
One such multi-million-dollar deal is expected to go live this month. A property located in the Notting Hill district of London will be up for sale for a whopping £18 million, and will be accepting the entire payment in Bitcoin. This equates to nearly 4000 Bitcoins considering the price as on 13 october 2017, Friday.
Also Read: Luxury High Rise Apartments In Dubai To Be Sold In Exchange Of Bitcoin
Leg Loginov, Co-founder of the London Wall, a property investment firm, says that the future is optimistically looking forward to having property related payments in Bitcoins and digital currencies. He said:
“In 10 years from now cryptocurrencies will take over. It will be in wide use just like debit cards and credit cards.”
The property investment company is currently having a line of properties which would be made available to buy only in Bitcoin and will go up for sale soon.
In addition to surpassing the traditional banking system and avoiding huge transactional costs, Loginov’s brother believes that the Blockchain technology backing Bitcoin allows for the property ownership records to being stored securely without any scope of any sort of tampering. Loginov said:
“It will have to be a specialist blockchain for property. It will have to be able to demonstrate ownership.”
However, Loginov said that his firm is working out some plans for tax-related matters with the government on the sale of the property. Loginov is said to have hired business intelligence firm Quintel and barrister James Ramsden QC to make sure the money is coming from authorized sources.
Also Read: Top Global Companies accepting Bitcoin
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