Kansas Man Buys a House with Bitcoins

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Kansas Man Buys a House with BitcoinsBitcoin has recorded a new plus: A Kansas man purchased a house valued more than $500,000 using the virtual currency.

This marks a new chapter for the digital currency, which was established in 2009 by an anonymous person who went by the name Satoshi Nakamoto. The currency has gained widespread following due to the fact that transaction costs are negligible and it offers anonymity. It is also preferred due to the fact that it is free from government or central bank control, reported KMBC.

The price of the digital currency, which can be used to buy virtually anything from computers, pizza to electronics, is currently hovering close to $500. The seller, Highland Park Builders, and the buyer of the house, praised the currency as much easier to use than conventional currency.

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“A lot of people don’t understand it. They’re afraid of it,” said buyer Josh Zerlan. “(The seller was) willing to take the time to understand it and make it happen. And to be able to do that, even last year, I don’t think would have been possible.”

“Once it was ready to close, it was just a matter of me doing an invoice for the amount of the home and within minutes, the Bitcoins were in our account and BitPay turned it right into U.S. dollars and it was wired into our bank account,” said Virginia Hoelting of Highland Park Builders.

Zerlan explained that bitcoins are safer than credit as you are the only person who can facilitate all transactions; hence the possibility of identity theft is kept at minimum. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com