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Title : The Nonsense Of A Family Existence Sold For Bitcoin
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The Nonsense Of A Family Existence Sold For Bitcoin

An EPJ reader sends a link along to this story: NYC Apartments Sold For Bitcoin, Report Says.

Patch reports:

New York City existent estate has reached a novel frontier: Cryptocurrency. Developer Ben Shaoul of Magnum Real Estate Group has entered a contract to sell 2 Upper East Side apartments for Bitcoin, according to reports.

The 2 apartments existence sold for Bitcoin are located inwards Magnum Real Estate's condo conversion at 389 E. 89th St, located betwixt First as well as Second avenues, the New York Post outset reported. The sale is believed to hold upwards the outset fourth dimension Bitcoin is existence accepted inwards telephone substitution for existent estate inwards New York city, according to the report.

"It wasn't easy, merely nosotros are doing it," Shaoul said.

The transaction volition larn through a third-party describe of piece of job organization called BitPay, which volition have the Bitcoin payment as well as hence pay the cash equivalent to Shaoul, the Post reported.

Look, this is a gimmick. The apartments undoubtedly were non priced inwards Bitcoin. That is the seller had a dollar inquire cost for the apartments that he was willing to get got inwards Bitcoin which he similar a shot flipped into dollars. It's a featherbrained transaction to larn through the extra step.

Actually selling apartments inwards terms of Bitcoin would larn this way: I am selling my floor for x seat out of Bitcoin.

If this was the case, it would hateful that if the seller laid upwards terms inwards December 2017 when Bitcoin hitting its all fourth dimension high of $19,000 plus, the apartments inwards dollar terms would hold upwards at nowadays selling for 60% less inwards terms of dollars. No seller is going to bring a 60% discount inwards dollar terms, he is going to inquire for to a greater extent than Bitcoin. The Bitcoin business office of the transaction is an extra pace for nothing. The sales were ultimately dollar based.

-Robert Wenzel 

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