Vancouver couple willing to accept bitcoin for oceanfront house

peterlount (26)in #bitcoin • 6 years ago (edited)

A first in Canada, house offered for BitCoins. It's noteworthy that an expensive house in Vancouver is being sold with the optional acceptance of BitCoins. Is it really wise to sell a multimillion dollar house for BitCoin when BitCoin has massive fluctuations in value? I wonder if they could get their money out before a low? On the other hand if BitCoin goes up after selling they stand to make millions assuming they can get the cash out before BitCoin crashes below their sell price. I'm new to all this so I don't have answers, just questions that highlight the risk.

"Want to buy some oceanfront property in British Columbia? It'll only cost you 180 bitcoin, or maybe 160 – no wait, it might change to more than 500 bitcoins."

"That's the volatile reality Camilla Stephan-Heck and her husband are facing with their decision to accept the cryptocurrency bitcoin in exchange for their Vancouver Island house. Priced in dollars, they are seeking $2.7-million for the five-bedroom, 18-room bluff's edge mansion."

Tha's a lot of real dollars even for Vancouver homes... well, just above average.

"She's a dentist, he's a lawyer, and they bought their dream property on 1885 Widgeon Rd., near Qualicum Beach, in 2001, right on the waterfront of the Georgia Strait. In 2010, the couple retired and moved their three children from Sherwood Park (outside Edmonton) into a custom-built 5,788 square-foot dream home on the 6.7-acre site."

"Ms. Stephan-Heck says the couple's children are moving out, scattering across Canada, and the couple wants to downsize and have property near where they settle. They listed in November, and started advertising on cryptocurrency websites in January."

Well it's certainly a way to get attention to their listing regardless if they take BitCoin.

"I read an article about the utility of bitcoin and I said, 'Would we accept bitcoin for our house?' [Her husband] said, 'I'd be open to it.' It's not done every day," Ms. Stephan-Heck said."

BitCoin for large purchases raises a lot of questions. The BlockChain is protective as it provides a detailed audit train that the government or others can use to follow every transaction, at least it seems so at first glance. So if your BitCoins are from ill gotten gains the government could in theory track that down far easier. Could it not?

I wonder if more houses will be offered for BitCoin? LIkely so.

The image is the house for sale as shown in the article.

#Update
As we now know BitCoin and other coins have "crashed" more in recent days and since December BitCoin is down 50%. While it's certainly possible that BitCoin will increase in value, possibly even significatly... would you really want to sell a CAD$2.7 million dollar asset and have its value cut in half? Yikes.

#home #house #sale #purchase