547 Bitcoins: $6 million of Japanese commercial building in Tokyo to be sold with Bitcoin

547 Bitcoins: $6 million of Japanese commercial building in Tokyo to be sold with Bitcoin

A real estate company based in Tokyo sells a small commercial building for 547 Bitcoin, or $ 6 million. It is said to be the first building in Japan to be sold using Bitcoin.

Bitcoin for transactions

In an interview with South Korean media outlet MK, a Japanese real estate start-up Yitanzi said he sells various properties, including a small commercial building and spaces for cryptocurrencies apartments. CTO Yokozawa start Yuske said that a growing number of space investors have started local cryptocurrency to the eye on the country's real estate market, mainly to spend profits they have hoarded investments from to crypto-currency prices last years.

Yuske note that there are also many investors in the local real estate market looking to sell multi-million dollar properties in exchange for Bitcoin, as it is difficult to buy massive amounts of Bitcoin on cryptocurrency exchanges without undergo a rigorous audit process to increase trading limits.

Already, Yitanzi spokesman revealed that a property in Tokyo will be sold for Bitcoin in the coming weeks and that other properties listed by startup will also be sold for Bitcoin. The company has not commented on the integration or accept other cryptocurrencies in the market but for now, it will only accept Bitcoin for real estate purchases.

Normally, buying properties by banks and third-party service providers lead to very high fees, especially if several million dollars have to be processed between two separate banks. Thus, to bypass the inefficient global banking system, many real estate agents in London and the UAE have begun to accept Bitcoin for large-scale payments as well.

In September 2017, British entrepreneurs Michelle Mone and Doug Barrowman revealed that their $ 356 million real estate project will accept Bitcoin from customers and buyers. Each apartment in the complex costs 30 Bitcoins, about $ 330,000.

At the time, Barrowman said:

      "I've been investing in the Crypto world for the last two years, really, and it's a sector I've seen grow and emerge. So, I see it coming to this stage where the first users give way to a more mainstream crypto-currency application, and so it is a logical extension of taking land and buildings and actually gives people the opportunity to pay in cryptocurrency or bitcoin rather than fiat currency. "

While Bitcoin fees could be expensive for small payments especially when congestion and spike network charges up to more than $ 10, for transactions greater than $ 100,000, a $ 10 transaction fee is significantly lower as bank wiring fees.

Increasing adoption

In Japan, some of the largest electronics manufacturers, budget hotel chains, airlines and retailers have already started accepting Bitcoin as a payment method since the beginning of 2017, almost immediately after the Japanese government legalized Bitcoin and regulated its currency exchange market cryptocurrency.

Bic Camera, the country's largest electronics retailer, and Peach, Japan's most-used budget airline, have been accepting Bitcoin payments for more than six months. The integration of Bitcoin by influential conglomerates has increased the Japanese people's awareness of cryptocurrencies, leading to renewed interest and demand for Bitcoin.

This month, Japan's largest bank MUFG has announced its intention to launch an exchange to meet the growing cryptocurrency demand of institutional and retail traders.

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