Last month, a Canadian home owner did something that gobsmacked his real estate agent, and made potential buyers scratch their heads. When 22-year-old Taylor More put his mid-sized Crowsnest Pass, Alberta bungalow on the market for $405,000 CDN, he stated he’d sell the property for bitcoins.
Now that’s bold. The digital currency hasn’t been in the public consciousness long enough to be time-tested, and its penchant for wide swings in the exchange has been setting teeth on edge lately. But if he succeeds, More will be the first person to ever strike a real estate deal using the virtual money.
When it comes to property sales, this bitcoin deal might seem kind of wacky, but it’s right up Movoto’s alley. The blog, which proudly covers the “lighter side of real estate,” has a new tool that lets sellers follow More’s cue by seeing their house’s value in bitcoins.
I couldn’t resist checking, so I tried it out. I bought my condo for $275k a few years ago, and when I plugged in the number, the formula tells me that’s equivalent to 2969.762419 BTC based on a $92.6 (USD)/1 BTC exchange rate. Pretty neat. And now I know that if I ever want that many bitcoins, I don’t have to go through the excruciating endeavor of trying to mine them myself.
However, I don’t think I’m quite adventurous enough to go that route. I may be old school, but I think that when I’m ready to sell my condo, I’ll probably stick with good old-fashioned cash.