Now you can buy property with Bitcoin in Australia, as a series of online auctions ending Oct 30 have approved it.
Lloyds Auctions, a Queensland-based auction house aims to be a digital disruptor, it has already hosted online auctions in the NFT space, including other auction stuff like cars, art, and diamonds.
The company website features everything from small household items to large, well, houses. You can log in to bid on a Qld mansion currently going for a cool $2.6 million, the bidding is in AUD as your frame of reference. Though the auction house promises to accept Bitcoin as payment. They are expecting to attract newer users who otherwise might not be interested in the property market.
“The use of cryptocurrency as a payment method is becoming more commonly used for purchases as confidence surrounding cryptocurrency gets stronger,” said Lee Hames, chief operating officer at Lloyds.
Earlier this year the auction house announced it will allow bidders to use digital coins in lieu of physical cash. Already a shopper dropped a small fortune of ($100,000) in cryptocurrency on a caravan since the announcement was made.
Recently the auction house held an auction featuring 13 stunt cars from Mad Max: Fury Road, while a bidder last month spent around $500,000 (in Bitcoin) on a car.
Considering the volatility with Bitcoins, it is not going to be easy to deal with it, though the auction house has promised a ‘gazump-free’ experience. It is a practice of a seller agreeing to one price and then demanding more money or raising the minimum after proceedings have already started.
Even though Bitcoins are volatile, if El Salvador can do it, why can’t the auction house. With bids starting at $1 which is around 0.00001331 Bitcoin will be interesting to see the price change all throughout October.
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