FOR SALE: A five-bedroom Perth Hills property for $1.4 million that overlooks a lake and has air-conditioning, a pool, timber decking and even a wood-fired pizza oven. The only catch: the owner must be paid in a digital currency known as bitcoin. The sale, which would make the property the first in Australia to be sold for bitcoin, is the latest sign WA is embracing digital dollars. But even bitcoin enthusiasts have been shocked by the offer, as the value of the currency fluctuates wildly. The price of a single unit, which can be traded in online exchanges or "mined" through powerful computers that crack complex algorithms, has surged tenfold since the start of the year, hitting a high of more than $1000 last month before falling heavily. Perth businessman Bret Treasure, 53, chairman of the Australian Web Industry Association and a board member of Bitcoin Australia, believes it's the first bitcoin house sale in Australia. "The seller obviously believes the value is going to appreciate because to mine that much bitcoin you would need a bloody supercomputer," he said. Mr Treasure's son, Leo, 28, last year took out a $20,000 loan to buy bitcoins. He now owns "a bit over 1000" bitcoins, worth about $750,000. He is also importing Australia's first bitcoin kiosks, which will allow people to exchange cash for bitcoin. The first of the ATM-like facilities, which credits a user's virtual wallet in their smartphone, will be installed next month at Spacecubed, a shared work space on St Georges Tce. Others are planned for Frisk Small Bar in Northbrid ge and Fremantle's Treasure Gallery. Bar Biscotti, on the ground floor of the CBD's Bankwest building, this month became Perth's first traditional business to accept bitcoin. Customers buy drinks and food by scanning a QR code with an app on their smartphone, with all bitcoin users receiving a 5 per cent discount. Six businesses in Perth are accepting bitcoin, according to the CoinMap website. But Associate Professor David Glance, director of UWA's Centre for Software Practice, could see little value in businesses adopting it. "The currency is so volatile that it's almost useless as an electronic currency at the moment," said Prof Glance, who owns two bitcoins he bought for $10 each in 2011. "You could buy a cup of coffee and two minutes later the cost of that coffee was three times what you paid for it." UWA Winthrop Professor of Economics Ken Clements said the bitcoin's long-term viability would be determined by its rate of inflation. "It's uncertain what their supply is going to be in the future, so it's uncertain what their value is going to be," he said. Source: http://m.perthnow.com.au/news/weste...currency-bitcoin/story-fnhocxo3-1226788071548
Good publicity stunt for his business, but unless he is asking for a fixed amount of btc for the property (rather than a fixed AUD price) its just a stunt..
Indeed! But the head of the Reserve bank did the same the other day as well..these people who have big mouths and know it all inevitably put their big foot in their mouth!
