Spain's First Bitcoin-only Property Sale Goes on Market - Orangestate Blog

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Spain’s First Bitcoin-only Property Sale Goes on Market

Spain’s First Bitcoin-only Property Sale Goes on Market

The property is a penthouse in the central Plaza Imperial Tarraco, on sale for 40 Bitcoins (550,000 euros at current exchange rate).

The first property put up for sale in Spain that can only be purchased with Bitcoins – a cryptocurrency not backed by any bank – is in Tarragona, according to the real estate chain Mister Piso, headquartered in Barcelona. It is an attic in the central Plaza Imperial Tarraco, whose owner has set as a condition for sale that the payment be made only in this cryptocurrency. The property goes on sale for a price of 40 Bitcoins, which is equivalent to 550,000 euros, according to the current exchange rate of this cryptocurrency. If the interested buyer does not have Bitcoins, he must proceed to acquiring them prior to the purchase, through the numerous exchange platforms that operate on the internet.

Bitcoin is a digital currency created in 2009 and which is decentralized. That is, it is not backed by any government nor depends on the confidence of a central issuing bank, and it is based on the so-called blockchain technology.

Blockchain is a database designed to avoid its modification and, once data has been published, links to another block, and so on. Since the beginning of 2017, the Bitcoin’s price has surged and has gone from 999 USD in January 2017 to the current value of 14,246 USD. According to Víctor Monreal, executive director of Mister Piso, this currency “allows a faster and more efficient transaction than the traditional method”.

In his opinion, “until now, (the sale and purchase of property) has been carried out through banking intermediation, which entails an unnecessary excess of regulation”. For this reason, Monreal believes that more and more consumers will opt for this cryptocurrency for regular transactions.

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