Estate agents are now accepting cryptocurrency.
The topic of bitcoin has come to light in the media recently. Tesla announced it’s $1.5bn investment in bitcoin causing the currency to spike. The company also revealed they are planning to accept cryptocurrency as payment. Elon Musk seems to be a fan of the digital currency even adding a hashtag #bitcoin in his profile showing his support and boosting the value of the currency.
Introduced back in 2009 bitcoin is the largest and fastest growing cryptocurrency in the world. The concept of bitcoin is to have instant smooth transactions with low fees, backed by strong computing power. With no physical tangible coin and transparent balances accessible for everyone, cryptocurrency could be the way forward.
The disadvantage is the risk involved: bitcoin is not backed by the government or banks and the value of the currency is constantly fluctuating. Analysts at JP Morgan have said the price of bitcoin looks unsustainable, far more volatile than gold.
Many financial figures have had their say on the topic - Martin Lewis, the ‘money saving expert’, reminded his audience that using bitcoin as an investment is a gamble and not to consider it if you don’t have the money to spare. This financial expert is not encouraging the investment due to the risk involved.
Those who did take the risk back in 2009 have made fortunes from their investments. Many companies are now accepting bitcoin as a form of payment, including the multinational tech giant Microsoft. The property industry seems to be next with Property Vine, an estate agents located in Essex recently declaring they will accept the cryptocurrency. And another confirming the first house sale of 2021 paid by Bitcoin.
There are many advantages and disadvantages to Bitcoin, if you are considering purchasing bitcoin make sure you do your research and understand both the pros and cons involved.
What do you think, will bitcoin be the future?
Published by Kye Liddle