Gadgetory

bitcoin is an experimental virtual currency that mysteriously appeared in 2009 when a programmer operating under a pseudonym introduced it on a cryptography mailing list since then bitcoin has gotten more and more popular the price of a single Bitcoin has peaked at over $1000 and there are about 10 million bitcoins in circulation Jackanory summer are selling your lavish home in Las Vegas for 7.85 million dollars and they're accepting Bitcoin if a bitcoin buyer comes forward this would be the single largest transaction in the currency ever hi we're jack and laura summer I'm Laurie he's drea the house grosses out at about 25,000 square feet including a separate guest villa which is about 3,000 square feet and we are on about well it's over an acre but these are golf course lots and we're it's listed for 7.8 five million u.s. dollars we've added the dynamic of accepting in addition to other currencies I suppose but Bitcoin has an acceptable currency for this transaction one of my son said you know dad you should expect wouldn't you accept Bitcoin I said sure he said why don't you want you to tell the world because you'll get more exposure for your property and it's accordingly exciting it's pretty exciting thing to do so about a minute later I went to the video that I had produced I'm an uplink to YouTube and I put on the tag you know for 25 billion we're getting a lot of attention we're getting a lot of attention obviously I monitor the the amount of views on the on the video penny Jo that's very interesting tell me about it what's Bitcoin typically has stimulated questions about the space and I think that's I think that's positive it's positive for the real estate it's obviously positive for for Bitcoin but I think Bitcoin the Bitcoin universe is far larger than just somebody would suggest interest in the house I assume they could come and take a look at it and say oh my god I love this place or this is cool it's good for me and they would give us an offer in u.s. dollar and probably make reference to an equivalent amount in Bitcoin and it would just be perfect after that as you get closer to the closing date we will have already chosen a conversion entity and it'll complicated really I mean if somebody as I said it comes in euros are yet again I mean they're Swain's they're you know with the little dollar it's the same thing yeah it could be a blend part cash part bit using Bitcoin is tricky especially for large transactions because the price jumps around so much a Bitcoin was worth $20 in February of 2013 but by the end of the year it had jumped to over $1,200 the contract for the summer's house will have to account for any price swings during the 30 days it takes to close on the sale of a house and they'll have to cash out most of the currency relatively quickly in order to avoid taking on too much risk there are plenty of things that could go wrong the US government could outlaw the currency or a technical flaw could be found but with more people like the summers using Bitcoin the dream of universal internet currencies seems like it could maybe work how much do you think you would keep in Bitcoin well then I would be telling you what my speculation would be not much I don't know maybe 100 grand or something like that I think more the big coins are at that point yeah when they went down I'd be grabbing everyone I could get left undisturbed by government will say I think bitcoin is viable indefinitely the volatility will probably slow down and we'll probably stabilize at levels where both owners and buyers of Bitcoin and more importantly vendors and other commercial enterprises will feel more comfortable accepting Bitcoin as tender that will stabilize the currency the value of Bitcoin is not going to be changed by announcements of unemployment data or war or anything like that so that's kind of one of the pluses of this concept huge as as our economy is and as all the dollars that are out there you can see pretty significant fluctuations with a good jobs report or something like that or a good GDP number but I don't look at it as a stunt or a very short term you know y'all do it I forget it I can do it as long as Bitcoin maintains the viability that it seems to be maintaining we're there it's a currency it is a currency for our purposes at this time