Madrid : A residential attic in the center of the Catalonian city in Spain became the first Spanish real estate property that has been put on the market only for Bitcoins. Bitcoin, a decentralised global digital currency, is not backed by a central bank or an administrator. In other words, it is a peer-to-peer electronic cash system that has seen a massive increase in its value in recent times. Víctor Monreal, ED of Barcelona-based real estate firm Mister Piso, which has put this residence on the market, said on Wednesday that Bitcoin enabled “a much speedier and effective transaction than the traditional payment method.” In his opinion, normal payment “is managed by banks engaged in financial intermediation and subject to excessive and unnecessary regulation,” the Agencia EFE reported.
The apartment that can only be purchased in Bitcoins is located in Tarragona’s central Plaza Imperial. The attic has gone on the market with a price tag of 40 Bitcoins, which at Wednesday’s BTC virtual exchange rate is the equivalent of $583,950. In the event a potential buyer does not have Bitcoins, he will be directed to one of the numerous bitcoin exchanges operating on the internet, Monreal said. Bitcoin transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a ‘blockchain’.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)