[2017-10-13] A $24 million mansion is going on sale in London — but you can...

[White sugar]

A $24 million mansion is going on sale in London — but you can only pay in bitcoin


An £18 million ($23.9 million) mansion is going on sale this month that can only be purchased in bitcoin.

The property, located near Portobello Road in the upmarket Notting Hill district of London, will only accept the digital currency as payment.

The price tag equates to over 4,000 bitcoin at Friday's price.

Lev Loginov, co-founder of property investment company London Wall, which bought the property in 2013, is hoping paying for property in bitcoin could be the future.

"In 10 years from now cryptocurrencies will take over. It will be in wide use just like debit cards and credit cards," Loginov told CNBC in a phone interview on Friday.

He said that the company has a pipeline of properties that will go on the market and only be available to buy in bitcoin.

Loginov's broader thought is that property ownership records can be transformed with blockchain technology. This is the technology that underpins bitcoin. It is a distributed ledger of activity that can't be tampered with.

Using blockchain technology, ownership records could be stored so they can easily be accessed and they are tamper proof.

"It will have to be a specialist blockchain for property. It will have to be able to demonstrate ownership," Loginov said.

The co-founder of London Wall admitted this was in its experimental stage and it was trying to work out the details of the sale. For example, the tax on the property that will be paid to the government after the sale could be a couple of million pounds. The company will need to figure out how to pay this to the U.K. tax office.

Loginov has hired a business intelligence firm Quintel and barrister James Ramsden QC, to ensure that the money is coming from legitimate sources.

https://www.cnbc.com/2017/10/13/london-mansion-on-sale-bitcoin.html

[Granxis]

Houses are very expensive in London, I've experienced this before. The payment system with Bitcoin does not work for real estate. Because I read a news, real estate bitcoin price because of the very economically damaged.

[1Referee]

Houses are very expensive in London, I've experienced this before. The payment system with Bitcoin does not work for real estate.

It's perhaps not the most convenient way of conducting business due to the volatility, but if you up front come together and work out the details, from which the most important is the exact number of coins, then I don't see why it wouldn't work. It's only a challenge if the seller is demanding more coins due to the market having gone down a few percent, but again, if you work out the details, everything should be just fine. I am quite sure that if someone is demanding Bitcoin only as payment option, it's being done as long term investment, and thus the volatility is less of a concern to that person. If Bitcoin doubles in value from current levels, which will definitely happen, he could then just onload half of his coins, and have the other half as pure profit.

[Kemarit]

Houses are very expensive in London, I've experienced this before. The payment system with Bitcoin does not work for real estate.

It's perhaps not the most convenient way of conducting business due to the volatility, but if you up front come together and work out the details, from which the most important is the exact number of coins, then I don't see why it wouldn't work. It's only a challenge if the seller is demanding more coins due to the market having gone down a few percent, but again, if you work out the details, everything should be just fine. I am quite sure that if someone is demanding Bitcoin only as payment option, it's being done as long term investment, and thus the volatility is less of a concern to that person. If Bitcoin doubles in value from current levels, which will definitely happen, he could then just onload half of his coins, and have the other half as pure profit.

Agree, I think the seller has take into account the volatility of bitcoin and wouldn't sell it without making any significant gains. The article says, 4,000 bitcoins at the current price, but if one they find one buyer, it could change and can work out the details before the deal can be closed. And its very obvious that the seller is a big investor or maybe we can call him whales, with that huge amount he can get, or maybe he has already thousands or bitcoin stash someone else.

Any news that will really bolster and help bitcoin in a positive way is really good. And the seller is very bullish about the status of bitcoin now. Very fearless prediction.

"In 10 years from now cryptocurrencies will take over. It will be in wide use just like debit cards and credit cards," Loginov told CNBC in a phone interview on Friday.