Bitcoins Now Being Used To Auction Dubai Houses

Could Bitcoin be the next big thing? This question has been resurfacing since the beginning of the year when one bitcoin was held at a price of $1085.03 as opposed to the whooping $4,600 meaning the value has more than quadrupled. Maybe bitcoin really is the next big thing as far as finances are concerned.

And to put the icing on one of many cakes that the bitcoin movement has to offer, CNNMONEY has reported that bitcoin fans are now being offered first dibs on 150 apartments in a new Dubai development.

Aston plaza and Residences is offering studios and one-bedroom apartments for 30 bitcoin and 50 bitcoin($242,000). However prices may vary because they’re pegged to the dollar. If a buyer decides to go ahead with the purchase online,the bitcoin price is fixed for a window of about 15 minutes. As for people willing to buy the apartments with conventional currency, Michelle Mone, an entrepreneur and partner in the project has said that apartments would be offered in October.

She told CNNMONEY  “We want to give an opportunity to the bitcoin world,its a good way for bitcoin users to trade in their bitcoin into bricks and mortar”. She also mentioned that buyers can also pay for interior designing with their bitcoins.

She also mentioned that the developer wont be holding onto any bitcoin once a sale is made, “We are not in the currency trading market… So as soon as someone buys in bitcoin we convert into dollars so the development is not at risk at all” she said.

There are 1,130 apartments in total and Bitcoin users will still be able to purchase with the digital currency after the initial 150 are sold.

BitPay, which provides bitcoin payment services,will process the transactions.