A home in Austin, Texas was recently purchased in an unusual manner – using Bitcoin. Kuper Sotheby’s International Realty, a Texas brokerage, closed the state’s first Bitcoin home purchase. The agent representing the buyer said she “honestly couldn’t have expected something so unique to go so smoothly. In a matter of ten minutes the Bitcoin was changed to US dollars and the deal was done.”

The home was purchased for an undisclosed amount, but the digital currency has skyrocketed in recent months. The price of one Bitcoin reached a high of $4,700 in late August before falling in early September to below $3,000. As of Late September the price had grown again, reaching around $4,000. Despite its notorious volatility, the recent price growth rekindled interest in bitcoin, renewing its use as a publicity tool for businesses who in the past have capitalized on its popularity by creating bitcoin centric initiatives.

In the future Bitcoin could become a regular form of payment in the real estate market if its value continues to rise and companies embrace the change. Already more and more places from coffee carts to retail stores are beginning to accept Bitcoin as payment.

WILL BITCOIN BECOME A VIABLE ALTERNATIVE CURRENCY?

In a survey conducted on Instagram, we asked if Bitcoin was likely to become a viable alternative currency. Over 150 of our Instagram followers responded and the results were very evenly split, with 49% of our followers saying YES and 51% voting NO.