Do you accept Bitcoin when you sell your house?
Bitcoin network has been set up by Satoshi Nakamoto in January 2009 but his true identity is still as mystery. Besides, Australian computer scientist Craig Steven Wright has also claimed that he is the founder of Bitcoin block chain, but he was not recognized as the true founder.
As of today the 2nd December 2017, one Bitcoin exchange rate reach over AUD 1400 (B 1 = AU$ 14190). Mr. Robert Gadd, is one of Melbourne property developer who has already accepted Bitcoin payment for his new real estate. But are you willing to follow suit? Experts also warn those who want piece of Bitcoin pie to be vigilant and cautious who do you deal with and where do you buy from?
"When it comes to the fluctuated value of digital currency like Bitcoin, it would either be a financial blessing or a curse." said Mr. Gadd.
Investment banker Tom Elliot also warned that there is nothing much to worry for property buyers but a risk for vendors as Bitcoin's value tends to be very volatile with it values either ascending or plummeting at 20%. So they have to be very careful about this. Though it stop short of shying people away from buying this cryptocurrency or owning it as its value keep hiking.
Nonetheless Wealth advisor Shane Chanel said "Chicago Mercantile Exchange (CME), the world's second largest futures exchanges could harness Bitcoin as a financial tool due to so much wealth has been pouring into this niche market that has not yet fully expanding. And then if this is done successfully, there would be a massive inflow of capital to this currency."
In additional to that financial experts also predict that there could be Bitcoin bubble busted. Therefore, Chanel warns those who are keen to have a piece of Bitcoin has to come to their sense and thoroughly consider it before any action is taken.
"Like any asset purchase, understand your risks, understand your investment and don't go into the hype. Number two, just be concious of where you are looking to buy. Now there's a number of exchange out there, there's a number of Australian exchanges out there, you could potentiial have a look at who are working with Australian Transaction Reports and Analysis Centre (AUSTRAC) who are looking to protect the consumers." Asserted Mr. Chanel.
CEO of American biggest bank ,JPMorgan Chase Jamie Dimon called Bitcoin "a fraud and it won't end well."
Billionaire Mark Cuban said "Only if you are prepare to loose you can invest in Bitcoin."
According to the Australian Broadcasting Corporation (ABC) report, there was also news reported that North Korean hackers are trying to get this digital currency.
However, Emma Poposka the CEO of digital currency management company Bron.Tech also said told Huffingtonpost Australia that "Buying Bitcoin now is not too late."
Some people think that Bitcoin could be the future currency as the advent of technology is at it peak, however some may see as it is too risky due to the unstable value it has which is always volatile. Until then it is still just a hype.
So who are the Bitcoin millionaires 2017? According to Gazzete Review, the top three are Satoshi Nakamoto worth $1.1 billion, Ross Ulbricht worth $100 million with so many other who have became the new bitcoin millionaires.
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