Business 18 March 2019

Erik Gibbs

First live crypto-based real estate auction coming in April

What is being described as a “world first in real estate” is coming next month. LJ Hooker, a real estate company in Australia, is organizing a live real estate auction that will revolve around Bitcoin Core (BTC) as the payment of choice. The company has chosen auctioneer James Pratt to lead the auction and the blockchain company NuYen to facilitate the crypto bidding war that is expected to ensue.

The property being auctioned is 1 Beech Lane, Casuarina, New South Wales (NSW). It is a five-bedroom, three-bath home only 15 minutes to the Gold Coast International Airport. Hooker asserts of the planned activity, “We’re going to hold the very first live cryptocurrency real estate auction, with a live auctioneer taking bids on the house.”

The auction will take place on April 8 at 11 a.m. local time. Viewers can watch the action online as it happens and make live bids, which will need to be in BTC or BNB, Binance’s digital asset. The live feed will display the crypto price, as well as its conversion in both Australian and U.S. dollars.

BNB was chosen because the coin has seen a continued climb in its price over the past several months. NuYen president Greg Costello, who owns the house to be auctioned, explains, “BNB is one token of only a few that has weathered the crypto winter and bucked the downward trends. BNB is also growing in global use.”

Interest in the auction has reportedly been high. Costello, a crypto enthusiast, adds, “There has been a lot of international interest and publicity and I expect to see this grow and grow as the auction gets closer. It already is extremely exciting and am looking forward to the climax. I strongly believe this is the way of the future for property sales. We live in a digital world and it is only common sense to pull down the walls for international buyers.”

After the sale is consummated, NuYen will liquidate some of the digital tokens and release them back into the crypto market. However, Costello, as the owner of the house, doesn’t plan on converting all the assets to fiat. He explains, “Some of the coins will have to be liquidated to release the mortgage but the rest will be held tight for future gains.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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