Indonesian villa sells for $500,000 in Bitcoin

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BitPremier, a luxury marketplace that accepts Bitcoin, has reportedly completed a $500,000 sale of a fully managed villa in Bali, Indonesia, CoinDesk reports.

CEO Alan Silbert, who spoke about Bitcoin at Real Estate Connect, told CoinDesk that the sale is “by far the largest” sale completed through BitPremier, and CoinDesk suggested that it may be the biggest “reported” Bitcoin transaction on record.

The U.S.-based buyer technically purchased a long-term lease due to Indonesian laws that govern ownership of real estate by foreigners, according to CoinDesk.

Bitcoin proponents say Bitcoin is an attractive means of payment in international transactions because it allows buyers to instantly purchase items while avoiding wire and currency exchange fees.

A number of real estate companies have begun accepting Bitcoin. Real estate crowdfunder RealtyShares became one of the latest firms to open its doors to the virtual currency last month.

Editor’s note: This story has been updated to correct that Alan Silbert is the CEO of BitPremier.

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Source: CoinDesk