3million – but whoever buys it will have to pay in Bitcoin. The tropical hideaway on Union Island in St Vincent and the Grenadines, is one of the latest multi-million pound properties where the owners will only accept the digital currency. There is currently no house on the land being offered for sale at Bloody Beach Bay – but it does come with plans to build a villa keep2share bitcoin miner beach bar.
The land for sale is within a few minutes of a small airport linking Union Island with St Vincent and the other Grenadine islands. 150million has been spent by the owners of the famous Sandy Lane resort in Barbados on developing the Pink Sands Club. They’ve also added a 6,000 ft runway – the longest in the Grenadines and a multi-million dollar super yacht marina. A spokesman for the Bloody Bay Company, which is handling the sale, explained how the owners had decided to only accept Bitcoin as payment following the cryptocurrency’s phenomenal rise in value this year.
He said: ‘Babyboomers benefitted enormously from rises in the value of their property. Their children – the millennials – have missed out on these kind of life changing windfalls, so cryptocurrency represents a way for them to amass wealth like their parents. The idyllic plot of land is an opportunity to build your own Grand Designs in the Caribbean! Although they may be millionaires in the virtual world, they cannot enjoy that wealth without spending it in the real world. By buying land or property they can enjoy a double hit: a rise in the value of their bitcoin paying for an appreciating investment in real estate.
He added: ‘Someone wise or brave enough to have got in early on the cryptocurrency phenomenon could soon be lifting their rum cocktails to toast the bargain of the century. Bitcoin is known as a cryptocurrency, as cryptography is used to keep transactions secure, allowing anonymous transactions between individuals without the need for banks or central banks. It uses a technology known as blockchain, which is a shared record-keeping and processing system that means digital money cannot be copied and spent more than once. While Bitcoin is not illegal, it is not considered legal tender in Britain and operates without a government or central authority. 85,000 in a bank or savings account. Bitcoin has risen more than tenfold this year and doubled in just seven weeks. But can it keep rising as adoption gets more widespread, does blockchain’s promise justify the price, and does any of this matter as to whether it is in a bubble or not?
In this excerpt from the This is Money podcast, Simon Lambert and Georgie Frost discuss Bitcoin’s astonishing rise. The astonishing rise of Bitcoin this year has brought a string of warnings from the financial world that it is in a bubble that is likely to burst. Thousands of amateur traders are now piling in and betting on bitcoin, while start-up companies are using cryptocurrencies to raise money. In October, JP Morgan boss Jamie Dimon branded people who buy Bitcoin ‘stupid’ and called it a ‘fraud. Watchdogs across the world have warned there could be a sudden massive crash if the market turns. The market is unregulated in Britain, and the Financial Conduct Authority does not even hold figures on how many are trading.
Alternatively, you can exchange it for a traditional currency such as sterling. This can be done using a special pre-payment card that converts the cryptocurrency when a purchase is made. AND HOW DO YOU BUY IT? Blockchain allows transactions to be managed cheaply, securely and anonymously in a kind of devolved online ledger with records of transactions held on thousands of computers. But today, the Bitcoin revolution has extended beyond the techies and miners. Cryptocurrencies can now be purchased from specialist exchanges such as Coinbase, Kraken, Bittylicious and Bitstamp.
You can usually pay for the currency by credit or debit card or bank transfer. Exchanges are likely to make a charge for each purchase of cryptocurrency. 99 per cent for card purchases. You can send a currency to another person’s digital wallet so a Christmas present could be on the cards. The number of Bitcoins in circulation will never exceed 21 million. The limit was set by a mysterious coding genius with the pseudonym Satoshi Nakamoto, the creator of Bitcoin.