Real Estate Brand In Australia Prepares To Make The World’s First Bitcoin Auction

Real Estate Brand In Australia Prepares To Make The World’s First Bitcoin Auction

One of Australia’s oldest and most popular real estate companies is currently working so as to perform the first live Bitcoin auction. The firm is LJ Hooker, established in 1928, will be partnering with auctioneer James Pratt and the blockchain-related firm NuYen to facilitate an online bidding war for 1 Beech Lane, Casuarina, New South Wales. The information was released by Micky on March 18.

World’s First Ever Live Bitcoin Auction

According to Mr. Pratt, this is the very first time that a real estate auction will be held and individuals will be able to use Bitcoin. This auction will be taking place at 11 am on April 8, and there will be a live auctioneer. It is worth mentioning that the auctioneer will be taking bids in cryptocurrency and the price will be displayed in AUD and USD on a live screen. Users can simply use Bitcoin (BTC) or Binance Coin (BNB).

Binance Coin is the digital asset used by the Binance cryptocurrency exchange. Users can purchase it to pay lower fees while trading on the Binance platform. During the last few months, Binance Coin has been in a bull trend, contrary to what the whole cryptocurrency market is experiencing.

According to Greg Costello, the president of NuYen and owner of the house, believes that BNB is growing in global use and that it has been one of the digital assets that broke from this bear trend.

NuYen believes that this innovative auction will attract interest from buyers all over the world, including Australia, China, Canada, and the United States. According to him, this is the way of the future for property sales since we are currently living in a digital world.

Costello explained that this is the first live cryptocurrency auction but it will not be the last. With so many different forms of social media and companies such as Amazon moving ahead in international sales, there shouldn’t be restrictions for property or items to be sold to individuals around the world rather than in the local area.

NuYen explained that once the payment is received, they will be selling the coins and they will be receiving cash for the transaction. Thus, they will not be holding the coins but they will be using them. Apparently, some of the coins will be “held tight” for future gains.

A mansion in Italy became the first piece of real estate accepting cryptocurrency bids at an auction. The mansion was worth $44 million dollars’ and it was located in one of the most top neighborhoods in Rome.

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