Bitcoin moves in on real estate

Bitcoin has moved onto the Australian property scene with the first real estate agency now accepting the cyber currency.

Anastasia Navarova sets up an account to use a Robocoin kiosk at a Bitcoinferance in Cali

A new age of real estate has arrived down under with the first Australian agency now accepting the cyber currency Bitcoin.

Ironically, the group which has made the financial leap into the future is Forsyth Real Estate, a 115 year old agency on Sydney’s North Shore — one of the oldest property firms in the country.

Forsyth has stepped into the 21st Century through a partnership with Melbourne-based Bitcoin payments provider CoinJar, driven by the wave of international investors flooding Sydney.

The agency now can receive property deposits in the form of personal cheques, bank cheques, direct deposit or a telegraphic transfer and customers can simply select Bitcoin as a payment method and the transaction goes through CoinJar’s payment Gateway.

First introduced as a concept in 2008, Bitcoin is a distributed peer-to-peer digital currency that functions without a central authority.

Ken Lo, CEO of ANXBTC Bitcoin Exchange scans his mobile QR code by a Bitcoin ATM. (AP Photo/Kin Cheung)

Bitcoins are generated by computers performing complex mathematical calculations. They are held in digital “wallets” and can be used in transactions for different products and services.

James Snodgrass, Forsyth managing director, said the group was a strong supporter of the Bitcoin economy as it allows overseas transactions with less fees and exchange rate fluctuations.

“Prior to launching, we had discussions with our financial division who outlined the risks and opportunities of Bitcoin and we were happy with our findings ” Mr Snodgrass said.

Vendors are also able to pay property advertising with Bitcoin, but transactions made in Bitcoins still incur GST.

The Bitcoin exchange is calculated in real-time and reconciled by CoinJar so Forsyth receives the exact amount in AUD charges.

A person uses a bitcoin ATM machine in a restaurant in The Hague. AFP/VALERIE KUYPERS