Tokyo Office Building Sells For 547 Bitcoin

Funding real estate transactions with bitcoin has already become an accepted practice in the US, so it's unsurprising that it's begun to take root in Japan, the only developed country that has explicitly legalized cryptocurrencies as legal tender.

CCN reports that a Tokyo-based real estate firm is selling a commercial building for 547 bitcoin, or $6 million. It is said to be the first building in Japan to be sold using bitcoin.

 

Bitcoin

The company's CTO, Yokozawa Yuske, said a growing number of investors in the local cryptocurrency space have started to eye the country’s real estate market, primarily to spend profits they had amassed from their cryptocurrency investments over the past few years.

Yuske noted that there are also many investors in the local real estate market looking to sell multi-million dollar properties in exchange for bitcoin, chiefly because it's easier to sell a large asset than to cash out a massive chunk of bitcoin: Most cryptocurency exchanges would make users undergo a vigorous verification process.

A Yitanzi spokesperson noted that a property in Tokyo will be sold for bitcoin in the upcoming weeks and that other properties listed by the startup will also be sold for bitcoin. For now, the company is only accepting bitcoin: Other cryptocurrencies may be added in the future.

Normally, purchasing properties through banks and third party service providers lead to significantly high fees, especially if several millions of dollars have to be transacted between two separate banks. As such, to circumvent the inefficient global banking system, many realtors in London and the United Arab Emirates have started accepting bitcoin for large payments.

In September 2017, British entrepreneurs Michelle Mone and Doug Barrowman disclosed that their $356 million real estate project will accept bitcoin from clients and buyers. Each apartment in the complex costs 30 bitcoins, around $330,000.

While the fees associated with small Bitcoin transactions can be disproportionately high, especially when network congestion causes them to spike, on a transactions worth more than $100,000, a $10 fee is substantially lower than bank wiring fees.

Barrowman said at the time:

"I’ve been invested in the crypto world for the last couple of years really, and it’s a sector I’ve watched grow and emerge. So I see it coming to that stage where the early adopters are giving way to a more mainstream application of cryptocurrency, and therefore it’s a logical extension to take land and buildings and effectively offer people the opportunity to pay in cryptocurrency or bitcoin rather than just fiat currency."

Japanese businesses - including airlines, electronics manufacturers, budget hotel chains and retailers - have been accepting bitcoin for payment since immediately after the Japanese government legalized bitcoin and regulated its cryptocurrency exchange market early last year.

Bic Camera, the country’s biggest electronics retailer, and Peach, Japan’s most widely used budget airline, have been accepting bitcoin payments for more than six months. The acceptance of bitcoin by influential conglomerates has increased the awareness of the Japanese people regarding cryptocurrencies, leading to a surge in interest and demand for bitcoin.

This month, MUFG - Japan's largest bank - announced its plans to launch a cryptocurrency exchange to address growing demand from institutional and retail traders.

Comments

Disgruntled Goat Sat, 01/27/2018 - 15:21 Permalink

No BTC related FUD .... ?????  no pro BCH, anti BTC spin .... ????? No sucking of Roger Ver's dick ( if he has one, that is) ?????? And nary a mention of bankster favorite Ripple !!!! This is surely a first for a ZH crypto article ....... 

D503 Disgruntled Goat Sat, 01/27/2018 - 16:27 Permalink

It's clearly normalizing the use of crypto. Crypto is completely the best ledger for forcing people to follow laws and catch them lying. Better even then credit cards. Credit cards can get beautiful untraceable cash much more easily than crypto can. 

If you can't control the physical goods, the access to the internet, or the fuel that keeps the internet on, why would you want a perfectly traceable currency that you can simply be switched off from?

This has big government all over it. 

In reply to by Disgruntled Goat

Pandelis Sat, 01/27/2018 - 15:23 Permalink

"the first building in Japan to be sold in bitcoin"

 

japanese are so last century ... wake up and smell the coffee ... if they had sold it in bitcoin last january would have been 5470 bitcoins ... who knows how many dollars, yen or whatever currency out there.

coast1 Sat, 01/27/2018 - 15:32 Permalink

events such as this are not good for the USDX methiinks...gold actually touching 1370 for awhile is also not good for USDX....seems nobody wants paper or zeros and ones anymore...ooops, correction: bitcoin is zeros and ones, so my statement was not true...people dont want zeros and ones controlled by the banksters..

Automatic Choke Sat, 01/27/2018 - 15:35 Permalink

The article tossed off a key point:   buying big things such as real estate is an easier way to cash in on bitcoin than liquidating for cash.   (The property ain't going away, and can be liquidated by the normal methods at leisure).

 

Are the big wallets cashing out?

 

JibjeResearch Sat, 01/27/2018 - 15:38 Permalink

Congrats to those with BTCs.

If you have 100 BTCs 7 years ago.

1.  You would have 100 BCHs, 100 BTGs, 100 LTCs ..

2.  Now, you can claim 100 BCDs (Bitcoin Diamond) ..

3.  Now add all your wealth... , do you see why I say things?

Some of you guys really need to do research!

4.  Soon.... you will have a chance to claim BCA (Bitcoin Atom) ...  This coin is more efficient than those listed at top because it uses a combination of PoS (majority) and PoW (minority) coding.  Electricity issues will be gone with BCA.

 

These are the coins to have long term (5+ years)

BTC,BCH,BTG,LTC,ETH,BCD ...

 

JibjeResearch Mister Ponzi Sat, 01/27/2018 - 17:19 Permalink

Sorry bro, I have to spread the words so that the poor people will benefit and to fight against ..listed below

1. Central Planners/Gov: Poor people well being are not cared for.

2. Capitalism: Wealth eventually consolidated at the top 1%.

3. Socialism: Making people pay for your living is not a solution.

4. Communism: Forcing people to do things is not efficient.

5. Monarchy: Killing people just for saying something not nice is murder

6. Religion: lying to people is corruption.

 

Decentralized blockchain based on PoS and self governance is the true democracy we must pursue to better society and eliminate unnecessary suffering caused by those six things.

In reply to by Mister Ponzi

Exponere Mendaces Sat, 01/27/2018 - 16:29 Permalink

But all the idiots on ZH keep telling me Bitcoin isn't money!?

Well, what do you know, they're fucking WRONG again.

Keep on tryin' barking seal retards.

Bitcoin doesn't give a shit.

 

Yellow_Snow Sat, 01/27/2018 - 16:41 Permalink

Ohh  Yeaah... 

This is really Amazing News  !!!

Further legitimization of Bitcoin  :)

Who could have imagined something like this 10 years ago ?

MusicIsYou Sat, 01/27/2018 - 16:45 Permalink

That's amazing. A huge office building that provides real shelter and real space to work sold for 547 electrons. Incredible! I'd say it's the equivalent of $6 million, but even $6 million isn't what it used to be because dollars are based upon bonds, and bonds are based upon the innovative/manufacturing future potential of a country, and that's almost nonexistent. AA batteries have far more than 547 electrons, I'll trade you a AA battery for a building.

trippy64 Sat, 01/27/2018 - 18:32 Permalink

I keep seeing all these coins trading hands, but wasn't the number finite? Seems there are more claims than coins, but maybe the number is higher than i recall when i researched mining.

BallAndChained Sun, 01/28/2018 - 08:06 Permalink

> Japan, the only developed country that has explicitly legalized cryptocurrencies as legal tender.

Tyler, legal does not mean legal tender! Nobody is legally required to use Bitcon instead of Yen. Only the blubbering fools would take imaginary coins for a building.

The pumpers repeating lies enough times hoping to fool people.