Blockchain Daily

The house that Bitcoin built: Irish bank accepting crypto as payment for home buyers

The house that Bitcoin built: Irish bank accepting crypto as payment for home buyers

The evolution of Bitcoin and the other top cryptocurrencies is spreading to the housing market, if Irish bank, Hagan Homes’ decision to accept the digital token as payment for house buyers if anything to go by.

The largest housebuilders in Northern Ireland has announced it will accept Bitcoin for payments, making it (probably) the first firm in Ireland or Northern Ireland to make such a move, according to The Metro.

Managing director Jamesy Hagan said: “Bitcoin is an innovative new payment method and essentially a new kind of money. It is very similar to a cash transaction. There has been a significant growth in the use of Bitcoin worldwide and our acceptance of this new channel reflects our willingness to respond to the market.”

The move will raise eyebrows, given Bitcoin’s volatile market prices. At the end of 2017 we saw it hit the $20k mark amidst a huge price boom, but recent trading hasn’t been so kind, and a slew of negative stories coming out of Japan, South Korea and Europe have seen a mass sell-off. Currently the price stands at just over $10k, with commentators suggesting it could easily double in price like it did recently, or get chopped by another 50% in the space of a few days.

Mr Hagan, though, remains bullish about the forward thinking he and his company have made, adding: “The international appeal of Northern Ireland is continuing to grow. There is an increasing number of international investors establishing businesses in Northern Ireland and subsequently, this means that the number of people wanting to live, work or invest in Northern Ireland is increasing.”

Back in 2017, though, in Colchester, the first UK Bitcoin homes were announced, with GoHomes selling two newbuilds to people within the technology sector, one of which even planned to rent out his investment for a monthly Bitcoin fee.