Tokyo Office Building Sells For 547 Bitcoin
Content adapted from this Zerohedge.com article : Source
by Tyler Durden
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.
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.
Japan is way ahead of the game, the whole country are believers and no surprise seeing some of their urban centers. This kind of thing makes me less worried about BTC dropping way low, many Asian countries are really supporting the crypto world, I don't understand the FUD other than some current limitations, as far as the future goes crypto seems like it will succeed despite the current criticisms
To Japan, crypto was a godsend. They were mired in a couple decade long deflationary spiral. Even Abenomics couldnt save them.
Bitcoin provided them with a currency with some inflationary attributes which helped those holding BTC. It finally allowed people to hold onto something for a while and not lose all the purchasing power by the time someone went to the bank.
Ironically, the fiat being so bad is what made BTC appear so good...in spite of its limitations.
Could the dollar be next?
I believe I saw a video post talking about the slow decline of the dollar, so I wouldn't doubt it, I just don't think most people are ready for it or seeing it happen, we're too distracted as a country and most people don't believe the dollar could weaken
Apologies for interfering but encryption can not be stopped it's decentralized friends o ear currency
New Year and New Advocacy
Godsend!!haha may be u r right.
Yeah Japan is ahead of the game.
I have stated for a number of months that bitcoin is not too expensive or two slow a network for transactions. People need to realize that the coffee purchases ie credit and debit cards, account for only a small percentage of the total money transacted (in terms of dollars). When you look at a building like this selling, that is a lot of cups of coffee.
So is BTC too slow and expensive for this? Do you think the people involved cared about a hundred thousand satoshi as a transaction fee? Or did they care that it took a couple of hours to complete? How long would it take a bank to clear that much money and what would they charge? 5%? 3%? Whatever the number, it is a lot more than BTC.
This is also great news. The more we see Bitcoin being used in transactions, the more "real" it becomes to people. There will be millions around the world who will read this story in all the different publications that write about it. To them, BTC might have been something mysterious, now it is less so.
People will start seeing this as a viable alternative and actual payment method.
That can only help in the acceptance of cryptocurrencies in people's minds.
Right, and once other currencies are being used with smaller fees we are going to see purchases on lower priced goods as a more normal occurrence. I don't doubt Japan will be the first to widely adopt this payment method.
That could be the case. They might move away from their fiat very quickly. Japan was always a strange nation...centuries behind in some aspect....cutting edge game changers in others.
They, overall, are a technological nation so embracing a technologically driven form of currency makes a lot of sense. Also, since they do not have the natural resources of other countries, they have always had to be a bit more innovative and creative to keep pace.
I believe a country like that only adds to the move that is underway. In the end, crypto is going to win out...because decentralized blockchains are just too powerful.
Exactly, I was watching Parts Unknown for Tokyo and was blown away by the amount of artificial light, they are all about the tech, so I could see them increasing the rate of adoption as they see the advantages. I'm pretty grateful to be in this space this early, I was debating over summer and then took the plunge in December, once I learned about the advantages I put my trust in the technology, and steemit is where I'm putting my free time :)
I think you will be well compensated for that decision.
Technology is taking over the world. All sectors on the stock market are proving this. The best stocks to own are either the tech companies or the ones in traditional industries that are implementing technology into their businesses.
Crypto is just technology introduced to money and finance.
The blockchain is going to upend a lot of stuff....this will be a real game changer for many industries....and people.
When the lightning network is ready, nay-sayers will have to suck it up once again.
Agreed...that could be a major game changer for BTC....will help to eliminate some of the attacks on it.
I believe lightning network is already on LTC...so it should put it on par with that.
it is already in test work with BTC. They are going forward very fast, so I don't think it will take too much time.
Yeah from what I read they are actually trying to slow things down. It is in testing yet some are moving ahead with it anyway, unproven.
So the BTC people have been itching for it.
Hence I agree, it will move fairly quick.....multi sigs could also aid in the performance of that network.
Yeah I agree with u bro and you got it.
This is truly unique so the digital currency. @zer0hedge
will impose itself sooner or later
The logic of "if you can not beat them, join them" is the most appropriate for central bankers after trying the digital bitcoin, which has a market value of about $ 10 billion, according to a Financial Times report.
In countries such as Britain, Russia, Canada, Australia and China, it is currently studying how each country's digital currency instrument can pump money through an electronic system. Central banks have intensified their efforts this year.
Although the research is still in its infancy and so far no answers have been found for many puzzles, everyone agrees on one thing that "the world is moving towards using digital currencies."
bitcoin »draws attention
In the risk and benefit assessment, central banks look at the views of their peers in other countries, academics and commercial banks. There is a need to know how digital currencies are transforming, their impact on the economy and financial stability, and security protection against hackers.
Central banks began the role of careful study of bitcoin, the digital currency launched by an unknown computer scientist in 2009, and the currency has made significant progress thanks to encryption.
Bankers are attracted to the speed and effectiveness of digital money that is not followed by the cost of dealing with money, which can also be tracked through the financial system, and these advantages constitute an incentive to reduce risks and fraud.
The interest of central banks in accessing electronic systems for digital currency trading, such as Bitcoin's Blockchain, comes as commercial banks move to use technology to facilitate cross-border transactions and develop old office infrastructure.
However, banks can not control the use of anonymous digital money. One element of innovation in bitcoin is decentralization, and policymakers will have to look for a different model.
What Rikm in this friends
This is excellent my friend I agree with you
In Japan, a company has announced that it will pay some of its employees' salaries with the virtual currency Bitcoin.
In the statement made by GMO Internet Group, it is stated that since March of 2018, 100,000 yen (about 870 dollars) of 4 thousand employee salaries will be offered with a crypto currency payment option.
In a statement that emphasizes that the virtual currency will be paid based on reciprocity between the employer and the employee, it is noted that the payment made with Bitcoin is in line with the laws of the country.
It was stated that the decision was to promote Bitcoin's adoption.
Japan accepted the crypt money. Japan is one step closer to the future. We all know that crypto money will be your currency for the future. Japan is taking a real step by seeing this. Sale of real estate, salary provision. These are the crypto credit cards we have seen in social media in the near future. I think we'll hear it in Japan first. It is a country that stands on innovation and technology. I hope other country managers understand the value of crypto money. @zer0hedge
Bravo!!! This is really an encouraging update for myself and every bitcoin investors. What a buy from Tokyo. Never knew bitcoin is serving as a legal tender already there. Am very excited crypticurrencies especially bitcoin is having an edge in the cryptosphere and its market chat despite its current fluctuation .but take note i heard Russia got hacked for lots of millions of bitcoin,don't know how vivid the source is. But am convinced blockchain is safe even when cold storage an offline storage for bitcoin is available. But all i have to really say is that; its encouraging seeing great nations make use of bitcoin..thanks for this vital info @zer0hedge😊
If I recall, BTC was suppose to be accpets at 250K places in Japan by the end of 2017. I do not know if they reached that goal but Japan is one of the countries that jumped all over BTC.
The spread of cryptocurrency is having an impact. Throughout the rest of this year, I believe we will see many other stories along these lines. While BTC still does not fit "buy a cup of coffee" it is ideal to use to buy a building.
We are seeing a number of high end real estate companies start to state they will accept BTC.
Since the Japanese government described Bitcoin as an official payment method in April, when it passed, a growing number of businesses are beginning to accept Bitcoin. Lastly, companies such as Bic Camera, Sofmap and Kojima have begun to accept Bitcoin via Bitflyer.
More than 260 operators in the country are expected to begin accepting Bitcoin payments this year. @zer0hedge
Thumbs up to Japan. Accepting bitcoin in trading is one way to show that bitcoin is here to stay. Those scared about the unsteady price of bitcoin, well you can go trade your bitcoins in Japan. I feel Japan's economy is going to grow bigger with these kinds of awarenesses. Something countries out there should think about adopting to improve the standards of living of their people.
Japan is leading the race to adaptability . I hope in coming years we could buy home , car , mobiles etc using cryptocurrency . This is what cryptocurrency was meant for . In future i would like to use them for purchasing tangible assets . Japan has always been the first country to adopt new technology , world follows the lead of Japan . I hope world follows Japan's footstep in this matter too . Let's hope for the best . Till then keep steeming , keep collecting cryptos ! HODL !
I can't wait until cryptocurrency is more widely accepted, or rather, used as a currency vs as a commodity :\
The volatility has to die down for that to happen.
Although that is the idea behind Bitshares creating the currencies they are. It allows people to price things in a way so as not to be affected by the volatility of a crypto....it gives them a peg which they can depend upon and interact in a commercial manner effectively.
Yeah, that's always been in the back of my head. With the volatility of the market, how does one price things to avoid being screwed by from the volatility? Over the next couple decades I'm sure it will flatten out, but major purchases right now? It's like whoever is buying is taking a risk and hoping the value will increase. Interesting way to do business. The wild-wild-west of a speculative market :)
Personally, I think those who take payments in BTC (and other crypto) are very smart. One thing I can say, the BTC in this purchase will appreciate some in time...and most likely will outpace the Japanese Yen which has been making a beeline towards the bottom for two decades.
That is why I bet you will see outfits like Amazon move into taking crypto. They can hold their profits in it and weather the ups and downs. Over time, the "investment" of HODL to their profits in the way will only increase.
Yeah, lot of HODLing going on right now, hehe. I agree with you on taking the BTS. And, thinking in terms of a long term investment, how could people not get into this stuff? So many financial advisors I talk to are like, 'stay away from the sh1t!'
The more someone says not to do something, the more curious it makes me. In a traditional sense taking BTC is a dumb thing to do. Questionable value, varying price, potential long-term instability and possible complete disruption of the system due to either internal (somehow gets broken by govts and hackers) or external influence (of Govs and shadow groups), but, still, the world is on the brink of something completely new which means uncertainty. To the bold go the rewards though. And this tech isn't going anywhere. Final utilization has yet to be realized, but, dang, how long did it take the internet to get figured out?
Financial advisers are mostly salespeople. They tell people to stay away because they are not making a commission on it. Now that mutual fund that they get 3 points by selling, that will be the best thing since sliced bread.
The financial services industry is one of the biggest scams out there. I work with a woman, in our annual 401K meeting, was complaining that her returns did not match the long-term chart they were showing (you know the one where they show the growth over 40 years). She was having them manage her money which, I told her meant fees. She argued with me saying her personal financial guy didnt charge those fees. I laughed.
In the end, my returns look like that because I put my money in to those things that dont eat up returns. Amazing how much more profitable things are without the commissions.
This is the only way to beat the establishment ie banksters and their cronies. They are known to tell us to look left while they are pulling a con on the right.
So I am like you, if they tell me to look left, I look right. That is where the action is....the other is a misdirection.
No Kansas City Shuffle getting played on us, hehe.
Yeah, I love how financial advisors aren't even required to give full disclosure about investments anymore. I mean, did we not learn when we set those who sell investments loose with no rules?
Apparently not.
Yeah, the only way to beat the system is find their kryptonite. And that's what crypto and blockchain together can do. It could shift the entire world economy out of the hands of a few and into the hands of many. Potentially...if they don't take it over first or create tax systems so onerous that it makes it impossible to use.
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