The Linzen Property Group has come out with a property that offers prime real estate, located in Brisbane, Australia, with the use of bitcoin. According to Coin Telegraph, the development caught the headlines, especially among the Bitcoin community, for being the first real estate development in Australia which accepts bitcoin among the currencies from interested buyers.
The Dakabin Crossing Residence is a part of the Dakabin Crossing master-planned residential community, a project located at 140-150 Alma Road, Dakabin, Queensland 4503. Just 35 minutes from the Brisbane CBD by train, it is fast becoming one of the quickest-growing urban centers in Queensland, with companies like Ikea, Costco, and Westfield relocating and calling the location home.
The payment option is just one of many that Linzen Property Group is looking at to better serve their customers. New technology is needed for the development of the real estate, and Linzen is committed to innovating by making sure both local and international clients can access their Australian projects with ease. Linzen was reportedly ecstatic to be among the first in the world to sell property through bitcoin, among others.
These are little triumphs for bitcoin, and it's slowly coming along as real estate adopts the usage of the cryptocurrency. However, without sure regulation, adopting bitcoin usage is still risky. That's the pre-conception of Australia's Central Bank, CCN reported.
The Reserve Bank of Australia decided that bitcoin and other cryptocurrencies are still just that-cryptid currencies that will not replace Aussie dollars or other fiat currency any time soon.
Cryptocurrency needs to be "more attractive and useful" than traditional avenues of payment before they become adopted for wider use, according to reports. People will still flock to traditional currency, which they are more familiar with. Until then, cryptocurrency will be more of an after-thought, a novel feature to be used when the people need something "different" than what they are used to.
Furthermore, the RBA says that the Australian dollar continues to be a "reliable, slow-inflation store of value" currency. That alone creates efficiency and functionality within the different financial systems, part of which why cryptocurrency might have a difficult time getting widespread usage.
Until cryptocurrency provides the same convenience traditional currency does, it will remain a novel invention to be used in transactions such as those involving the Dakabin Crossing Residences. It's a long way to go, but crypto-currency is improving day by day, to their benefit.
