One of Northern Ireland’s leading residential property developers, Hagan Homes, is going to accept Bitcoin as a payment method.
It is the first home-builder in Northern Ireland to accept the digital currency as means of payment.
The move is part of the company’s effort to respond to a changing market.
According to the Belfast Telegraph, 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.”
Hagan acknowledged the volatility of Bitcoin and the challenges of accepting it as a form of payment.
“Of course, there are some risks to using Bitcoin for payment due to the cryptocurrency’s volatility, but buyers and sellers are finding creative ways to deal with these challenges,” he added.
“By incorporating the learning from our peers into our approach we can embrace this innovation.”
The first home to be sold with Bitcoin was a 1.4 acre home in Lake Tahoe, California, in 2014. The property was sold for 2,739 Bitcoin, which were converted to $1.4 million cash via BitPay. Since then a number of other real estate listings are accepting or requesting cryptocurrency for payment.
In New York, Magnum Real Estate said last year that it would accept Bitcoin for deposits and purchases for apartments in Manhattan’s East Village.
“Our buyer has evolved, they’ve moved from mom and pops to young people who want to pay with various forms of payment,” Ben Shaoul, president of Magnum Real Estate Group, told CNBC.