Canadian man wants to sell house for virtual currency

Posted By Kristen Butler,  |  March 21, 2013 at 11:07 AM
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Entrepreneur Taylor More is selling his two-bedroom Alberta bungalow for $395,000 worth of Bitcoins.

"Bitcoins are really hard to get your hands on if you want to get them in large quantities," More told BBC News. "I have a couple projects that I want to get started, and they will take a lot of Bitcoins."

Bitcoins are an alternative payment system and one Bitcoin is currently worth about $56. The value of the virtual currency is still unstable, however, as just over a month ago BBC News reported the Bitcoin value to be approximately $26.

Unlike other currencies, Bitcoins are not issued by a bank or other centralized authority. Since 2009, people have been able to generate or "mine" Bitcoins by participating in the global computer network that supports them, by solving a complicated mathematical problem using their computer, for example.

Bitcoins can be exchanged for normal currency, and they can be used to make private transactions that are difficult to trace. Wikileaks uses the currency to accept anonymous donations. A growing number of web stores and online firms accept Bitcoins as payment. You can even pay for pizza using Bitcoins.

"When you send money internationally it takes a week or more to do and costs hundreds of dollars, so I see this as something we've needed, an online virtual currency to make payments fast and easy," said More.

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