LONDON – TECH – It seems that a new technological era has started – cryptocurrencies are becoming more and more common and not only in the gambling world. Just a few years ago it would sound completely unreal but right now we are living in the future, where the cryptocurrency is an accepted way of paying for your house.
More about cryptocurrencies
Cryptocurrency is basically a virtual currency used as a medium of exchange. The transactions made with a cryptocurrency are secured by cryptography. The same method is used to control the amount of the virtual currency on the market. Currently, there is plenty of various cryptocurrencies to choose from, so everyone interested in this relatively new technology can pick the one that fits them the most.
The very first official cryptocurrency was the Bitcoin – right now a world-famous e-currency, owned and used by millions of people all around the globe. In February 2015 it was reported that more than 100 thousand vendors and merchants were accepting Bitcoins as a payment method.
Although cryptocurrencies are getting more popular each year, there is still a discussion over the legal issues. Depending on a country, cryptocurrencies are defined in a different way and their legality differs as well. In March 2014, the Internal Revenue Service in the United States defined bitcoin as a property, with a legal tax put upon it. However, many countries still did not clear out the status of cryptocurrencies – in some of them it is not illegal to own and use the virtual money for trade, other places banned them entirely. Bitcoin, for example, is legal in all European Union.
Cryptocurrencies are most commonly used in online gambling. As a virtual money, they are very popular in the world of virtual betting. There is a huge amount of online bitcoin casinos and betting operators, that use Bitcoin as the main currency instead of the real money. Using cryptocurrencies in online gambling has many advantages for the customers, as well as for the operators. They allow you to play and skip the troubles like long transactions, high fees, and chargebacks. The newest technology gives you a guarantee of transparent and safe operations. There is a whole Bitcoin online world going on and it keeps growing.
Can virtual money get you a real house?
Apparently, it can. Just a few days ago a first property purchase paid entirely with cryptocurrency took place in Ukraine. It was a big event in the virtual money world, as this can be a huge step towards a new era of technology meeting the real life. The property was bought in a transatlantic transaction for the equivalent of 60 thousand dollars. The whole process was monitored by the lawyers of both the seller and the buyer and the procedure was pretty much the same as in a traditional house-buying situation. Although the transaction was completely legal, the NBU (National Bank of Ukraine) was concerned about the possibility of a fraud in a similar future situation, as they are not able to recognize any cryptocurrencies.
It was the first purchase of this kind in Europe. In August this year, the very first purchase of a property bought with the cryptocurrency happened in Glasgow, Scotland. Peter McGowan became a proud owner of a two-bedroom apartment, paying 10 million Scotcoins, which is about 60 thousand pounds. The flat was sold to him by his colleague and a close friend. Both men started investing in the Scotcoin 3 years ago, just after the currency was launched.
Will we live in a virtual reality?
Although for many people this kind of stories may sound completely unreal and coming straight from the Matrix movie, this is something that will definitely happen more often in the future and who knows, maybe it is just a matter of a few years that real life will be mixed with the virtual reality in all the aspects of our lives.