Now accepting cryptocurrency...

Today, a single bitcoin is worth $17,619.59. Just a year ago, one bitcoin was worth $992.14.

The value has increased by 1,676% in one year.

How’s that for return on investment?

If you’re asking yourself – what on earth is a Bitcoin?

Here is a very brief explanation…Cryptocurrency is a name for digital currency and Bitcoin was the first of its kind. It’s a type of digital public money; there is no tangible form.

And as you can see, it’s currently making some people very wealthy.

This month, the first Victorian home was sold with Bitcoin as part payment. This particular sale had an agreed price in Australian Dollars so the vendor would receive more or less coins based on any fluctuation.

However, the risks come into play when the Bitcoin amount is a term of the sale. If they had sold for an agreed value last week, their value this week would have increased by just under 18 percent. With varying settlement periods in mind, you’re potentially in for a bit of a rollercoaster ride.

Would you do it? Would you accept Bitcoins as payment for your home?

I guess it all comes down to risk.

The concept of virtual currency in itself, isn’t that scary; in a world of credit cards, online banking and the genius but dubious paywave.

How far away are we from a cashless society?

The frustration and agony of ending up at a restaurant with a ‘cash only’ sign at the register is a feeling we all know too well.

Personally, I say bring it on.

Where do we start? Let’s do everyone a favour and get rid of the 5 cent coin… baby steps.

Have a great week,

Emily McDonald | Marketing & Management Assistant

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