High street agent gets set to accept Bitcoin payments

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A high street lettings agent is the latest to be converted to Bitcoins.

David Allen, of Worcestershire-based Property Plus, said he would allow agency fees and deposits to be paid in Bitcoins, as well as sterling.

Rent will still need to be paid in pounds.

He said: “I would not expect a great demand to start with but I would encourage as many businesses as possible to get involved with the currency because I like the idea of ‘sound money’ and don’t like this debt based system that we currently have.”

London developer The Collective said it would start accepting Bitcoin for deposits this week and rents later this year.

Bitcoin is a decentralised virtual currency or cryptocurrency that has emerged in recent years. They are created or “mined” using a complicated code devised by mysterious founder Satoshi Nakomoto.

Proponents of the currency argue it is safer than traditional or fiat money as it can’t be interfered with by Governments or banks. Transactions are instant, don’t require a payment system such as VISA or MasterCard and can be tracked using each coin’s unique code on a central ledger known as the blockchain.

It works based on supply and demand but can be extremely volatile and subject to wild swings if regulators restrict its use or a platform fails. It has been particularly popular in China when limits have been placed on how much local currency can leave the country.

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Written by: Houseladder