By Rachel Rickard Straus for Thisismoney. What’s car bitcoin like to live on London’s iconic Barbican estate?
Can I get broadband without a landline? What next for bitcoin and will it rise again? Gatehouse Bank lands latest blow in the best buy savings battle with table-topping fixed rates of up to 2. 5million cost of failure: As sacked BT boss is stripped of lucrative share deal, we look at who will replace him? How good are people in your job at saving into a pension? Money Morals: What should I charge a friend to rent my spare room? Seller says ‘Bitcoin is safe, convenient and incredibly valuable right now so, to me, it makes sense to trade my car this way.
A lavish gold Rolls-Royce has gone on sale – but there’s a catch in that the seller will only accept payment in Bitcoin. 117,995 and it’s the first car to ever be listed on Autotrader with payment solely in Bitcoin. 11,800 worth at the beginning of the year to be able to afford to buy the gold Roll-Royce today. 11,000 today, an increase of more than 1,000 per cent from the start of the year. 10,000 mark for the first time yesterday.
Some early buyers of Bitcoin are currently sitting on huge fortunes, even if they only bought small sums, leaving them well able to splash out on a Rolls-Royce. How many of these basic car safety checks can you do? This Roller, is a 2010 four-door Ghost model with 35,000 miles on the clock and a 6. 6 litre engine that produces 563bhp. That’s enough to power the car and its occupants to 60mph in 4.
7 seconds in a blur of gold-plated luxury. The Rolls-Royce Ghost can reach 60mph in 4. I treat it in exactly the same way as normal currency these days. It’s safe, convenient and incredibly valuable right now so, to me, it makes sense to trade my car this way. 230,000, so the seller would need to see Bitcoin double in value again in order to use the cryptocurrency to trade up from second hand to brand new. That sounds like a tall order, but Bitcoin has doubled in value in the past seven weeks alone.
Auto Trader editorial director, Erin Baker, said: With the meteoric rise in popularity and value of Bitcoin in recent years, it comes as no surprise that sellers are now attempting to trade this way, it’s a huge trend and currently holds a high value. The astonishing rise of Bitcoin this year has brought a string of warnings from the financial world that it is in a bubble that is likely to burst. Thousands of amateur traders are now piling in and betting on bitcoin, while start-up companies are using cryptocurrencies to raise money. In October, JP Morgan boss Jamie Dimon branded people who buy Bitcoin ‘stupid’ and called it a ‘fraud.
Watchdogs across the world have warned there could be a sudden massive crash if the market turns. The market is unregulated in Britain, and the Financial Conduct Authority does not even hold figures on how many are trading. However, International Monetary Fund boss Christine Lagarde conceded that cryptocurrencies like Bitcoin could be a useful tool in the future financial system. She said virtual currencies could be ‘easier and safer’ to hold than paper bills in remote regions, or countries with unstable national currencies or ‘weak institutions. This is neither a serious method of payment nor a good way to store capital. There are no fundamental reasons for its price to reach such levels.
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