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Photo: Bitcoin.com Melbourne home owner willing to accept Bitcoin payment for The Basin property A vendor selling a family house in Melbourne’s outer east is willing to accept Bitcoin as payment, in what could be the first cryptocurrency property transaction in Australia. As digital currencies become more mainstream, they are poised to penetrate the real estate industry in Australia and abroad, raising questions about logistics and legalities. With more buyers and sellers seeking to use Bitcoin instead of cash, government regulators across the world are scrambling to set out clear and uniform guidelines for blockchain transactions. The vendor of 1411 Mountain Highway in The Basin is willing to accept payment in Bitcoin. Photo: Harcourts Boronia Blockchain, the technology behind cryptocurrency, is an anonymous, secure database that records digital transactions. Experts say it could revolutionise the property see here industry. Rob, who did not want his surname printed, is an experienced builder who buys, renovates and flips houses. He first bought into Bitcoin earlier this year, but had watched the cryptocurrency market evolve over the past decade. His latest project, 1411 Mountain Highway, The Basin , is up for sale, with its listing declaring the “owner is agreeable to accept part payment in Bitcoin”. Cryptocurrency in real estate raises logistical and legal issues. Photo: Harcourts Boronia “I see cryptocurrency at the moment as like Mortgage brokers Oak Laurel Yarraville www.oaklaurel.com.au the early days of the internet dot com era,” Rob told Domain. He believes marketing the property as Bitcoin-friendly could be the deciding factor in someone’s ability to purchase the house. “If it came down to two or three people, and both had their maximum borrowing capacity at a certain amount, and one has bitcoin — because the banks don’t look at Bitcoin as an asset — that could be something that could get them across the line.” The vendor, Rob, first traded Bitcoin earlier this year. Photo: Harcourts Boronia Harcourts listing agent John Garnett said the sale would be the first time he had handled cryptocurrency in real estate. “I’ve never had anyone transact in it,” Mr Garnett said. “There’s a few logistics we still have to iron out.