Market Today

Property Developer in Northern Ireland To Accept Bitcoin As Payment Option

One of the Northern Ireland’s biggest residential property developers, Hagan Homes, is now accepting Bitcoin (BTC) as a payment method, according to the Belfast Telegraph reported on February 22.
The managing director of Hagan Homes, Jamsey Hagan, stated that there is both a rising international interest in working, living, and investing in Northern Ireland and a “significant growth in the use of Bitcoin worldwide:”
“Our acceptance of this new channel reflects our willingness to respond to the market.”
Hagan Homes reportedly became the first house-building firm in the Republic of Ireland that accepts BTC payments, according to the Belfast Telegraph.
Hagan did recognize the challenges related to the acceptance of Bitcoin as payment. He noticed the current volatility in the crypto markets, with the price of BTC going from $20,000 to $7,000 in the span of just a few months:
“Of course, there are some risks to using Bitcoin for payment due to the cryptocurrency’s volatility, but buyers and sellers are finding creative ways to deal with these challenges […] By incorporating the learning from our peers into our approach we can embrace this innovation.”
Across the US, Bitcoin payments for properties have already taken place, as well as in the United Arab Emirates and Indonesia. Blockchain technologies have seen an increasing use of real estate. More specifically, in the city of South Burlington, Vermont has been implemented a pilot Blockchain program in January 2018, to record real estate transaction.