Australian house to go under the hammer in world-first cryptocurrency auction

In a world first, Australia will host a live auction in which bidders are being asked to pay not in cash, but in cryptocurrency.

The “Jetsons house”, a futuristic-style beachfront home in northern NSW, will be auctioned on April 8, with interested bidders able to buy the luxury property using either Bitcoin or Binance Coin cryptocurrency.

Cryptocurrency is a decentralised digital cash system – the technology behind it lets users, in this case bidders, to send currency directly to others without going via a third party like a bank.

The futuristic home is expected to fetch 700-800 bitcoins, or $3.5 million, when it goes under the hammer.

Bidding will be conducted in Bitcoin, but for those uninitiated, a live screen will show the conversion rate in the Australian and US dollar equivalents.

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