What exactly is the virtual web currency Bitcoin?

- Looking for a new home? This home in Sicklerville is on the market. What makes it unusual is that you don't need cash. They'll take Bitcoin instead, which is a virtual web currency.

John Keller does construction and flips houses like this one on the side.

"This was a project I did on weekends and a rainy day or wintertime," Keller explained.

After two years of hard work, the Sicklerville project has found its way to the market listed at about 260,000. His real estate agent son Brandon has found a way to make the sale interesting through Bitcoin.

"Everyone's freaking out about Bitcoin right now," Brandon said.

That's because one Bitcoin is worth just under $10,000 right now.

Its a stunning recent jump in value and Brandon Keller says there's convenience in this type of sale,too.

"It cuts out a lot of closing cost. If you came on to this house today and you liked it, you could transfer Bitcoin, sign a contract and the house is technically yours. You just have to get the deed transferred over," he explained. 

Bitcoin is a relatively new currency essentially based on computer code.

"It's basically nothing but if you also look at the US Dollar, what's that backed by? It's not backed by anything. What's gold? It's a rock. So basically it's a human currency."

I.T. expert Anthony  Mongeluzo has been watching the wild roller coaster ride of Bitcoin but says there are dangers too.

 "It's a risky choice because it's not regulated. If you look day-to-day,sometimes a Bitcoin can drop dramatically," he said.

Already falling $2,000  in value in a day. Still, John Keller is keeping an open mind and trusting the process.

"To be honest with you if it did sell I would probably keep some of the money in the Bitcoin and diversify the proceeds," John said.

Don't worry if you don't use Bitcoin, the owner will accept cash for the home.

 

 

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