Willing to buy a house with your Bitcoin?
For a solid NFL fan, there is nothing like sitting on a weekend watching your favorite team grind it out to victory. What’s even better is sitting in the stadium with thousands of screaming fans cheering the same team you are rooting for. There is an air of euphoria and competitiveness that makes a true-blue supporter pump some adrenaline in his vein.
What if you live close to the stadium of your favorite team? Well, this is a lucky day for one of the Green Bay Packers fans. The “Packers Party House” is now available for $1 million in bitcoin.
A home adjacent to Lambeau Field is up for sale, but there’s one catch: the seller wants payment in digital currency like bitcoin.
That raises two questions. Let’s answer the first.
The single-story, three-bedroom home, at 910 Stadium Drive in Ashwaubenon, sits just southeast of Lambeau Field, home of the Green Bay Packers. The back yard, in fact, borders the stadium’s parking lot, making it a prime spot for tailgating, which indeed, is what the current owner intends to use it for.
Owner Chris Murphy, a former Facebook executive, is selling the house for nearly four times the $285,000 price he paid for it in 2011 — $1 million, preferably in cryptocurrency, which brings us to the second question.
Cryptocurrency — or digitally encrypted currency — is a form of digital money, as exemplified in the most well-known example so far: bitcoin. Murphy wants payment in bitcoin or a fellow cryptocurrency called ethereum in order to raise awareness of the infrastructure that underlies the digital currencies: blockchain.
Blockchain is what’s called a “distributed ledger” that records bitcoin or ethereum transactions. Think of distributed ledgers as digital spreadsheets that are simultaneously distributed to many different computers on a peer-to-peer network, bypassing a big central server (and the big banks). The decentralized network of computers verify and validate transactions before sending them on to a complex encryption process which we won’t get into here.
For the Packers house property sale, Murphy has partnered with Propy, a global property store and decentralized title registry that will provide the technology for the payment. That is, Propy provides access to the blockchain.
By selling the home using cryptocurrency, Murphy hopes to make the use of blockchain for real estate deals more palatable to a public that’s largely unaware of bitcoin and other digital currencies. In addition, with many people buying bitcoin and holding it as an investment (its value rises and falls like stock), he’s trying to make people aware of its potential as currency for buying things. Using cryptocurrency also promises to simplify the complex, headache-inducing process of buying a home.
Even at its $1 million selling price, Murphy expects the house to sell within four months. Other homes around the stadium have sold in the same price range, given their prime location and the opportunities they offer to become Packer “party homes.”