Three Apartments Sold for 420 Bitcoins in Budva

By , 07 Jun 2018, 14:00 PM Business
Trade was verified at the Notary office with assistance of the lawyer: Zavala Budva Trade was verified at the Notary office with assistance of the lawyer: Zavala Budva Vuk Lajovic

Share this:

The company AMIA of Nil Emilfarb has sold three luxury apartments in the residential complex “Dukley Gardens” in Zavala and the business complex "Dukley residence" near the Old Town for 420 bitcoins, worth two and a half million euro.

June 7, 2018 - Bitcoin is a digital currency established in 2009 that is created by "mining" on the internet. It is also called crypto-currency because it is protected by mathematical codes - cryptography, which guarantees anonymity to the owner. It is not controlled by any central bank, and its value is determined on parallel stock exchanges on the Internet and is subject to great leaps and downs. 

This is also, as AMIA announced to "Vijesti", the largest real estate sale realized in Europe in this cryptocurrency. At the end of last year, the company promoted that it accepts this digital money as a valid payment to buy their real estate, as well as pay for payment of services at Dukley Hotel, Dukley Beach Lounge, and Dukley Marina. 

"We have a completely new clientele, people who did not intend to buy real estate, and they did. Among the customers are the young people who have decided to invest their bitcoins in becoming the owners of luxury real estate in Budva. Our company is the first in the region that has started selling real estate for cryptocurrencies. In the world, especially in Europe, there is a limited number of real estate that can be bought by the bitcoins, and this was the reason why we got clients from all around the world. Also, we have made the entire buying process available in a fast and efficient way, which is another advantage," explained in AMIA. 

One of the luxury apartment buyers is also a 25-year-old Frenchman, and the sale was initiated at a Notary office in Budva. The Buyer was represented throughout the overall procedure by the attorney's office Pantović, and the seller by the lawyer Prelevic, and the whole procedure was completed in a very short time. 

"What was precisely previously impossible, now thanks to Bitcoins, is completely realistic and the process of transferring money was completed in a few minutes," the owners said. Apartments are sold for a total of two and a half million euro, which is approximately 420 bitcoins since a bitcoin is currently worth 6,000 euro. Payments are made through the official applications and the money that is the subject of the transaction is automatically converted into euros. 

According to official figures in the world, only 10,000 such payment sites are active, whereas, according to the official site of coinmap.org across the Balkans, except for projects under Emilfarb's companies AMIA and Stratex group there is, perhaps, only one more payment site. 

The price of a single bitcoin varies and depends on demand. Bitcoin does not exist in the physical form. The idea of the bitcoin was developed under the pseudonym Satoši Nakamoto in 2008 when he published a document explaining how this virtual currency would function. Bitcoin is a decentralized system that cannot be controlled by one person, including even its creator. Bitcoin is a "peer-to-peer" currency triggered by a system that allows sending and receiving the same without the presence of a third party. This means that this currency does not rely on banks. Bitcoin is also programmed to not duplicate, which means that one bitcoin cannot be used twice. Bitcoin is a decentralized currency, meaning that it is not managed by any single state, individual or group. This mode of operation allows bitcoin to be accepted globally, as long as the recipient accepts it as a valid payment currency. Bitcoin can be spent similarly as real money. Some people use them for investments, others as a method for international money sending. Bitcoin exists in an electronic form and is kept in so-called "wallets". Estimates of the number of users are varied. According to the CoinDesk data for 2016, the number of bitcoin bills has doubled to 12.77 million. 

Bitcoin is bigger than a corporation. According to the rating on the "PvC" list which includes the top 100 companies, bitcoin, with 167 billion dollars, became bigger than Citigroup (165 billion), IBM (164 billion), HSBC (162 billion) and Pepsi (160 billion).

The virtual currency is considerably stronger than "Mastercard" and "Siemens", which have 121 i.e., 117 billion dollars of capital. It is stronger than certain countries. If the value of the bit would be compared to the GDP of the state, it would leave behind even the richest countries. It consumes energy for 100 states. About 30 teravolts of electricity per hour were consumed in 2016 to "dig" the bitcoins, according to "Digeconomist".

Text by Vuk Lajovic, on June 6th 2018, read more at Vijesti

Photo galleries and videos