“Bitcoin Fever Hits US Real Estate Market” screamed last week’s headline—but like most of the other news stories about bitcoin, the details were less than convincing. Certainly, Herndon real estate has yet to be diagnosed with a serious case of bitcoin fever.
Yet, if you are a local homeowner who has begun to wonder if one day you might see “bitcoin accepted” messages in Herndon listings, you may have been tempted to check into what the hubbub is all about. Is bitcoin some get-rich-quick Ponzi scheme cloaked in technological mumbo-jumbo? Or is it destined to be the dominant exchange medium for all future electronic transactions?
One problem is that the bits and pieces of information that keep dribbling out through the media are often contradictory. If a single bitcoin is worth $11,000 (or $18,000, depending on the wildly fluctuating market), how could it possibly be used for buying a six-pack of Coke? Typical is the guidance offered by the CEO of the U.S.’s largest bank, JPMorgan Chase:
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