With the rise of Bitcoin and other cryptocurrencies making headlines this year, one local building company has decided it will accept select digital currencies as payment for new builds.
With a strong belief that cryptocurrencies will revolutionise the world of finance in the future, Broadwater Builds Director Louis Gonzalez told New Homes the decision to allow its customers to use digital currencies as a form of payment ensured the building company was remaining ahead of the curve.
“We see Bitcoin and other cryptocurrencies as being here to stay,” he said.
“By providing the ability for people to use cryptocurrency as a form of payment, it shows we are prepared for the future and at the forefront of technology and change.”
According to the Australian Taxation Office’s website, the term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain. Essentially, cryptocurrencies generally operate independently of a central bank, central authority or government.
When asked about the high level of volatility associated with cryptocurrencies such as Bitcoin, Mr Gonzalez agreed investing in digital currencies was not without risk.
“While there is definitely some level of volatility associated with crypto, recent technological advancements have provided greater stability in the market, compared to how it was a few years ago,” he said.
As it is difficult to know what a cryptocurrency will be worth from one moment to the next, Mr Gonzalez said the market value of the cryptocurrency being used still needed to be accounted for in Australian dollars.
“For clients interested in using cryptocurrency for transactions, we will need to agree upon an exchange rate at the time of the transaction,” he said.
Discussing the types of cryptocurrencies Broadwater Builds plans to accept, Mr Gonzalez said it would mainly focus on top performing options such as Bitcoin, Ethereum, Binance and Ripple.
“However, as the market is evolving we are open to other forms of cryptocurrency,” he said.
When talking about the benefits of Bitcoin and other cryptocurrencies, Mr Gonzalez said user autonomy, accessibility and discretion were strong drawcards for users.
“While it may not be the normal thing to use at the moment, we believe it will become the norm over the next five years,” he said.
“We are already seeing organisations like Tesla and Apple taking steps to accept crypto, while PayPal already allows cryptocurrency payments. We believe 2021 is the year where the world will begin to accept cryptocurrency as a legal form of payment.
“As such, we have decided to be at the forefront of the cryptocurrency movement and, as far as we are aware, we are the only building company in the country – definitely the state – to now accept Bitcoin and other types of cryptocurrency from our clients on our building projects.”
CONTACT Broadwater Builds, 6468 6384, www.broadwaterbuilds.com.au