Man Buys 2007 Porsche Cayman S for 300… Digital Bitcoins, Which Initially Cost $1,200!

Ever heard of a Bitcoin? Apparently, it’s the most widely used alternative currency, entirely digital and based on an open-source, peer-to-peer protocol. Introduced in 2009, the Bitcoin has gained ground ever since and exploded approximately two weeks ago with the banking crisis in Cyprus.

As of March 2013, Bitcoins have reached a monetary base of $1.28 billion, with 11 million of them in circulation. Their number will continue to grow until 21 million Bitcoins are in circulation. The digital currency isn’t regulated by a central bank and all transactions are peer-to-peer.

What does that have to do with cars? Well, one of the first major transactions in Bitcoins recently took place in Austin, Texas, with a family selling their 2007 Porsche Cayman S (with 8,200 miles on the clock) for 300 Bitcoins. At the current exchange rates, that’s the equivalent of $39,000 (€29,940). An IT specialist and software engineer, Blane, said he sold his father’s car to an anonymous buyer who cashed out his Bitcoins using the site Bitpay.

Here’s what the seller wrote in a forum thread about the transaction: “If this isn’t proof that Bitcoin is a legitimate currency, then I don’t know what is. The buyer purchased his initial Bitcoin investment at around $4 a piece so they got an amazing deal.” That means the buyer got a $39,000 Porsche Cayman for $1,200. Mind-blowing, isn’t it?

“I’m not sure if this is the single largest item sold for BTC, but I can guarantee it’s the first $40,000 vehicle sold for ~300 BTC. The buyer wishes to remain anonymous, but I’ve asked a bitpay representative to come and post in this thread to confirm the transaction occurred,” Blane added.

While he accepted a value of approximately $130 per Bitcoin, the current price of a single unit has reached $147 recently before plummeting to $117 on Wednesday. Big fluctuations are basically the main criticism of the currency. Two weeks ago 1 Bitcoin was worth $47…

By Dan Mihalascu

Story References: Bitcointalk via Business Insider

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