Have you got 16 Bitcoins burning a hole in your digital wallet? You might want to spend them on a rare Rolls Royce Ghost.
According to car selling website Auto Trader, a private seller has posted a remarkable matte-gold Rolls Royce Ghost (pictured above) on its website.
The luxury vehicle with a 6.6 litre engine comes with a 360-degree overhead camera system, active cruise control, automatic breaking, Freeview television, and supposedly is the only Rolls Royce on the market with a fridge and champagne flutes in the rear.
The car is listed with a price of £117,995, but there’s a catch – the buyer must pay in Bitcoins not pounds. Auto Trader says this is the first time it has had a listing in the UK demanding payment with the cryptocurrency.
Auto Trader editorial director, Erin Baker, comments: “With the meteoric rise in popularity and value of Bitcoin in recent years, it comes as no surprise that sellers are now attempting to trade this way, it’s a huge trend and currently holds a high value. That said, Auto Trader won’t be releasing a ‘search by Bitcoin’ function anytime soon.”
The seller of the vehicle from Oldham commented to Auto Trader: “Why not trade in Bitcoin? I treat it in exactly the same way as normal currency these days. It’s safe, convenient and incredibly valuable right now so, to me, it makes sense to trade my car this way. It’s the future”.
What is Bitcoin?
In recent days, the value of a single Bitcoin broke $10,000 for the first time, then quickly broke through $11,000, before falling to $9,500, according to blockchain community CoinDesk. Extraordinary volatility is one of the major concerns with the cryptocurrency, and should make any potential investors pause for thought.
Bitcoin and other so-called ‘cryptocurrencies’ such as Dash, Ethereum, Litecoin, and Ripple – as well as others - are a form of decentralised digital currency not under the control of any one state, operating on a peer to peer network.
HMRC explains: “All functions such as issue, transaction processing and verification are managed collectively by this network. All Bitcoin transactions are recorded in a shared public database called a ‘block-chain’. New Bitcoin is produced when a new block is attached to the chain. A new block can only be added to the chain when the answer to a complex cryptographic algorithm is solved. Participants in this activity are known as ‘miners’.
“As well as mining, activities include the buying and selling of Bitcoin and providing exchange facilities for parties to trade Bitcoin with recognised currencies. Bitcoin may be held as an investment or used to pay for goods or services at merchants where it is accepted. In the UK, there are already a number of outlets, including pubs, restaurants and internet retailers, that accept payment by Bitcoin.”
Back in September, financial regulator, the Financial Conduct Authority, issued a warning on ‘ICOs’, a form of investment fund raising using cryptocurrencies.
It’s worth noting that if you invest in Bitcoin you’re not protected by the Financial Services Compensation Scheme (FSCS) if something goes wrong and you lose your money.