January 16, 2014 9:51 pm

Abbotsford developer accepts Bitcoin for a deposit on any of its condos

Forget about selling your car for Bitcoin. How about paying a deposit on your future condo with the digital currency?

Abbotsford developer Quantum Properties says they are accepting Bitcoin for a deposit on any of their residential developments.

The company is currently marketing more than 400 condos in Abbotsford and Port Coquitlam.

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President and CEO of Quantum Properties Diane Delves says she has been following the digital currency for a while and thinks it is the way of the future.

“I was fascinated by the concept,” says Delves. “We have been looking at it for a while. Finally as of today, we made it official that we are going to accept Bitcoin.”

Delves says they have yet to see what the buying public thinks of it.

“We wanted to offer it as an option. It was sort of like –let’s throw it out there and see,” she says.

Delves says as far as she is aware, no other developer is accepting Bitcoin.

The average value of a condo that Quantum Properties is marketing is $250,000, and the deposit is usually within a 10 per cent range.

Delves says she is aware of just how volatile Bitcoin can be,  but it is not a big concern for them.

“We might win some, we might lose some. We will convert it to currency and if we suffer a loss, we will count it as a marketing cost.”

She says their head office is located next door the world’s first bitcoin ATM machine.

“It is good to see Vancouver at the forefront of this,” says Delves.

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She says accepting Bitcoin is a way to adapt to the changing market.

“People are demanding more freedom and flexibility and I think it is one more iteration of that,” says Delves. “I think Bitcoin has been around long enough that it has proved itself to be a viable payment method and I think we are going to see things change a lot.”

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