Hagan Homes, one of Northern Ireland’s biggest residential property developers, will now be accepting Bitcoin (BTC) as a payment method, the Belfast Telegraph reported Feb. 22.
Jamesy Hagan, the managing director of Hagan Homes, said there is both an increasing international interest in working, living, and investing in Northern Ireland, as well as a “significant growth in the use of Bitcoin worldwide:”
“Our acceptance of this new channel reflects our willingness to respond to the market.”
The Belfast Telegraph writes that Hagan Homes is reportedly the first house-building firm in the Republic of Ireland to accept BTC payments.
Hagan did recognize the challenges in accepting Bitcoin as payment. He noted the current volatility in the crypto markets, with BTC’s price going from $20,000 to $7000 in the span of just a few months:
“Of course, there are some risks to using Bitcoin for payment due to the cryptocurrency’s volatility, but buyers and sellers are finding creative ways to deal with these challenges […] By incorporating the learning from our peers into our approach we can embrace this innovation.”
Bitcoin payments for properties have already taken place in cities across the US, as well as in the United Arab Emirates and Indonesia. Blockchain technologies have seen a rising use in real estate as well, with the city of South Burlington, Vermont implementing a pilot Blockchain program in Jan. 2018 to record real estate transaction.