Yacht buyers will soon be dipping into their digital wallets (sorry, Gucci!) to purchase luxury motoryachts for sale from 26 North Yachts thanks to a recent announcement that they’ll now accept Bitcoin, the virtual currency. While thousands of businesses are now accepting Bitcoin, innovator 26 North Yachts is the largest yacht brokerage to arrange payment with this innovative, decentralized digital currency.
A little background on Bitcoin if this is a new concept to you. This peer-to-peer electronic payment system has picked up steam since it started in 2009. Bitcoin is generated (or mined) by an open-source network of computers performing seriously complex math computations that, when directed in a certain way, will win you Bitcoin. The more miners, the more challenging the computational matching.
This process is not for the faint of heart so regular Joes can exchange regular currency for Bitcoin using an exchange. However exchanges can be highly volatile, subject to hacks and unreliable. About 11 million Bitcoin are currently in circulation, and there is a cap on their production at 21 million. Unlike other currencies but similar to gold, it is backed only by its own ability to hold value so no central authority can control or manipulate the system. Increased interest stirred in South Florida this past January as more than 1,000 Bitcoin enthusiasts descended on Miami for the North American Bitcoin Conference.
So who’s accepting Bitcoin? You’ll find casinos, hotels, bars, food trucks, a local trophy company and a stray dentist here or there—and even large companies like Reddit, WordPress, TigerDirect, Subway and Overstock.com—who have jumped on the bandwagon.
The implications for luxury goods are huge. The transactions are immediate, anonymous and untaxable. Bitcoin shines where credit cards and other forms of payment pale—excessive processing fees, currency exchange fees, wire fees, holds, authorizations and elaborate paperwork. You can imagine how useful it can be in a complex, delicate, international transaction that’s fairly common in the yachting industry. [Read more on this topic in our second installment on Bitcoin: Buying Boats with Bitcoin Can Offer Buyers Many Benefits.] In addition, some initial adopters have actually become millionaires as their original holdings have climbed remarkably making luxury items attractive purchases in Bitcoin currency.
What can luxury buyers purchase with Bitcoin (BTC)? A Tesla Model S Performance recently sold for about 70 BTC (about $70,000 USD). One luxury site lists a 2011 Cirrus SR22 Turbo private jet for 5500 BTC (about $625,000 USD). Other companies are selling high-end items like exclusive artwork, New York apartments, vacations, flat screen televisions, luxury car rentals, yacht charters and private jet charters. Not to be outdone, Richard Branson is in on the action with his commercial space company Virgin Galactic, accepting Bitcoin for a memorable propulsion into space.
In accepting Bitcoin, 26 North Yachts continues its trajectory toward being the most innovative yacht brokerage firm in today’s fast-moving world. Instead of just thinking outside of the box, they’re redefining it with cutting edge marketing techniques, employing the latest technology and staying abreast of trends in the market—all the while providing excellent customer service to their growing client base. For more information, contact 26 North Yachts at (954) 900-9988.