Northern Ireland isn’t exactly a crypto hotbed. In fact, it’s fairly low on the cryptocurrency totem pole. However, that hasn’t stopped one of Northern Ireland’s largest residential property developer from making its own piece of history. If you live on Northern Irish shores you’ll probably already be well aware of Hagan Homes’ work, with the company now accepting Bitcoin as a payment method moving forward.
The news was announced last week through the Belfast Telegraph. Speaking on what the move into the cryptocurrency sphere will actually mean for Hagan Homes, James Hagan (Hagan Homes’ Managing Director) said, “Our acceptance of this new channel reflects our willingness to respond to the market.” He also praised both national and international customers interest in using Bitcoin for real estate transactions, stating that there has been a “significant growth in the use of Bitcoin worldwide.”
By accepting Bitcoin, it’s clear that Hagan Homes is attempting to remain ahead of the curve. Officially speaking, the firm is now the very first home construction company in Northern Ireland to accept Bitcoin payments. However, as Hagan has noted, the move to accept Bitcoin does not come without its challenges. The current price volatility of the market in particular is a concern that Hagan is keen to address, “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.”
Hagan Homes is stepping out as a forward-thinking real estate developer in Northern Ireland, but it’s certainly not the first company of its type to accept cryptocurrency payments. Properties have been purchased throughout Indonesia, the US, and the UAE with Bitcoin, which shows that the appetite for Bitcoin-backed real estate is certainly there. On top of that, there has been a sharp rise in Blockchain technology use within the real estate field. Just recently South Burlington, Vermont launched a brand new Blockchain program that will record real estate transactions within the city.