Bitcoin Poised to Revolutionize Yacht Sales

With the value of Bitcoin soaring over the past six months, it seems like it’s only a matter of time before the yacht brokerage world embraces cryptocurrency. But why has it not taken the charter market by storm yet? And what are the key hurdles to buying and selling yachts via bitcoin? Denison Yachting President Bob Denison shared his view with Boat International: 

One of the earliest adopters of cryptocurrency, Denison Yacht Sales announced back in November 2014 that it would start accepting bitcoin for yacht transactions. While president Bob Denison admits that this policy has yet to yield a sale, he says that it has attracted new clients and led to several active negotiations, some of which are still ongoing.

“I think you’ll see more brokers in the future offer Bitcoin as a currency option,” Denison predicted. “Firms should be willing to go out of their way to make transactions easier for all clients. And of course, that type of approach is just good for business, and doesn’t just apply to the topic of Bitcoin.”

What is Bitcoin?

Bitcoin is a form of digital, unregulated currency traded anonymously, without banks of middlemen. Payments are made through a digital wallet on a computer or smartphone. Bitcoin can be purchased from Bitcoin exchanges or obtained from other Bitcoin users.

• Bitcoin is money based on mathematics. Bitcoin’s mathematical design is open and transparent. Anyone in the world can study, investigate and become part of it. As a result, bitcoin is a global borderless currency.

Bitcoin proponents predict that it could replace gold or the U.S. dollar as standard currency, but some say Bitcoin is a fad that will crash.

Either way, a growing number of merchants are accepting the currency. Many are e-commerce sites, but more brick-and-mortar stores accept it, too.

Bitcoin vs $

U.S. dollars and other paper currencies are credits issued by a single nation. Their strength lies in the strength of the nation that controls them.

Bitcoin’s strength lies in its mathematical design. Its open nature eliminates the need for trust.

When nations print more money, their currencies get weaker. In bitcoin, nobody can just decide to increase the amount, including the creator of bitcoin. Bitcoin is more like gold than cash.

It is estimated that more than 50,000 businesses worldwide currently use BitPay, which is the largest online payment service for cyber currency. The service processes more than $1 million daily.

“With the sale of just one medium-sized yacht using this currency, we would be poised to make the largest Bitcoin transaction in history,” Denison said.

Bitcoin was valued at over $16,000 in mid-December of 2017.