Man Uses Bitcoin to Buy a Piece of Paradise in Nicaragua

Coin Desk ^ | 2 January, 2014 | Kadhim Shubber

[Errant]

Many people dream of quitting their job, collecting their bags and jetting off to a tropical paradise forever. Many people dream, but few people act. Gregory Simon is one of the few who decided to act.

This year he moved to Nicaragua and bought a 0.3-acre plot of land with bitcoin.

Just minutes from the beach in an area of San Juan del Sur called Paradise Bay, he’s hoping to build a home there with his girlfriend.

“By using BTC we were able to complete the transaction quickly with no need to involve banks or other third party intermediaries. I don’t know yet what the house design will be, my girlfriend and I will be designing it together in the coming months,” he told CoinDesk.

A former banker, Simon first travelled to Nicaragua in mid-October after quitting his job in institutional equity at the end of 2012.

[cardinal4]

I just don’t understand what it is. I read another thread where China made a server just for bit coin. I’m totally clueless..

[Errant]

There is a Freeper who has a place in Nicaragua and really talks it up. Don’t remember who it is now. I too have thought of getting a little place outside the US. Have done a little research and have even contacted a realtor or two. Still thinking about it. Not sure where would be the best place though. ;)

[MeganC]

One of the problems in Nicaragua is that they have an interesting court system and police system. Think corruption and if you are in possession of a piece of property and the police don't feel obliged to move you off it, its yours to use as you see fit.

You mean as opposed to the corruption in the USA where if a developer wants your property they bribe a politician to condemn your land and then hand it over at pennies on the dollar while our corrupt courts sign off on these deals?

[Eric in the Ozarks]

We have the basis.
We can return to it if we want to.

[Errant]

The same thing goes for cash. Just try that in the USA and see what happens!

There was a time, in the not too distant past, when you could. Many deeds had the price of the sale listed as "$1 and other valuable considerations".

[Errant]

I read another thread where China made a server just for bit coin.

Not just a server, but a processor ( ASIC ) chip made specifically to run the Bitcoin algorithm.

[Errant]

Due to FATCA, it has become exceeding hard for the average American citizen to get a bank account in a foreign country. That may have eased some lately - not sure.