Lloyds Australia is the largest marketplace of commercial auctions in Australia and part of the Commonwealth Bank. The Commonwealth Bank is one of the largest financial groups in the world, with a market capitalization of approximately $90.4 billion (as of this writing). Today, the bank is introducing “ bitcoin payment to its auction marketplace,” as reported by the Australian news website news.com.au.
Bitcoin is the world’s leading cryptocurrency. A cryptocurrency is a digital currency, powered by advanced encryption algorithms, which are stored on an internet-based ledger called a blockchain. The cryptocurrency’s value proposition is based on its perceived value as a store of value, and as a medium of exchange.
The UK-based auction house that has been selling massive amounts of car parts, electronics, and more to Americans for decades is now accepting payments in Bitcoin.. Read more about how to accept bitcoin payments and let us know what you think.
Lloyds Auctions Australia has started accepting cryptocurrencies for all its purchases on the market. The transfer was a quick success: Just hours after the launch of the new payment method, a caravan was sold for A$100,000 ($76,000) in bitcoins.
Cryptocurrencies are becoming increasingly popular as a means of paying for expensive goods. Earlier this month, a luxury condo in Miami sold for $22.5 million for an unknown cryptocurrency, breaking the record for the highest price paid for a cryptocurrency property. The transaction also set a new record for Miami for price per square foot.
Sotheby’s statements on crypto-currencies
Sotheby’s, the world’s largest art and jewelry auction, recently made headlines with cryptocurrencies by announcing it would accept bitcoin and Ether as payment for a 101.38-carat diamond.
This will be the first time a diamond over 100 carats, the size of a walnut, can be purchased with bitcoins. At the auction of the 9th. July, the pear-shaped stone, with its flawless clarity, is expected to fetch $15 million.
For the first time, humanity’s newest world currency can be used to buy the oldest and most iconic denominator of value, Patti Wong, chief executive of Sotheby’s Asia, said in a statement.
There has never been a better time to launch such a world-class diamond, she added. Cryptocurrency and blockchain technology will undoubtedly play an important role in the future, and we are seeing a growing demand for cryptocurrency, said Brett Moody, head of marketing at Lloyds Auctions.
He noted that there seem to be a lot more moms and dads and regular people who want to spend cryptocurrencies. Since the change, Lloyds has seen increasing interest in its auction products, which range from classic cars to earthmoving equipment.
Lloyds, a local auction house, is the first in Australia to accept bitcoin payments for items ranging from a Holden Torana A9X car to a toaster. Lloyds accepts Bitcoin, Ethereum and most other popular cryptocurrencies as payment, paying the seller in Australian dollars.
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