Large homebuilder in Ireland to accept Bitcoin

Ballyclare-based Hagan Homes is probably the first company of its kind in Northern Ireland or the Republic of Ireland to take the step.

The worldwide payment system enables peer-to-peer transactions between users without intermediaries.
CEO Jamesy Hagan said: “Bitcoin is an innovative new payment method and essentially a new kind of money, very similar to a cash transaction.

“The use of Bitcoin has grown strongly worldwide and our acceptance of this new channel reflects our willingness to respond to the market.”

Hagan Homes posted sales of more than £ 18m in 2016/17 and marked the second largest year of completion since its inception almost 30 years ago.

A total of 207 houses were completed at 15 locations in Northern Ireland, an increase of 8% over the previous year.

Mr. Hagan added, “The international appeal of Northern Ireland continues to grow.

“There is a growing number of international investors doing business in Northern Ireland, which means that the number of people living, working or investing in Northern Ireland is increasing.”

He acknowledged the challenges facing the new currency.

“Of course, there are some risks to using Bitcoin for payment due to the cryptocurrency volatility, but buyers and sellers are finding creative ways to deal with these challenges,” he said.

“By integrating learning from our colleagues into our approach, we can embrace this innovation.”


Write: Sara Bauer


 

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