Buying Yachts with Bitcoins?

When you’re in a business as highly competitive as selling top-tier yachts, it’s important to be creative. Perhaps that’s why Fort Lauderdale, Florida-based Denison Yacht Sales announced recently that they will now accept the controversial cyber currency bitcoin for the purchase of both new and used yachts.

"With the sale of just one medium-sized yacht using this currency, we would be poised to make the largest bitcoin transaction in history," said company president Bob Denison. According to a company press release, "Payments will be processed through BitPay, the world’s largest bitcoin-payment service provider. BitPay provides payment processing services for more than 50,000 businesses and processes more than $1 million (USD) daily."

Of course, that’s a mere pittance on a national scale, but there’s no denying that the use of bitcoins is steadily gaining greater legitimacy — especially since the virtual currency initially drew widespread criticism as an easy means of money laundering and other black-market activities.

Ironically, though, you may have noticed that it’s getting harder and harder to make substantial purchases with a pile of cold, hard, cash. Go figure.