I was interested to hear the news recently that Denison Yachts has started taking Bitcoins for boat purchases.  Could this change the way people buy and sell boats?

Bitcoin to buy boats

Will you use Bitcoins to buy your next boat?



Bitcoins are a digital currency bought and sold on an exchange. And while not yet mainstream, Bitcoin has grown beyond the early enthusiasts. You can now make a wide range of significant purchases with them: Microsoft digital content, Lamborghinis, real estate, tickets to space, gold—and now boats!

The main benefit of bitcoin is speed and cost. Funds arrive minutes later, as soon as the Bitcoin network processes the payment. And you don’t pay any conversion fees for international transfers.

The big downside is currency risk. The value of one Bitcoin has been up and down like a jumping jack in the last year; at one point it reached nearly $1000. It is currently around $357. So you might think you are paying one amount, only to find the value has changed substantially.

Also, any transaction issued with Bitcoin cannot be reversed, though it can be refunded by the person receiving the funds. That means you should take care to do Bitcoin business only with people and organizations you know and trust, or those who have an established reputation.

“We need to be present and available to all potential clients in all marketplaces and if a client wants to pay with Bitcoins, we are now positioned to handle the transaction,” said Bob Denison, president of Denison Yacht Sales. Payments are processed through BitPay, which supports US, Australian, New Zealand, and Canadian dollars, as well as Euros, British Sterling, Mexican Pesos, and the South African Rand.

So next time you are out boat shopping, you might want to take your digital wallet with you—at least if you're shopping at Denison Yachts. (But remember, cash is still king.)