South Africans trading cars for bitcoin on the rise

© studioworkstock via 123RF

"This is particularly true for high-value items like cars, bikes, and boats. Many sellers are willing to take a gamble with their assets in hopes of a large payout."

This is on trend with other marketplaces. In the United States a McLaren 720S was put up for sale in exchange for 25 bitcoin, a theoretical value of $425,000.

While Gumtree does not allow for the sale of bitcoin miners or services, Cobbledick says that customers can exchange goods for bitcoin on the site, but should be fully aware of the risks. "Bitcoin is a volatile currency, so while you could easily see a 50% increase in your investment, you could just as easily end up with nothing. It's up to the seller to decide if they are willing and able to take a gamble."

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Some cars currently up for sale in exchange for bitcoin includes a Land Rover Defender, BMW X5 and a rare 1970 Mercury Cougar V8.

"There are also a few other sellers accepting bitcoin in exchange for Kruger rands," says Cobbledick. "Perhaps proving that gold as a store of value is falling out of vogue."

But the most unusual swop would have to go to an entrepreneurial seller who is offering carnivorous plants in exchange for the cryptocurrency.