SOLD IN SEC­ONDS, VIR­TU­ALLY

Financial Mail - - LIFE INBOX - Prakash Naidoo

Last week Ro­ma­nian artist Ste­fa­nia Ni­s­tore­anu joined a club of just a hand­ful of fel­low artists when she sold a paint­ing us­ing bit­coin.

An art col­lec­tor in Hong Kong bought Ni­s­tore­anu’s paint­ing, Cryptsy, for two bit­coin (worth US$4,500 on the day) in a trans­ac­tion that took a few sec­onds. Ni­s­tore­anu had listed the work on web­site Bit­premier, where you can buy al­most any­thing, in­clud­ing art, jew­ellery and even real es­tate, us­ing the electronic dig­i­tal cur­rency.

But the sale of this oil and gold leaf on can­vas was im­por­tant be­cause it marked the fact that many are now em­brac­ing bit­coin as a safe,

Col­lec­tor pays for paint­ing in bit­coins

ac­cept­able dig­i­tal cur­rency for trade on­line.

Bit­coin ex­ists in a de­cen­tralised fi­nan­cial sys­tem and is not con­trolled by any govern­ment. It can be ex­changed quickly for cash at the rate of the day.

In­ter­est­ingly, Cryptsy de­picts a code ded­i­cated to an avant-garde civil­i­sa­tion and fea­tures pri­mor­dial sym­bols, along with math­e­mat­i­cal el­e­ments bor­rowed from cryp­tog­ra­phy.

Ni­s­tore­anu has an­other paint­ing on Bit­premier called Bit­coin.

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