Bitcoin investors are now using the cryptocurrency to make purchases in the real world.

Most earlier transactions involved the buyer converting Bitcoin into U.S. dollars to make the purchase — a liquidation of assets, much in the same way a first-time homebuyer might use investment dollars to afford a down payment, writes Andrew Zeleski at curbed.com.

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Then, in late December, what was considered to be the first Bitcoin-only real estate deal went down when Ivan “Paychecks” Pacheco, co-founder of cryptocurrency website Bits to Freedom, transferred 17.741 Bitcoins ($275,000) to a seller to buy a two-bedroom condo in Miami.

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