Biggest bitcoin transaction – level 3

02-04-2014 15:00

On the small Indonesian island of Bali, a big deal is going down, as a villa has been sold in what’s thought to be the largest Bitcoin transaction to date.

The two bedroom, two bathroom property, complete with private pool, was bought by an anonymous buyer in Texas with less than 1,000 bitcoin, which is the equivalent to roughly 600,000 U.S. dollars.

“I can’t tell you the exact amount, but it’s just short of 1000 bitcoins, which depending on the exchange rate, translates into about 600,000 U.S. dollars.”

Despite the digital currency not being regulated or accepted as legal tender, the deal was sealed in late February through BitPremier which is an exclusive bitcoin trading website for luxury goods.

“We’ve been referred to it by a family member, who has been dealing with bitcoins for the last two to three years so we thought we give it a try and see what happens. And that worked out to be pretty, pretty good for us. And you know, I know that it’s not a legal currency, I don’t really know if it ever will be, but I think the thing that has to happen right now is that the various governments, including the government of Indonesia, put the regulation in place and decide how they want to deal with this currency or this phenomenon.”

The Indonesian Central Bank said the villa sale did not violate its law, as it was done in U.S. dollars.

Difficult words: to date (until now), short of (less than), tender (bid), goods (products), phenomenon (event).

What do you think about this news?


News in Levels is designed to teach you 3000 words in English. Please follow the instructions

How to improve your English with News in Levels: 


  1. Do the test at Test Languages.
  2. Go to your level. Go to Level 1 if you know 1-1000 words. Go to Level 2 if you know 1000-2000 words. Go to Level 3 if you know 2000-3000 words.


  1. Read two news articles every day.
  2. Read the news articles from the day before and check if you remember all new words.


  1. Listen to the news from today and read the text at the same time.
  2. Listen to the news from today without reading the text.


  1. Answer the question under today’s news and write the answer in the comments.


  1. Choose one person from the Skype section.
  2. Talk with this person. You can answer questions from Speak in Levels.


Stock images by Depositphotos