A construction firm has started accepting Bitcoin as a method of payment - one of the first business in East Anglia to welcome cryptocurrency.

A bitcoin - worth more than £39,000 each - is a currency stored in a digital wallet. When traded between users worldwide this is recorded on a public record called blockchain.

Specialist construction firm Overton said it made the move to stay on the front foot for years to come.

Adam Overton, director of the Heydon-based business said: “In recent years there has been significant growth in the use of cryptocurrency worldwide, not just as investments, but for purchasing product and services too.

"I believe that by being among the first to open up this new payment channel to our clients it demonstrates how motivated we are to responding to the market and continuing our own growth as a company as we'll be ahead of the curve.

"We work a lot in north Norfolk with people moving out of London and I think there are more people down there who invested in it early on.

"They might not necessarily want their Bitcoin just sitting in their digital wallet and I think increasingly it will be used more transactionally. You can buy a car in Bitcoin, so why not a house and renovations?

“There are many advantages of using cryptocurrency for the construction industry and our clients.

"Established payment systems are slow and expensive, whereas a cryptocurrency transaction can be complete in seconds. The transparent nature of cryptocurrency is also an appeal to many.

"Currently none of our trade partners are using Bitcoin but this is a pool of assets which I see us being able to tap into in five years time.

"It’s exciting to us to embrace this new technology and show there could be another way to finance a new build or renovation."

Mr Overton has invested a few thousand pounds into building the infrastructure to offer Bitcoin payments.

"The investment wasn't that much but it is quite a big risk to accept this payment method. My thinking is that the risk is outweighed by the potential gains we'll see in five or ten years time," he said.

And Mr Overton added that he intends to lead the industry in Norfolk for years to come: “Norfolk holds an eternal appeal, with many people wanting to live here; be it to relocate, retire or renovate. The slower pace of life is what draws many people here, but we aren’t planning on standing still.”