Buying A House With Bitcoins?? – BuzzyBee.io
What if I told you that presently, you too can buy your very own home with cryptocurrencies? We here at BuzzyBee we’re asking the obvious question, is it possible that you can buy a house with cryptocurrencies?
Turns out, you can…
For some, this sounds like a wonderful opportunity to get into the housing market. For others, either you’re wondering if this whole thing is indeed a scam.
Lately, there’s been a trending buzz about cryptocurrencies, thanks to the fact that a bitcoin now costs more than $10,000 and Facebook came out with the news of its own cryptocurrency project.
While we’re not here to explain to you about BTCs or other cryptocurrencies (there are plenty of well-detailed articles on that), we’re here to show you that it is possible to purchase a house with cryptocurrencies.
What are the steps you may ask?
Cryptocurrency isn’t just a risky investment opportunity for the adventurous; it’s becoming an alternative way of paying for regular things. Over 100,000 merchants worldwide accept cryptocurrencies (mainly bitcoin) including Microsoft and Expedia. Yes, you can also buy a house with these cryptos, and it’s not as hard as you may think.
You just need one thing: for the buyer and seller to agree on exchanging cryptocurrencies for the property.
Usually, older sellers less savvy with all things tech would usually demand that the cryptocurrencies be turned into cash. But how would that exactly work?
Simple. There are currently many platforms where you can exchange your hard-earned cryptocurrencies for good ol’ cash. A couple that comes to mind are: Coinbase, Kraken, and BitPay.
But what if I just want to keep the cryptos?
Sure, that’s another possibility.
If you strongly believe in the upward trajectory of cryptos, then it’s possible for you to take the buyer’s cryptos, and sit on it. Hopefully, the value of your newly received cryptos will appreciate.
Sites like Open Listings are making it easier to find properties you can purchase with bitcoin with a search tool that allows you to look for the words “Bitcoin” or “Ethereum.”
In conclusion…
Since the idea of using cryptocurrency to purchase real estate is so new, there is a still a lot of nervousness for newcomers to the currency, adding much of the concern may be around the lack of regulation so far in cryptocurrency and the lack of understanding as to how gains in bitcoin are taxed.
Some experts warn that buying real estate with bitcoin won’t be simple in every case. As OpenListing notes, “Even if you are able to find a seller that’s willing to accept your offer in bitcoin, it can be tricky to find title insurance and escrow companies who feel comfortable handling cryptocurrency transactions. To take on your home purchase, they may require you to cash out your bitcoin so that your transaction can be treated more like a traditional house purchase.”
But hey, at the end of the day, if you want to buy a house with bitcoin, there are ways to make it work.
Published at Sat, 06 Jul 2019 01:08:49 +0000
