In today’s digital world, you probably have heard the term ‘cryptocurrency.’ In case you haven’t, there is a high chance that you have already heard about a specific type of cryptocurrency and that is Bitcoin. Over the recent years, bitcoins have been in headlines owing to dramatic increase in price. Currently, a single bitcoin is trading at a pretty impressive price as compared to its initial trading pattern at the start of 2013. Hence, the obvious question that arises here is that what can you possibly buy with Bitcoins?
During 2020, the value of a single bitcoin has increased from $10,000 to $30,000. It is because many individuals and organizations are making the most of digital currency or cryptocurrency to improve payment methods. Bitcoins can be used to buy expensive jewelry, luxurious watches, airline tickets, pay for food, hotel bills, medical bills, purchase apps, etc. So how about buying property with Bitcoins?
Well, buying a residential house with bitcoin is already happening in the market for a lot of good reasons. Many journalists, real estate agents, and market experts have to offer their valuable opinion on cryptocurrency property purchases. There is an ongoing trend of buying / selling property with Bitcoin. Let’s just dwell into that!
New Black in Real Estate Market
At present, if you have got a few bitcoins in your digital wallet, then you are surely in luck. It wouldn’t be wrong here to mention that in the trillion-dollar real estate market, bitcoin is the new black. When it comes to buying / selling a house, digital currency—bitcoin makes it a lot easier for near instant transaction and is considered a best fit. Bitcoin—a digital medium of exchange is gaining massive attention due to secure and safe transfer of assets.
Although some people believe that bitcoin is a highly volatile currency that can be a bit risky for big transactions. But if you have got the enough bitcoins to buy a real estate property, then you are probably good to go. Buying a property with cryptocurrency is not considered a risky investment opportunity as long as both the buyer and seller agree to use bitcoins as medium of exchange. However, you cannot expect anything like a bank giving you a mortgage in cryptocurrencies.
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Real Estate Bitcoin Advantages
In the real estate market, buyers and sellers need to enter into an agreement to use bitcoin for the transaction. Both parties need to be fully aware of cryptocurrency and how the transactions work. One thing that you must remember that transactions done with bitcoins are irreversible. Hence, it is important to have a mutual level of trust between both parties.
Bitcoin transactions are emerging in the real estate industry that can be converted into U.S. dollars once the sale transaction has been executed. These days, a number of buyers with significant bitcoin holdings are interested in investing in real estate property to diversify their portfolio. Transactions with bitcoins can be executed rapidly. There are no more fiat currency methods involved in the process. You don’t get to pay any additional fee or hidden commission to intermediate parties. As long as the process is streamlined and the due diligence has been performed, there is no reason that bitcoin cannot ensure a smooth, quick, and safe way to real estate purchase.
If you are considering buying a residential house with bitcoins, then you are going to be on the list of early adopters.