It’s Been Two Months: Our Bitcoin “Dreams” Are Being Realized
In December, there was a lot of chatter surrounding Bitcoin and what potential it had to impact the real estate market. With Bitcoin being a currency that’s recognized worldwide (in most places, anyway) as well as the introduction of smart contracts, many experts discussed how this could play a role in real estate. There are still a lot of questions surrounding cryptocurrency in general, but sometimes, things happen before anyone can even find the time to ask.
In just a short amount of time, our wildest dreams about cryptocurrency, smart contracts, and blockchain in the real estate market have been realized.
Here’s what we know…
People are Accepting Bitcoin Payments on Homes
One of the things that people have wondered – and still wonder – is whether or not Bitcoin could be used as as a form of currency to pay for a home. It all seemed crazy. The exchange of Bitcoin is completely anonymous, and as we very well know, that’s quite the opposite of what’s involved when it comes to buying a house.
Let’s back up a little bit, first. As we know, Bitcoins can be exchanged internationally. They completely dismiss the need for expensive bank transfers, interest rates, taxes, and even long waiting periods when it comes to buying anything as huge as real estate. Of course, the biggest question is not how this could make everything easier, but how it would even be legal.
It turns out, though, that legality or trust isn’t a concern for many hopeful sellers around the world. That’s because in just the last couple of weeks, real estate exchanges via Bitcoin have already been completed or approved:
- At the beginning of February, a sale was finally closed on a mansion in Miami, in which the seller, Michael Komaransky, asked for payment in either cash or Bitcoin. He accepted Bitcoin.
- In Middletown, New Jersey, a home was listed on Zillow asking for $2.3 million, and the seller stated that he was willing to accept Bitcoin as payment, but it would be non-negotiable.
- A man in Ontario, Canada, Derryn Shrosbree, announced that he’s selling his condo and will only accept Bitcoin – no cash, whatsoever.
- Finally, according to Belfast Telegraph, Hagan Homes, one of Ireland’s most well-known property developers, is starting to accept Bitcoin as a payment method, too.
What All This Means
One of the major concerns with Bitcoin is the unpredictability of it. At one moment, it seems like it’s going to be the wave of the future. But, in the next moment, there are conversations surrounding the laws of Bitcoin, and all of a sudden, the prices drop. One minute, it’s highly suggested that people invest in it. The next minute, people are encouraged to cut their losses before they lose any more money.
While no one knows exactly where Bitcoin is headed, it’s clear that it’s already started to infiltrate the real estate market in a positive way. Bitcoin allows for peer-to-peer transactions without an intermediary, which is one of the most attractive things about this whole cryptocurrency innovation.
The future of Bitcoin in the real estate market and in the world as a whole is uncertain. However, for those living in the present, it doesn’t really matter. According to Business Insider, within the last six months alone, hundreds of listings across the country are starting to accept Bitcoin as a means of payment.
What do you think about all of this? Would you suggest your sellers to accept Bitcoin? Let us know!
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