So at this point you’ve probably already heard about Bitcoin and other cryptocurrencies. Though we won’t go into depth on what they are or how they work (there are plenty of guides online), they are essentially digital tokens that have value. Bitcoin is a bit like a commodity, think of gold, and has value because of the demand for it. And this value has been extremely volatile. But over the last few years, as demand has greatly increased, its value has also greatly increased. At time of this post, one Bitcoin is worth approximately $11,000 USD.
So while you may have heard of Bitcoin, did you know that Bitcoin has started to make a foray into real estate transactions? As it increases in value some people have looked to buy and sell property with Bitcoin. It may sound crazy, but it has happened. Don’t believe me? Check these articles out:
Wall Street Journal
Business Insider
Coin Telegraph
And this trend will likely continue. At this point, most of the Bitcoin real estate transactions occur after a Bitcoin holder transfers the purchase price (as a dollar amount) to a title company. So while the Buyer pays through Bitcoin, the Seller is paid in dollars.
So to help with this growing trend, we’ve actually compiled a guide for people looking to purchase real estate with Bitcoin. Check it out here:
We’re living in the future now. Could you imagine buying a house with Bitcoin? Let us know what you think!
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Written by Turner Swann, Broker Associate at Swann Real Estate