The real estate sector is at the forefront of many issues. Nowadays we can buy real estate with bitcoin. Although the use of Bitcoins may not be mainstream yet, they are seen in the industry and it is important to understand the risks and rewards that this Bitcoins.
What is Bitcoin?
Introduced in 2009, the Bitcoin (BTC) is considered a Cryptocurrency. Although not widely accepted (yet), the use of Bitcoins is becoming more widespread than many fans believe that Bitcoin is currency government evidence. In addition, some banking authorities have a different view of the Cryptocurrency because they think this can be a basis for criminal activities.
Home sellers are starting to consider other ways to market their homes and think outside the box in terms of advertising. When listing a home for Bitcoin, sellers may be able to capitalize on the hype and also expand their potential customer base by enabling Bitcoin buyers entering the mix.
In 2014, some Bitcoin transactions have taken place and, perhaps most notable, was a house at Lake Tahoe that sold for 2,749 Bitcoins. That equates to $ 1.6 million of US real money. Companies are beginning to emerge that specialize in Bitcoins and real estate.
Although it is still possible to escrow, title, insurance or property tax to be paid in Bitcoins, it may just be one day. BitPay is a company that has been established to allow transactions using Bitcoin to take place easily.
It is not only the real estate you can buy with Bitcoin. Other high-dollar items have also had some success when sold for Bitcoin. A small plane and a luxury yacht are just some of the many items that see Bitcoin as payment currency.