Real estate and cryptocurrencies are terms that continue to be related. Cary Kuo, a 23 year old engineer used Bitcoin Cash to buy a $ 415,000 USD house in Seattle, Wa – Trulia. Despite all the bureaucracy he endured, he was able to use this currency for the down payment and secure a conventional mortgage.
The Seattle Times newspaper announced that it is the first time that someone acquires a property through this mechanism, and although this type of currency are digital funds that vary in value daily. In cases like this, the sale of houses can be charged as shares and then converted into dollars. More and more advertisers are accepting various cryptocurrencies as a form of payment including Bitcoin, Ethereum, Bitcoin Cash, Ripple and Litecoin
In this case, the main concern of the sellers was if it was really real money, so Kuo informed that the payment came from the profits acquired while selling this currency. Because this does not maintain any link with financial entities, it took time for the owners to make the final decision.
However, the Federal Agency of Washington accepted by means of a document showing all the assets of the buyer, as well as a section where it is indicated that the first initial payment for cryptocurrencies had been paid, to later become a US currency.
Other properties acquired by cryptocurrencies
For a long time there has been speculation about cryptocurrencies and real estate, the truth is that there are still many obstacles but that has not prevented purchases / sales of real estate with cryptocurrencies. Recently in Lake Tahoe, California, an unnamed buyer purchased a 1.4 acre property for 2,739 bitcoin.
It is precisely such anonymity that makes many companies hesitate when doing business with cryptocurrencies. Some executives of several real estate agencies believe that buyers should be more transparent with their personal data to generate greater confidence in the business.
Beyond this, in Texas, an Austin real estate agent indicated the first purchase of a luxurious home using BTC as a payment currency. For reasons of client confidentiality the total amount was not disclosed.
In Miami there is also the possibility of acquiring large houses in cryptocurrencies. A man recently became news after selling his home in Coral Gables – Florida, for approximately 1,600 BTC, equivalent to 6 million dollars.
For an investor with time in the market it is very tempting to acquire real estate with cryptocurrencies that they possibly acquired when their value was 10 times lower than the current one. That is why every time they are finding more means to acquire real estate with BTC and other altcoins.
In this sense, many cities like Dubai have seen an enormous possibility of exploiting a nascent market. They have announced plans to develop a residential and commercial complex, where potential residents would use cryptocurrency to purchase properties. This would be historic to happen.
The purchase / sale with Bitcoin, becomes more interesting so now many cities choose to accept cryptocurrencies. It should be noted that this can only be done as long as all the parties involved agree and there is a legal document where the cryptocurrency was accepted as part of payment. In addition, the counter value in dollars or euros of the cryptoactive must be expressed at the moment of signing the contract.