Written by Jason Kritzberg on January 13, 2021
If you haven’t already heard, Bitcoin surpassed an all time record high last week on January 8th, 2021, hitting $40,657.80 a share! This made the market value of all the world’s cryptocurrencies surpass $1 trillion. The record came at the end of a supercharged six-month bull run and now makes crypto the world’s fifth-most circulated currency by value! So lets say you are lucky enough to own 1 of these crypto-coins, maybe you invested in the beginning and made a huge profit! What should you do with all of that money? Well, if you’ve ever entertained the thought of buying a home, you might want to consider doing so with your earnings! Let us explain how that works!
Buying a Home with Your Bitcoin Earnings
Buying a house with Bitcoin might not be as hard as you think! You really only need one thing – for both the buyer and seller to agree on the transaction. The first real estate transaction using Bitcoin was a single-family home in Austin, Texas. The seller wanted the bitcoins converted to USD, so they used a service called BitPay, a global bitcoin payment service provider, to complete the transaction. However; be aware that it fluctuates, so there is a risk on the buyers side if a fixed amount is agreed upon.
There are many more services out there to help you buy a home with Bitcoin, such as a site called Open Listing, are making it easier to find properties you can purchase Bitcoin with!
What’s The Pros of This Decision?
Well for starters, paying with crypto is safer and more efficient then paying with cash or dealing with banks. It is a fast transaction and is protected online. Once everything is signed off, the transaction can be completed within 10 minutes to a day, depending on network congestion.
However, its important to know one thing! If you need to reverse the transaction due to any litigation, then you will need both parties to agree. If one does not comply, you are stuck with that transaction. Bitcoin transactions are not reversible.
So What Are You Waiting For?
The future is here! If you have some Bitcoins laying around, buy a home! Whether thats your next dream home or an additional investment property, buying into real estate can be one of the best and more financially smart decisions a person can make. You are buying into an appreciating value, and this one decision can make you quite a bit of profit down the road. If you are looking to buy your next home using Bitcoin, our team at Stephen White Real Estate can help! Contact us today to learn more!
