Buying a house with 100% Bitcoin is possible in Portugal - page 6.

Mr.right85

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Quote from: virasog on February 22, 2023, 12:22:34 PM

Quote from: albon on February 21, 2023, 12:29:38 PM

The future of Bitcoin and cryptocurrencies will, with time, shine, and all countries of the world will adopt this industry, and people will be able to use Crypto as a payment method in their real life in any of their financial dealings; it is only a matter of time before this dependence prevail.

I hope this bitcoin adoption take place quickly so people like us can also buy houses, plot, and other things using crypto. Till that time, we only have one option to first convert bitcoin into fiat and then buy from that converted cash.

You know, the question on my mind right is;
Even should bitcoin be approved to be used in such large transactions, are people really getting down with it, using it to transact?

The idea at the moment, at least for most persons remains that you should hold. The more your able to hold as per volume and time, the more your likely to benefit from your holding as per multiples.

So, would we really ant to go down that lane at the moment?
Am not so sure I would but, when it comes to petty transactions, its a lot easier not to think the profit that would have come with it.

virasog

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Quote from: Lida93 on February 21, 2023, 05:08:31 AM

Part of the reasons why most government opposes the use of bitcoin as means of exchange in their country is due to the tax free fees transactions associated with BTC unlike the traditional banking process with fiat money. And almost all government in the world depends on taxes and internally generated revenues. Perhaps the reason they're against digital decentralized currency operations.

Governments are afraid of bitcoin because they think that they can't track how much crypto everyone has and also they can't collect taxes on it. They are wrong because the bitcoin blockchain is like an open ledger and every transaction and wallet can be traced.

Quote from: albon on February 21, 2023, 12:29:38 PM

The future of Bitcoin and cryptocurrencies will, with time, shine, and all countries of the world will adopt this industry, and people will be able to use Crypto as a payment method in their real life in any of their financial dealings; it is only a matter of time before this dependence prevail.

I hope this bitcoin adoption take place quickly so people like us can also buy houses, plot, and other things using crypto. Till that time, we only have one option to first convert bitcoin into fiat and then buy from that converted cash.

albon

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Quote from: joker_josue on May 18, 2022, 05:35:25 AM

At the beginning of this month (May 2022), a house was sold in Portugal, in which it was fully paid for with Bitcoin. This was made possible, thanks to a new decree of law that allows crypto exchanges for houses. The house cost 3BTC at the time and it was all done legally.

It is excellent to buy a house with bitcoins in Portugal since Portugal is a country that is friendly to cryptocurrencies, it treats bitcoin as any other currency, it is a form of payment, and it is an entirely tax-exempt asset, Portugal ranked first in the best places to live in a survey last year for one of the sites, and it is a suitable country for buying real estate and living in it, and Portugal is working to be one of the most innovative European countries in technology and economy, and it is worth noting that Portugal is not the only one that is friendly to Bitcoin, there are Germany, Malta, and Switzerland.

The future of Bitcoin and cryptocurrencies will, with time, shine, and all countries of the world will adopt this industry, and people will be able to use Crypto as a payment method in their real life in any of their financial dealings; it is only a matter of time before this dependence prevail.

Lida93

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Quote from: Agwu on December 30, 2022, 04:28:14 AM

Quote from: joker_josue on May 18, 2022, 05:35:25 AM

At the beginning of this month (May 2022), a house was sold in Portugal, in which it was fully paid for with Bitcoin. This was made possible, thanks to a new decree of law that allows crypto exchanges for houses. The house cost 3BTC at the time and it was all done legally.

You can find out more in these news:
EN: https://finbold.com/house-in-portugal-sold-for-3-bitcoins-in-a-historic-first-ever-direct-sale/
PT: https://www.idealista.pt/news/imobiliario/habitacao/2022/05/06/52164-casa-em-braga-e-comprada-por-3-bitcoins-e-a-1a-transacao-100-cripto

But the highlight now goes to the platform created by the real estate company responsible for this sale, where it lists all the properties that can be acquired with Bitcoin.

Cryptohouses

In addition to presenting a series of properties available to buy with Bitcoin, the company still gives full legal support so that everything is done according to the law.

___
NOTE: I have no connection to this property, I'm just sharing the information. I'm from Portugal and I can give you a few more details.

Wow! This is good I wish my country will support the use of btc as a means of exchange. It will also help those of us that are still small traders to maintain the use and hold of cryptocurrency. Imagine using btc to buy goods worth as little as $100, I will be save from any inconveniences associated with the banks.

Part of the reasons why most government opposes the use of bitcoin as means of exchange in their country is due to the tax free fees transactions associated with BTC unlike the traditional banking process with fiat money. And almost all government in the world depends on taxes and internally generated revenues. Perhaps the reason they're against digital decentralized currency operations.

tjtonmoy

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Involvement of Government in BTC transaction somewhat makes it non-acceptable as BTC is meant to be a P2P transaction coin.

Quote

Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”

Involvement of third man in here make me sad, but as it is a transaction where laws are involved, so it makes sense. Without this, you can't hand over one's property to someone. And if someone makes an accusation of fraud or hijacking their property, without proper documents you can't defend yourself.
Now it is what it is. If this is how BTC will spread all around the world, then I have no complaint about it. It is a good thing.
I am wondering when my country will allow us to use BTC.

joker_josue

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Quote from: Agwu on December 30, 2022, 04:28:14 AM

Wow! This is good I wish my country will support the use of btc as a means of exchange. It will also help those of us that are still small traders to maintain the use and hold of cryptocurrency. Imagine using btc to buy goods worth as little as $100, I will be save from any inconveniences associated with the banks.

This is possible anywhere in the world as long as the merchant accepts BTC.
Hence everyone's work, we try to motivate merchants to adopt Bitcoin as a means of payment.

Agwu

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Quote from: joker_josue on May 18, 2022, 05:35:25 AM

At the beginning of this month (May 2022), a house was sold in Portugal, in which it was fully paid for with Bitcoin. This was made possible, thanks to a new decree of law that allows crypto exchanges for houses. The house cost 3BTC at the time and it was all done legally.

You can find out more in these news:
EN: https://finbold.com/house-in-portugal-sold-for-3-bitcoins-in-a-historic-first-ever-direct-sale/
PT: https://www.idealista.pt/news/imobiliario/habitacao/2022/05/06/52164-casa-em-braga-e-comprada-por-3-bitcoins-e-a-1a-transacao-100-cripto

But the highlight now goes to the platform created by the real estate company responsible for this sale, where it lists all the properties that can be acquired with Bitcoin.

Cryptohouses

In addition to presenting a series of properties available to buy with Bitcoin, the company still gives full legal support so that everything is done according to the law.

___
NOTE: I have no connection to this property, I'm just sharing the information. I'm from Portugal and I can give you a few more details.

Wow! This is good I wish my country will support the use of btc as a means of exchange. It will also help those of us that are still small traders to maintain the use and hold of cryptocurrency. Imagine using btc to buy goods worth as little as $100, I will be save from any inconveniences associated with the banks.

joker_josue

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Quote from: uneng on December 29, 2022, 02:04:33 PM

Yes, it's much more convenient to not have to exchange crypto to fiat, so you avoid conversion and withdrawal fees. For someone who is actively working with crypto, dealing with bitcoin all the time it's great, especially if this person is coming from a foreigner country to Portugal, what must be the situation of many called digital nomads.

I imagine that to bring fiat from one country to another in order to settle yourself there as citizen is much more bureaucratic than bringing bitcoin.

Especially because converting large amounts of BTC at once can complicate the entry of money into fiat in traditional banking. Since they usually want to know the origin of the money, due to legislation against tax fraud and money laundering. It is not always easy to justify the BTC source money, especially if it is very large amounts or from the first holders.

uneng

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Quote from: joker_josue on December 12, 2022, 12:43:39 PM

Quote from: Chrlie95 on December 12, 2022, 09:22:39 AM

This makes no difference to me especially when the prices of properties are fixed on fiat values. I can simply exchange my crypto to buy a house. And most importantly, taxes are still paid with fiat. I see this helps with exchanging but we still have to do exchanges to pay taxes and stuff.

I think the main focus should be on governments instead of free market.

This is true in a way.

But it also allows you not to have to make an immediate exchange of so much money at the same time.
It's easier to convert $1k or $2k to pay taxes instead of having to convert $200k to pay the house.

Yes, it's much more convenient to not have to exchange crypto to fiat, so you avoid conversion and withdrawal fees. For someone who is actively working with crypto, dealing with bitcoin all the time it's great, especially if this person is coming from a foreigner country to Portugal, what must be the situation of many called digital nomads.

I imagine that to bring fiat from one country to another in order to settle yourself there as citizen is much more bureaucratic than bringing bitcoin.

jacamylan

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Yes, they`re enviable! This`s a reasonable decision, apparently the legislation decided to take advantage of crypto as another source of tax revenue than to completely ban it. The idea of moving abroad does not leave me, I had a problem with getting a loan, as my type of income isn`t quite official. I once read an article https://algarveprop.com/finding-cheap-properties-in-the-algarve-portugal/ when I got interested in buying an apartment abroad. I`m still contemplating this step, as I`m not sure yet if I want to live in another country on a permanent basis. With such updates the idea makes sense, at least to me.

joker_josue

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Quote from: Chrlie95 on December 12, 2022, 09:22:39 AM

This makes no difference to me especially when the prices of properties are fixed on fiat values. I can simply exchange my crypto to buy a house. And most importantly, taxes are still paid with fiat. I see this helps with exchanging but we still have to do exchanges to pay taxes and stuff.

I think the main focus should be on governments instead of free market.

This is true in a way.

But it also allows you not to have to make an immediate exchange of so much money at the same time.
It's easier to convert $1k or $2k to pay taxes instead of having to convert $200k to pay the house.

Chrlie95

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This makes no difference to me especially when the prices of properties are fixed on fiat values. I can simply exchange my crypto to buy a house. And most importantly, taxes are still paid with fiat. I see this helps with exchanging but we still have to do exchanges to pay taxes and stuff.

I think the main focus should be on governments instead of free market.

joker_josue

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Quote from: Odusko on December 08, 2022, 02:54:48 AM

Portugal is one of the Bitcoin friendly Africa countries with their recent law that allows access to the use of Bitcoin in some specific areas of the economy, allowing bitcoin holders to freely choose and control their privacy and providing regulatory frameworks to support Bitcoin transactions.

Portugal is not an African country! Portugal is a European country, which is part of the European Union.
https://goo.gl/maps/wVuXfLhcLXNGxMfU6

At this moment, there are already some laws favorable to Bitcoin, mainly for holders, since from 2023 only cryptocurrencies that are converted into fiat and that were acquired less than a year ago will pay taxes. There are some legal requirements for exchanges and other companies working in cryptocurrency.

Odusko

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Quote from: joker_josue on May 19, 2022, 08:31:40 AM

Quote from: hugeblack on May 19, 2022, 07:21:59 AM

I used to think that once the parties agree to buy or sell homes with bitcoin, the transaction can take place and you don't need to have a special law allowing that. In other words, if a buyer and I agree to pay in Bitcoin, do we need to check the law before registering the contract?

There may even be the possibility of making a specific contract for this.
But, making a deed regarding the purchase/sale of a house, you must follow the laws of each country for this type of property.
That is, although before you could make a specific contract for this type of situation, now in Portugal you can make this type of purchase according to the normal rules for buying a house.

I agree with the part that allows the contract to go through the law instead of just making a p2p contract even though Bitcoin's decentralized nature allows us to do that, but not with properties like a house that requires some legal paper work, such as a change of ownership document that will be issued by the government and possible change of names on the documents of the house.
Portugal is one of the Bitcoin friendly Africa countries with their recent law that allows access to the use of Bitcoin in some specific areas of the economy, allowing bitcoin holders to freely choose and control their privacy and providing regulatory frameworks to support Bitcoin transactions.

joker_josue

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Quote from: hopenotlate on December 03, 2022, 12:24:28 PM

This is excellent news. I had already heard that Portugal is a bitcoin friendly nation but I didn't know that you can even purhase y a house with BTC.
This demonstrates that whoever governs Portugal has a modern vision of current society and all countries should follow their example : favoring additional means of payment for the circulation of goods and services can only benefit the economy of a society and the well-being of its citizens.

Yes, it is possible to buy, in the form of barter, that is, as if it were an exchange of goods. Now taxes still have to be paid with fiat.

However, from 2023 the laws have changed a bit, and Bitcoin and other cryptocurrencies will start paying taxes on capital gains. But only those acquired less than a year ago. That is, it will become a great country for holders. Tongue

hopenotlate

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This is excellent news. I had already heard that Portugal is a bitcoin friendly nation but I didn't know that you can even purhase y a house with BTC.
This demonstrates that whoever governs Portugal has a modern vision of current society and all countries should follow their example : favoring additional means of payment for the circulation of goods and services can only benefit the economy of a society and the well-being of its citizens.

joker_josue

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Quote from: Brigantin on September 28, 2022, 01:12:12 PM

I have never heard that in Portugal you can pay for something in cryptocurrency.

Although it is not an official means of payment, it is possible to use Bitcoin to buy products in some places. There aren't many, but there are some.

In this specific case, the purchase of the property was possible, because the exchange between houses and goods is allowed, and bitcoin is considered a good. But that did not relieve the buyer and seller of paying their respective taxes.

Brigantin

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It sounds very cool, because it puts the bitcoin payment system to a whole other level. If further the cryptocurrency will be accepted as now, then the time will come when we will have no problem paying for groceries or if we do repairs, we buy for example glass doors, just by paying with a bitcoin card. That's what my brother did recently, when he bought doors and windows for his house. Hopefully soon politicians will come to debates and make a decision to legalize cryptocurrency.

zbutterfly

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Quote from: Slow death on June 12, 2022, 05:43:58 PM

the biggest problem with this is undoubtedly the volatility of bitcoin. if a person takes 1 BTC = 50,000$ and buys a house that costs 50,000$, the buyer accepts to receive 1 BTC and months later the 1 BTC is worth 25,000$ then this home seller will be at a 50% loss, and the guy who bought a house will have made the best deal of his life, especially if he is a guy who bought bitcoin for the price of 10,000$, honestly this cryptocurrency market is for the smart ones, there will always be people who lost a lot of money if they accept bitcoin as a method of payment. payment in times when the price is too high

it's not a big problem in my opinion, he bought at today's price (at the exchange rate when he bought it, it doesn't matter) besides the price of the house will continue to rise, from the seller's side if he is a crypto player, they will know the bitcoin is resold or keep on hold. the problem is the government's provisions on tax and legality matters.

Nyben

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To buy house with Bitcoin is a nice development because almost everything in this world today is going digital and making things easier for us. I wish my country will legalize the use of Bitcoin to acquire house and other physical assets. This will really attract more investors to the Bitcoin ecosystem.

Topic: Buying a house with 100% Bitcoin is possible in Portugal - page 6. (Read 2317 times)