Topic: Buying a house with 100% Bitcoin is possible in Portugal - page 6. (Read 1977 times)
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.
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.
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.
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.
I think the main focus should be on governments instead of free market.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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$, honestly this cryptocurrency market is for the smart ones, there will always be people who lost a lot of money if they accept bitcoin as a method of payment. payment in times when the price is too high
it's not a big problem in my opinion, he bought at today's price (at the exchange rate when he bought it, it doesn't matter) besides the price of the house will continue to rise, from the seller's side if he is a crypto player, they will know the bitcoin is resold or keep on hold. the problem is the government's provisions on tax and legality matters.
To buy house with Bitcoin is a nice development because almost everything in this world today is going digital and making things easier for us. I wish my country will legalize the use of Bitcoin to acquire house and other physical assets. This will really attract more investors to the Bitcoin ecosystem.
Bitcoin has now become a legal tender in several countries as Bitcoin is now a viable option to avoid taxes and other fees for buying land that is a good home for investment and things that are good for investment, I'm sure all countries will be able to accept Bitcoin' s presence in the future , But bitcoin is illegal in our Bangladesh, it is very sad for us
Money transfers can be done in any way you want. In government institutions, when the sale is made officially, it is asked whether a money agreement has been made. If both parties agree to pay in bitcoin, it's okay. The transaction can be made at the current value of the current bitcoin. The seller of the house can instantly change the amount he wants to any currency he wants.
the biggest problem with this is undoubtedly the volatility of bitcoin. if a person takes 1 BTC = 50,000$ 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
Money transfers can be done in any way you want. In government institutions, when the sale is made officially, it is asked whether a money agreement has been made. If both parties agree to pay in bitcoin, it's okay. The transaction can be made at the current value of the current bitcoin. The seller of the house can instantly change the amount he wants to any currency he wants.
If the buyer is happy to spend Bitcoin in a bear market the seller should be prepared to
HODL until the bull market.
What a great planner he is to have done saving - and purchased his house. Has the government legalised the bitcoin in the country.
It looks like Portugal is standing out in bitcoin adoption and usage as currency, congratulations. As I see, there is a decent number of offers disponible at the real estate website displaying properties for sale.
Portugal has been Bitcoin friendly for a while now. For residents they dont collect
capital gains tax on Bitcoin transactions either.
I never understood how bitcoin can be used in large scale buyings like these.the coin itself is not stable and highly volatile and although this may be fun and all in a bull market but in the bear case as we stand today that BTC you recieved can lose 1/2% of its value in a day.For 3btc + transactions this is alot of money and an unessecary risk taken by the sellr.
I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.
I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.
Bitcoin amounts dont fluctuate, its the FIAT value which fluctuates. Everyone knows
Bitcoin is going one way but you have to look to the future.
If the buyer is happy to spend Bitcoin in a bear market the seller should be prepared to
HODL until the bull market.
You know, I like to read these kinds of stuff but seriously, it's not such a big deal.
I could sell a car here for Bitcoin if I wanted to, just need to convince someone, or even just get a Localbitcoin guy to act as escrow, it's no problem. That's probably what the agent in Portugal does anyway, have an escrow for the BTC and then probably ends up selling it for fiat anyway right?
I mean, it's just publicity, still, good to know.
I could sell a car here for Bitcoin if I wanted to, just need to convince someone, or even just get a Localbitcoin guy to act as escrow, it's no problem. That's probably what the agent in Portugal does anyway, have an escrow for the BTC and then probably ends up selling it for fiat anyway right?
I mean, it's just publicity, still, good to know.
I never understood how bitcoin can be used in large scale buyings like these.the coin itself is not stable and highly volatile and although this may be fun and all in a bull market but in the bear case as we stand today that BTC you recieved can lose 1/2% of its value in a day.For 3btc + transactions this is alot of money and an unessecary risk taken by the sellr.
I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.
I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.
Property values can fluctuate more than bitcoin, depending on how interested buyers are in seeing them. Maybe you will get a very different offer price between 2 buyers at the same time.
Because real estate investing isn't just about value growth in the next few days, but months or years like bitcoin. So, price slippage should be tolerable.
However, if the house buying/selling system is legally implemented by the local government, it might be extraordinary, I'd be more than happy to see that 70% of properties can be paid for in Bitcoin.
The point is the same. In Portugal, the regulations for the purchase and sale of real estate contemplate the possibility of using Bitcoin directly, without conversion.
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.
Common thing, the transaction of selling or buying a house is paid for with bitcoin, in singapore the same thing has happened as in portugal, actually more or less like this I mean a transaction if the first party and the second party agree to pay with Bitcoin, even though it's not legal from the government, I think it's fine, as long as both parties are ok.However, if the house buying/selling system is legally implemented by the local government, it might be extraordinary, I'd be more than happy to see that 70% of properties can be paid for in Bitcoin.
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