Topic: Buying houses with BTC (Read 334 times)

Buying a house with Bitcoin is safe if Bitcoin is legal tender in your country. If Bitcoin is not legal tender in your country then you will never be able to secure or buy a house with Bitcoin in your country. Buying a home in your home country using Bitcoin to convert to your local currency will be safer for everyone in countries where Bitcoin is not officially legalized. But trying using NFT is not at all reasonable to me as you may not be able to purchase a house using NFT.

I have always been an advocate of cryptocurrencies, and I believe they have the potential to revolutionize the way we trade and invest. One of the areas I am particularly excited about is the adoption of cryptocurrency in the real estate market.

Buying a house with Bitcoin is a promising idea for many reasons. First of all, it can help reduce transaction costs. Cryptocurrency transactions are often much cheaper than traditional transactions, so buyers and sellers can save a significant amount of money.

Second, buying a house with Bitcoin can help increase the transparency of the real estate market. Cryptocurrency transactions are recorded on the blockchain, a distributed and immutable ledger. This means everyone can access information about real estate transactions, helping to reduce fraud and corruption.

However, there are also some challenges that need to be resolved before buying a house with Bitcoin becomes popular. One challenge is the adoption of cryptocurrencies. Currently, there are still many people who do not understand or trust cryptocurrencies. For buying a home with Bitcoin to become more popular, there needs to be more education and awareness about the cryptocurrency.

Why is it interesting to prove that the aim is only to buy one house unit, because if the aim is only to buy a house, I think it is also not a problem to use fiat as usual if the house is in a country that is not yet crypto friendly. But in countries that are already crypto-friendly, of course this is not a problem and in fact over time it will become very commonplace, although at the moment I have never seen anyone buying a house via NFT in the places around me.

I would actually prefer to buy a house with fiat rather than Bitcoin or other cryptocurrencies because it would make it a little easier for me to continue saving Bitcoin and other cryptocurrencies to use for other things. Because I always prefer to spend fiat first rather than spend Bitcoin or other cryptocurrencies if it is just to buy something I want.

I'm interested in how this person understands safety. How is buying a house not safe?

Let's drop the idea of paying by buying an NFT of the house and focus on safety of transaction. I've never seen anyone scammed by a house seller. You can scam when it comes to the state of the house and the land around it, like for instance it can get flooded periodically, but you can't scam when it comes to the transaction itself. You both go to a notary, the seller presents all deeds that get verified by the notary and in extreme cases you can pool the books out of the town hall and check if the guy is the real owner. There's literally no way to scam here because it's not a fast deal. It often takes weeks before the transaction is finalized.

As far as the payment goes, usually deals are make in such way that you sign a deed and then you have a few days to get the money transferred. If you don't the transaction is nullified and if you do, you already have all the paperwork signed, so again, how is that not safe? I own 4 different properties and it was a very easy and clean deal with no need to prove anything using an NFT. We could technically agree to use bitcoin, because such form of payment is legally acceptable, but there's no need for an NFT proof. A tx in the blockchain is enough.

If a country is crypto-friendly, one can buy a house with Bitcoin and others can sell it. But it will not be possible if it is not supported by the government of the country. If this sale were to happen in El Salvador, I think President Naib Bulik would accept it, but no other country's government would be in favor of it. Payments through crypto will first have to determine how the government can get their revenue.
Bitcoin is not legalized by the government in my country I can't buy anything with it and if I am involved in any such issue I will be prosecuted. Even if not now but we will see such payment system in future.

I think this is possible if the person you are buying the house from is also familiar with bitcoin and other cryptocurrencies. Therefore, not everyone can buy a house through cryptocurrency or bitcoin. When a person buys a house with Bitcoin or buys a house for himself using fiat currency, he has to pay the price of the house. That's why you need to pay a commission to buy through a real estate agent , but it safer than buying it yourself.

So I think buying through an agent can be a better decision than buying it yourself, because there are usually a lot of problems in buying and selling land or houses. Problems arise where cryptocurrency transactions are prohibited, as you have to prove the amount of the house payment. Often taxes have to be paid.

What ever option you want to use to buy a house the choice should be consider base on what is legal in that place and what is not legal, if Bitcoin and other currency are consider legal in that your country then you can go ahead and buy with bitcoin and that’s if and only if they person who is selling the house is willing to accept bitcoin as payment and if it’s someone who don’t have much of crypto knowledge you should try and educate the person of the danger of crypto currency on the aspect of its volatile nature so that if the person did not sell on time and the price drop down in future you will not have facing any form of challenge trying to explain to the person what happen.

Also using a real house agent and all this real estate manager have a higher means of securing you a good place which could be considered valuable and can meet your expectations as many of them know the right place to give to their client base on their client description but the thing their might be it might cost you a little more than usual due to their own extra work.

Even if you can buy a house using the BTC there a regulations in the law regarding title transfer and ownership so still there are some legal processes must need to proceed and submitted for documentation of the owner of the house and other inclusions of, there are no escape with the tax even though you bought in BTC still you need to pay for having this kind of assets. If you want to sell this too for BTC or fiat its up to you at the end of the day we have a basis with the legal papers.

Buying a house with crypto and proving it with NFTs sounds cool but don't forget about government rules. Even in crypto-friendly places, it's wise to check the legal scene and make sure you're in the clear to avoid any fines or issues. Better safe than sorry

why should you pay with btc that will keep the value growing instead of fiat that will decrease with the time?

As far as I understand buying a house with BTC many people want to use Bitcoin as a payment method but it is not possible if Bitcoin is not allowed by law. It is up to each company to decide whether or not to accept Bitcoin as a payment method. There are no marketplaces where BTC is generally accepted. Instead some companies in various service industries are adopting virtual currency as an additional payment option to increase their consumer base. But Fiat is more convenient for buying a house.

I don't like NFT so I don't think that it's a good idea to use bitcoin as a payment just to prove you're the owner of that property, and if the only reason that you're using bitcoin to pay for a property is because you want to get rid of the middleman which is the real estate agent then you're just making things more complicated than it should because they can really help you smoothen out the paperworks.

If you are afraid and do not support using bitcoin to buy other assets such as real estate, you are afraid of paying taxes, it proves that you do not support bitcoin becoming popular and do not want it to become a method legal payment.

I still wonder that many people want bitcoin to become popular and widely used but they also want to keep their privacy safe. But how can we achieve both at the same time when they are completely opposite? We always encourage others to use bitcoin and spread bitcoin to everyone so it becomes more popular, but that will not help us protect privacy. So, I don't think we'll actually have a solution that can make bitcoin popular but still keep us private.

Nowadays, people buy not only houses but also various things with Bitcoin. It is not surprising. But you said you saw buying a house with bitcoin in a video I think if bitcoin is not legal in a country then you can't buy house directly with bitcoin in that country. There are also many countries where Bitcoin has not yet been accepted as legal tender, making purchasing anything with Bitcoin much more risky.

Similarly if bitcoin is not legal in your country then you cannot buy house with bitcoin in your country. If you want to buy a house in your country with Bitcoin money then you have to convert Bitcoin to your local currency and then buy.

Stop watching those kind of videos since they do not really know what they are talking about, unless bitcoin is recognized as legal tender where you live, you should not be able to buy a house with bitcoin, what you could do is to sell your bitcoin for fiat, and then use that fiat to buy a house, which will be like any regular transaction that can be made, but buying a house directly with bitcoin should not be legal on the vast majority of the countries out there.

Buying a house with Bitcoin has been happening especially in countries that are friendly to the currency. There are countries in which Bitcoin is a legal means of payment which means that it could be used to settle debt or for financial contract agreements. Accepting Bitcoin will also depend on the seller of the property if they are willing to accept it as a means of payment.

I don't know how it is safer to buy properties with Bitcoin because property documents will contain the identity of the buyer, which means it will not promote privacy. The property will still be subjected to taxes just like others, so it will not reduce taxation. It will be better to buy property in fiat if cryptocurrency is banned in your country because it is not recognised as a form of payment. The seller can easily claim that he didn't receive any payment from you since crypto is not a currency before the law of such a country.     

Any link to the video?
The idea that buying a house with BTC is safer seems like BS to me. Are fiat transactions unsafe or something?
What can be proven via NFT? The act of purchasing property and paying via BTC? Is this a joke? The purchase can be proven via a property certificate. NFTs aren't accepted by any government around the world as a proof of a real estate purchase. The guy you have watched is talking nothing but BS. Real estate agents cannot be replaced by crypto or a blockchain technology.
I don't know about getting a fine for using crypto instead of fiat. Some countries might allow crypto payments for real estate, while others wouldn't allow it.

Buying a house with Bitcoin money sounds unbelievable to people but it is very believable to me because I have already built a house with Bitcoin earnings. Bitcoin is not legal in my country Even though bitcoin is not legal I have built a house with bitcoin money working on bitcoin forum and am living very happily and peacefully now with my family. Here I didn't use bitcoins directly I built my house by selling bitcoins and getting money in my local currency. Not only me but thousands of families are managing here with just bitcoin money. That's why I always believe that Bitcoin has changed people's lives so much that without Bitcoin, millions of unemployed youths might not have found their jobs.

People who make silly statements like this don't live in the real world and have never conducted any kind of business in their lives!

In the real world we have laws and courts. You can't take someone to the court and say "look we have something on the internet we call NFT and it says I own this house". That court will kick you out of the room!
You have to actually register it in that centralized government controlled database to have the ownership of that property change.

Another flaw in this silly statement is that NFTs are not unique nor secure. Anybody can create any number of them anywhere at any time. Meaning the same so called "NFT" that supposedly refers to ownership of a property could be recreated by other people at any time on any other token platform so that others can make the same exact claim on that property

The reason is pretty simple, "smart contracts" by nature can only operate within that system. For example in Bitcoin, the smart contracts (in simple terms a bitcoin address) can only operate inside Bitcoin with Bitcoin rules, dictating who owns that coins locked up in that contract and how it can be spent. It can not be linked to anything outside the system (eg. physical property) and be enforced at the same time in outside world.

Let's turn the question around, OP will you be willing to accept NFT for a property that you own? I could remember clearly years back when NFT was a big thing, and a little after all those NFTs turn to trash.

I will gladly receive Bitcoin if I want to sell a house but never will I accept NFTs even if it's the Bored Ape Yacht and others, I don't care about it's worth presently, Bitcoin is just a better option after Fiat currency.

Just make sure that the legal papers are present, paying for a house in Bitcoin without a transparent transfer of ownership means you just thrown away something value.