Topic: Buying houses with BTC (Read 287 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.

I have not seen any house being sold for btc, but before not exact year when Tesla is accepting bitcoin before, there will be lot of things that is needed if there is a company offering bitcoin as payment since its still question in the congress for bitcoin, here in my country there is no company offering bitcoin payments, maybe because of the price being volatile, I have seen offering nft with a real-life house but seems those are just on papers, the only thing that I have seen is panini a NBA collecting cards offering 1 physical copy and a blockchain copy.

That is not going to happen easily bud because there are just two nations that permit Bitcoin as a cash. In addition, Bitcoin is still not used as commonly as other forms of currency in those nations. Therefore, if an individual bought a house with Bitcoin, it probably happened peer to peer rather than a normal transaction. The ownership of the house can be transferred without a problem because the buyer and the seller can simply let a law firm know that the arrangement was made and they just need the papers legalized.

Purchasing from a real estate company using Bitcoin is not possible at present.

This is how lucky our country is as there are no regulations about crypto and we can deal
as long as the sellers/agent agreed with the terms and about taxes maybe it can be organized by both
depending on how the terms will go but buying is nothing to be the problem.

But the thing is that there are no agent (that I know) who are selling house and lot using
bitcoin so Not sure if I will get one deal .

though Still its practical here to use Cash still for me ,  because Bitcoin price will increase over
the years and the money will remain or may get lower in its value.

When I say this, I guess many bitcoin enthusiasts will hate me, but I find it very funny that many people say that paying with bitcoin is safer, cheaper and faster than other traditional payment methods like fiat or banks. It's not just real estate, what I'm talking about is paying the daily bills.
Everyone are exaggerating about bitcoin unnecessarily and senselessly. I wonder, does our exaggeration of bitcoin and badmouthing of other assets make bitcoin better? And is that what a bitcoin investor should do?

Look at the rules of the game set in your area. If you buy a house with some BTC and it is allowed by law where you live, I think that is very good. if not sell your BTC then buy your house using fiat. So that might be a solution and doesn't conflict with the regulations that have been set where you are and for NFTs I don't understand because the process is very complicated.

At the moment all I know is that El Salvador legalized Bitcoin as a means of payment. No other country has the same regulations as El Salvador. Many other countries are used only as commodity assets. In my country crypto is also as an asset, when I want to use it to buy a house then I have to exchange it with Fiat. But under certain conditions people who understand Bitcoin can agree to exchange each other. But this will not happen if one does not want. So the best transaction tool today is money which is recognized by the whole world.

I would have loved to watch this video so I can understand what this person means by safer and in what context he categorized it?

Two crypto friendly parties involved in this business can choose to accept crypto for payment against the government and also without their knowledge, and settle any related government charges in fiat.

The proof of real ownership are the property documents that will be transferred to the new owner after a deal has been complete and an agreement met between buyer and seller. Anyone who possesses these documents in their name is the owner of the property recognized by the government. 

You must make the trade with Escrow because I am sure a trade to buy a house is a big one. Without Escrow, you will take very high risk and potentially might lose your BTC but in return no house in your ownership.

Use Escrow.

Because value of the trade is big, make sure you wait for some confirmations like 6 or 10 confirmations before consider that on-chain transaction is 'completed' and safe enough to complete the house trade.

How many bitcoin confirmations is enough?

Use this tool to calculate risk from 51% attacks with different hashrate and number of confirmations.
https://jlopp.github.io/bitcoin-confirmation-risk-calculator

Governments generally want their share, and taxes on property transactions are a common source of revenue, just because technology allows it doesn't mean it's legal or tax-free everywhere. It’s better to ensure that the NFT you're using for proof of ownership aligns with local laws, governments are still catching up to crypto.

Exactly, the ones who said are too delusional. Yes,  we like crypto currency; that's why we are here, but not all will be fit for crypto currency or the usage of crypto currency. Who would want to purchase a house through NFT? There are many legal requirements before a person could bring a house. Do you think even if you are using a crypto currency channel, the government will not detect you? No, and also, who's insane person would have rights to the house with using NFT? that's right what if it is a scam? then all your hard-earned assets will be gone.

I understand how powerful and usable crypto currency is, but in these days, not all things are compatible with crypto, and not all transactions should be done in crypto. Buying a property is a serious matter, and if you don't go through legal circumstances, you might have a problem in the future.

...NFT? No way in hell that's legal. And I'd question the sanity of whoever makes it legal (at this point if they ever do really.)  Even Bitcoin transaction as proof of payment wouldn't work since there are a lot of legality afaik that are involved when transferring properties to another name, which is not at an equal level in terms of authority compared to a Bitcoin transaction. Maybe if it was under legal authority but at that point you might as well do the proper procedures instead of just saying the transaction as your proof lol.

As for buying houses with Bitcoin, I'd say it varies from country to country. It should technically be allowed but you'd have to find the laws related to that and whatnot.

Crypto bros are delusional or just grifters. There's a high chance that a court will not view NFT as a proof of rights, or proof of a Bitcoin transaction as a valid payment. So one can easily get scammed by paying with BTC and not getting any rights to the real estate that they "bought".

It's laughable to say that Bitcoin payment is safer than going through a real estate agent when nearly everyone does that and has no problems with them.

Buying a house with Bitcoin is not a bad ideal but the area of proving it with an NFT is want I don't really know about.

for getting a house with Bitcoin its only advised to buy any property with Bitcoin under a contract and it's should be carried out in front of a notary for all legalities and in filling out all required forms it should be recorded that the property was acquired with fiat or Bitcoin (any other cryptocurrencies).

It should be carried out under the laws that regulates that particular location.

It's a gimmick lol. I don't think there is a country out there that legally recognizes NFTs as a proof you own a property. What matters are legal documents such as house title/property deed.


Well... laws differs per country. You may wanna read Buying a house with 100% Bitcoin is possible in Portugal for instance.

Unfortunately either you (or the video maker) confuse the terms here. NFTs have nothing to do with regular bitcoin transactions. It's possible to buy a house and make the transaction on blockchain, then receive the house as a newly minted NFT on Ethereum for example, but it makes no sense from legal standpoint, as noone in the world recognizes NFTs as something that institutes property rights.

Of course, if it is related to existing laws, if in that country it prohibits Bitcoin or cryptocurrency as a means of payment or prohibits the use of Bitcoin/cryptocurrency as a substitute for Fiat in completing a transaction, it clearly violates legal regulations, the transaction can be said to be illegal and capable of causing problems. greater for both parties. Of course, if there is fraud from one of the government or the police, it will also be very difficult or impossible to intervene in this matter.

However, if in a country that accepts Crypto payments or transactions, it is supported by a clear direction. What the OP said could be a new breakthrough for the world of real estate.

Probably when you have whatever that you want to sell you can place your option of buyer, it might be through a Fiat, cryptocurrency especially Bitcoin because in this present time many people do embrace Bitcoin and the normally fix their option of whatever thing they want to sell to Bitcoin, so therefore 1 bitcoin can get you a house if the person wanted in Bitcoin even though you convert it in usdt it will still give you the same value according to the country's rate of their currency so that is why in some countries one BTC cannot afford to get ours depending the position or the location of the environment why in some other countries one BTC will get you a huge house even get you a car depending the environment or the location of the building so in summary it depends the location and the country based on on their currency denomination

It an idea for the marketers who are ready to receive their payment of house in crypto currency for example like BTC. But with the approval of the federal government in marketing exchange like crypto currency, in buying or selling, by legalising the currency in every aspect of exchange it will be helpful.
Making each and every transaction of crypto currency to any other wallet there must be a charges for it, and even you had even sell it the payer transact the amount into your Banking account, while transferring the money to the agent there will be another comission that they will charge .
Which means making payment with crypto will surely make things easier for us.
As of now my country had been on the way to make crypto currency payment possible on everything you can afford.

I have recently watched a video where the guy says that it is safer to buy a house with BTC (and other cryptocurrencies) than buying through one real estate agent. If I remember correctly, he says that it can be proven through a NFT.

That sounds cool, but what about all the regulations and laws of the government? I mean, won't they charge their share? Won't it be possible to get a fine for using crypto instead of FIAT?

I know there are already countries that are "crypto-friendly", but it seems to be interesting to prove your house purchase through an NFT.