Buying real estate with Bitcoin - page 5.

TitanGEL

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Quote from: CryptoBry on January 23, 2020, 08:44:00 PM

Quote from: Abiky on January 23, 2020, 12:50:09 PM

This makes wonder whenever it's possible to buy real estate with Bitcoin? Because if it does, then there would be nothing left for Bitcoin to become used as a serious cryptocurrency for daily payments (other than scaling the Blockchain and increasing privacy). Do you think that mainstream companies or businesses will be able to accept Bitcoin for real estate? Or it is too early to tell? Any thoughts? Huh

Yes, Bitcoin is now used by some real estate agents and companies and it is doing just good. In fact, Bitcoin, just in my view, is more suited to big-time transactions because by then the transaction cost can really be minimal. The problem with Bitcoin is on micro-transactions like buying a coffee or a candy in a convenience store. Real estate, of course, involved a good amount of money and this can be a good market for Bitcoin. though we have to accept it that this is not yet the norm. I still have to heard a verified figure of all the real estate transactions done in Bitcoin as we know that bank-to-bank and even cash remains to be the most convenient as the infrastructure is easily there. Now, I read somewhere that foreign buyers of real estate (maybe coming from Middle East, China) prefer to use Bitcoin so they do not have to transfer their money to the country where the sale is located. Luxury goods market (and we can include real estate here) can definitely benefit using Bitcoin.

As far as I know bitcoin can now be use as payment in different real estate business. I've read an article about people who in Japan that are now using bitcoin to pay their rent expense. As time passing by, those people who are in the real estates are now seeing the potential of the bitcoin. Their are now a lot of industry that are looking forward about the adoption of bitcoin.

KnightElite

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Real estate is one of my favorite investment vehicle, there are now landlords and estate managers who are willing to accept bitcoin as payment. In my country the bitcoin is been legalized but the problem is the awareness where many people have still no idea about bitcoin. There are many real estate business in my community, there is a time that I asked one of the owner of the apartment about the payment method that he can accept. I asked if he is willing to accept bitcoin as mode of payment but he said no because he is still have no idea about it.

CryptoBry

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Quote from: Abiky on January 23, 2020, 12:50:09 PM

This makes wonder whenever it's possible to buy real estate with Bitcoin? Because if it does, then there would be nothing left for Bitcoin to become used as a serious cryptocurrency for daily payments (other than scaling the Blockchain and increasing privacy). Do you think that mainstream companies or businesses will be able to accept Bitcoin for real estate? Or it is too early to tell? Any thoughts? Huh

Yes, Bitcoin is now used by some real estate agents and companies and it is doing just good. In fact, Bitcoin, just in my view, is more suited to big-time transactions because by then the transaction cost can really be minimal. The problem with Bitcoin is on micro-transactions like buying a coffee or a candy in a convenience store. Real estate, of course, involved a good amount of money and this can be a good market for Bitcoin. though we have to accept it that this is not yet the norm. I still have to heard a verified figure of all the real estate transactions done in Bitcoin as we know that bank-to-bank and even cash remains to be the most convenient as the infrastructure is easily there. Now, I read somewhere that foreign buyers of real estate (maybe coming from Middle East, China) prefer to use Bitcoin so they do not have to transfer their money to the country where the sale is located. Luxury goods market (and we can include real estate here) can definitely benefit using Bitcoin.

blckhawk

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One thing about Bitcoin is that it performs very well on macroscale transactions, because of its higher security and value among other altcoins existing in the market. Though one problem emerges on large scale transactions, they take some time before getting validated. Let's assume that a property is sold and the transaction took 40 minutes. The volatility of Bitcoin might make significant changes from the time the transaction was made, compared to when it was received. And even we think 40 minutes is quite fast, the market too can change in that short timespan.

Worse case, a whale abuses the system. Pumps the market, buys a property on smaller bitcoin amount (USD/BTC), and after the transfer is complete, dumps it back down, which gives the seller smaller amount in USD.

boyptc

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Quote from: goaldigger on January 23, 2020, 06:54:13 PM

Quote from: boyptc on January 23, 2020, 06:40:03 PM

It's not early. I think with few search on google, you'll see those sellers that are willing to accept bitcoin for their properties. Like this --> https://cryptopotato.com/bitcoin-buys-real-estate-15-3m-condo-sold-using-bitpay/

But with the use of bitpay.

This is a good option for a seller to accept bitcoin maybe because they believe on the potential of bitcoin and they wanted to convert their property into a new good investment. I don’t know if real estate company already accept this kind of mode of payment is still risky for them without proper regulations, we are far from this.

It's not only a maybe but they are.

With this kind of option that we have if the buyer wants to pay bitcoin so that its usecase will be seen by others then the seller has an option to use third party setups like bitpay's.

goaldigger

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Quote from: boyptc on January 23, 2020, 06:40:03 PM

It's not early. I think with few search on google, you'll see those sellers that are willing to accept bitcoin for their properties. Like this --> https://cryptopotato.com/bitcoin-buys-real-estate-15-3m-condo-sold-using-bitpay/

But with the use of bitpay.

This is a good option for a seller to accept bitcoin maybe because they believe on the potential of bitcoin and they wanted to convert their property into a new good investment. I don’t know if real estate company already accept this kind of mode of payment is still risky for them without proper regulations, we are far from this.

Shasha80

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In my opinion it is very unlikely that buying real estate with bitcoin, because bitcoin is used to pay for smaller things alone rarely
especially in large quantities such as buying real estate. Looking at volatile bitcoin prices is very risky to make transactions buying
real estate. So bitcoin is more suitable as a digital asset like it is stock and gold, because in my opinion for buying real estate is
better if you use fiat.

boyptc

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It's not early. I think with few search on google, you'll see those sellers that are willing to accept bitcoin for their properties. Like this --> https://cryptopotato.com/bitcoin-buys-real-estate-15-3m-condo-sold-using-bitpay/

But with the use of bitpay.

Twinkledoe

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Quote from: diahsw on January 23, 2020, 06:21:24 PM

I think it can be done, if all real estate parties understand bitcoin. Unfortunately, in the real estate company there are still many who do not understand bitcoin, so it is very difficult to explain them from the start ... !!

Exactly! Because most of them heard about bitcoin or blockchain, but in reality, they don't even know where to start or how to make a transaction. Once they fully grasp the nature of bitcoin and how it is being manages, then, they can proceed the acceptance of bitcoin. But with the high cost involved in real estate, it is not common to use bitcoin or cryptocurrency in this industry but rather they still prefer to transact using fiat currency. But yes, it is possible.

SophieMil996

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Quote from: The Sceptical Chymist on January 23, 2020, 01:39:33 PM

Quote from: Abiky on January 23, 2020, 12:50:09 PM

This makes wonder whenever it's possible to buy real estate with Bitcoin?

This topic has been brought up before, as I remember seeing at least one other thread asking this same question--and I do find it an interesting one. I do recall seeing someone selling their house on bitcointalk a few years ago. The OP provided pictures and all, though I can't remember which country it was in. And in another thread someone mentioned a huge real estate sale that happened with bitcoin being the payment method.

But those cases are isolated and rare to the best of my knowledge. I don't think there are any real estate agents or mortgage brokers who deal with bitcoin routinely, nor do I think there's a huge demand for that service. People barely spend bitcoin on little things, and the number of people with enough bitcoin to purchase a house or land is probably very small.

And besides, I see bitcoin as an investment more so than a currency. Buying a house with bitcoin would be like buying one with gold or stocks. It just doesn't make much sense--that's what fiat is for.

Yes, a lot of people believe that bitcoin is an investment.

I don't forget that bitcoin is meant to be a currency.

diahsw

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I think it can be done, if all real estate parties understand bitcoin. Unfortunately, in the real estate company there are still many who do not understand bitcoin, so it is very difficult to explain them from the start ... !!

dothebeats

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Quote from: The Sceptical Chymist on January 23, 2020, 01:39:33 PM

Quote from: Abiky on January 23, 2020, 12:50:09 PM

This makes wonder whenever it's possible to buy real estate with Bitcoin?

This topic has been brought up before, as I remember seeing at least one other thread asking this same question--and I do find it an interesting one. I do recall seeing someone selling their house on bitcointalk a few years ago. The OP provided pictures and all, though I can't remember which country it was in. And in another thread someone mentioned a huge real estate sale that happened with bitcoin being the payment method.

But those cases are isolated and rare to the best of my knowledge. I don't think there are any real estate agents or mortgage brokers who deal with bitcoin routinely, nor do I think there's a huge demand for that service. People barely spend bitcoin on little things, and the number of people with enough bitcoin to purchase a house or land is probably very small.

And besides, I see bitcoin as an investment more so than a currency. Buying a house with bitcoin would be like buying one with gold or stocks. It just doesn't make much sense--that's what fiat is for.

https://bitcointalksearch.org/topic/im-all-in-sold-my-house-508254

I'm not entirely sure whether this is what you're talking about or not, but I do remember a couple of threads mentioning that they were selling their properties for bitcoin. If ever they were successful though, I'm pretty sure they had a hard time dealing with tax and all that sort of stuff but hey, at least they profited from that deal so all is well!

As for it being a plausible idea or not: nonone knew. It was an entire gamble from the start and I know for a fact that the sellers of the property/ies know that as well. There really isn't much to be had on bitcoin back then and all people clinging on to after going all in is hope and luck. It'd be rare to find genuine brokers/real estate agents selling properties for bitcoin--though of course there are rare exceptions from exotic properties and all that high-end stuff.

vicoma

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There are some projects that are tokenizing their real estate. For example, Instant Assets Tokens is a real estate company that are accepting digital assets in an exchange for real estate properties. To summarize it all, digital assets holds the future.

Rengga Jati

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Quote from: Abiky on January 23, 2020, 12:50:09 PM

-snip- Do you think that mainstream companies or businesses will be able to accept Bitcoin for real estate? Or it is too early to tell? Any thoughts? Huh

In my country, we cannot buy anything with Bitcoin except you convert it to Fiat on exchanges. You know that the laws in our country only authorize buy-sell with our national currency. So, it is still impossible to buy a single real estate with Bitcoin because no mainstream companies or businesses will agree with that payment.

I think this may happen in countries that legalize the Bitcoin and allow the citizens to use it for payment tool. Yes, for the examples: Japanese, Germany, Switzerland, etc. Check the more information here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

*If the Bitcoin is legal for a payment tool in a country. Then, there is a chance to buy real estate there.

enhu

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The seller of a real estate property can be considered a real bullish BTC believer if he does that. When BTC going up to $20k again and media rushes to report everything about the technology of BTC, there may really be people selling their properties for BTC. My parents house is going to be for sale if my siblings agree, this is if they are up to fight for their share.

elisabetheva

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if it can, it is an update and is a significant progress and can be interpreted that bitcoin is highly recognized. this is certainly a very good news and will increase bitcoin . but is it as easy as thought because there are still many countries that have not recognized that bitcoin is a legal payment instrument other than fiat.
of course many regulations are made to be able to realize this and not easy it seems not yet for now.

LeGaulois

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If there is an increasing demand, don't worry, you'll suddenly see many real estate agencies that will start to accept Bitcoin right away. Particularly on high-value assets, they won't want to give up their sales commission. They will quickly learn how to use BitPay or other solutions.
Follow the money, if there is money to be made, everything can be bought with Bitcoin. As long there is a profit, you will always find someone to take it.

Furthermore, the real estate industry is one of the preferred channels for money laundering so I wouldn't be surprised if sales in BTC occur more than what we think or read here and there.

But a seller may not be interested in being paid in bitcoins and absolutely want the payment in fiat, the volatility argument or whatever, it's understandable (the simple solution would be to set the price in fiat and to pay with bitcoins). He may also have difficulties declaring to the fiscal agency the amount and/or the sale itself, etc. He also needs to trust the buyer a little more than the average buyer.

@The Pharmacist
I remember it, it was an apartment for rent in Croatia

Anora2020

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Beside the Bitcoin record with a highest rating, it is not far to do other variety by help of the very influence people in the community and other way of earnings by help of Bitcoin.

Ratash

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They should start using bitcoin as payment currency we are in 2020 and the technology is moving fast and with bitcoin's privacy and the dencentralized aspect people will be interested in it.

Step_By_Step

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Our community has enough wealthy people to support buying and selling of real estate, so it is bound to happen this decade.

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