Many people around the world are utilizing Bitcoin and other cryptocurrencies to facilitate Real Estate transactions like buying and selling homes. In fact, using crypto to buy real estate can have positive benefits that you may not have even considered like being able to transfer funds from one part of the world to another, instantly with low associated fees.
However, there may be some downfalls as well like the volatility that has become synonymous with Bitcoin and cryptocurrencies as a whole.
Still, the future is here today and people have become more apt to use digital assets in their everyday lives like never before in history!
What is Bitcoin?
Bitcoin is an autonomous decentralized blockchain, that was created to be a safe, peer-to-peer payment system, that anyone can use without proving their identity.
Transactions occur on Bitcoin’s public ledger that shows every single Bitcoin sent or received since its inception.
There isn’t any governing agency that controls the price action, or that can manipulate the ledger in any way. In fact, each transaction gets simultaneously updated on thousands of computers on the Bitcoin network to prevent fraud and manipulation.
Not only does Bitcoin provide a safe, almost feeless payment rail, but it’s also a digital asset and has become a popular store of value for those who prefer non-custodial control over their finances.
How to Buy Houses with Bitcoin?
Buying houses with Bitcoin is a simple task that can become complicated and dangerous if you don’t know what you are doing!
If you make a mistake buying or sending Bitcoins from exchanges to wallets, there isn’t going to be anybody to come save you or reverse the incorrect transfer of funds.
Every Bitcoin transfer is completed and updated on the blockchain and is irreversible…
That being said, buying real estate with Bitcoin is easy and completely safe, provided you are an expert at using cryptocurrencies, or you are dealing with trusted professionals to help you through the process.
Step-By-Step!
There are some forward-thinking Real Estate Brokerages who are guiding buyers and sellers, through the proper steps you need to ensure success.
Let’s take a closer look at Bitcoin’s best practices…
First, you will need a WEB3 wallet like Metamask, the largest, trusted decentralized wallet for sending and receiving Bitcoin and other popular crypto coins.
Second, the buyer and seller must coordinate how the transaction will take place. For example, will the seller will accept Bitcoins, or will they prefer to get fiat money like dollars? If they won’t take Bitcoin as payment then you will need the Brokerage to help you facilitate turning the crypto into cash right before the sellers get paid.
Most places require a title company to handle the closings so finding a crypto-friendly title company will make things simple.
Lastly, with everything in place, it’s time to send the Bitcoins through as payments via the designated title company which will ensure that the seller receives the payment in the currency they prefer.
Conclusion
With the crypto world moving a lightning speed it’s challenging to stay on top of the ever-changing landscape yourself.
Moreover, Non-Fungible Tokens (NFT) have become part of the overall WEB3 experience, and Real Estate NFTs like Wolf of Real Estate provide an easy way to become involved with Bitcoin Transactions.
Remember that with all the attractive benefits of transacting in Bitcoin, it is still the wild wild west in many ways due to the lack of federal regulations. It is best to consult with trusted advisors that you know before making crypto purchases.
