Real Estate

Usage of Bitcoin as Currency for Purchasing Real Estate

The real estate industry has been on the cutting edge of several kinds of issues. Bitcoins would be no exception to it. While the usage of Bitcoins might not be in the mainstream yet, they have been accepted throughout the industry. It would be imperative to understand the risk and rewards associated with Bitcoins. You would have that knowledge when you gain understanding on the cryptocurrency exchange rates.

What is a Bitcoin?

Introduced in 2009, BTC or Bitcoin has been deemed a crypto currency. It may not have been widely accepted yet, but the usage of bitcoins has become widespread. A number of bitcoin enthusiasts have the belief that bitcoin is the government-proof currency. In addition, some banking authorities have a different viewpoint of this crypto currency. They believe that it could be a strong base for criminal activity.

Real estate and bitcoin acceptance

You should be rest assured that bitcoin is not a formal currency. Instead, bitcoin has been made through mining. It would be best described as a computer process and unregulated online exchanges. It would enable the crypto currency to be traded online. Due to bitcoin not being regulated by any federal government or for that matter, any central bank, a majority of merchants may not accept this virtual currency. Bitcoin may not be common practice in the present times. Nonetheless, the increasing number of real estate listings has started to advertise about them accepting virtual currency.

Several nations have been leading the way in bitcoin acceptance. It would be pertinent to mention here that China has seen largest exchange of bitcoin. However, on the other hand, Europe and Japan have also started using bitcoins. The system has been gaining popularity in other parts of the world as well.

Purchasing real estate with Bitcoin

Several home sellers have started to consider additional ways of marketing their homes. They have started to think differently, especially when it comes to advertising. When they list a home for bitcoin, numerous sellers would be able to capitalize on the hype created by the media. It would also help them expand their prospective client base by enabling the bitcoin buyers to enter the system.

It would be pertinent to mention here that not only real estate, but also you would be able to purchase other things with bitcoin. Other higher dollar items have also achieved success when sold for bitcoin. You could purchase a luxury yatch or a small airplane among the several items with bitcoin.