ZoneBitcoin EditorialBuying a house with bitcoin…Can you imagine what that means? Do you understand how bitcoin has entered our lives?
Not so long ago, cryptocurrencies – and bitcoin – could only be spent on the dark web. It is also the Dark Web that has popularized the use of cryptocurrencies. Today, cryptocurrencies have entered the conventional landscape. You can even buy plane tickets and travel with bitcoin worldwide.
Today, we show you that you can not only pay for beers with bitcoin, but also buy a house. Yes, you read correctly. Buy a house with bitcoin. This is the subject of this article.
There are two different ways; One is harder than the other and we give you the details here. Who knows? Maybe you too will soon buy a house by paying in bitcoin.
—> Read the article « What can you buy with bitcoin"
1/ Buy a house with bitcoin on the existing market.
(the hardest way)
If you're really serious about buying your house paying with cryptocurrencies, there are a few important things to consider. First, you need to find a seller who accepts crypto as payment. Yes, that's the basis. And, as you might expect, it's not really easy these days to find promoters/individuals who accept cryptocurrencies. However, you never know. Some people do it and luck can smile on you too. After finding this seller. The other element will be to judge his honesty. Yes, thieves are plentiful and you need to be careful who you talk to when it comes to crypto.
The third step will be to find a trusted insurance company or third-party platform that will feel comfortable handling your crypto transaction. There is a good chance that this company will ask you to withdraw your crypto in favor of something more traditional (for example, dollars or euros). But, here, I see you coming and you are wondering what is the point of buying a house with bitcoin, if you have to convert into euros….
In addition, you tell yourself that it's not tomorrow that you will find this house seller who accepts bitcoins.
But…but….That’s why I wrote this article. There is another method! A much easier method! We start with the first method.
2/ RealT: Buy houses and collect rents
The concept of RealT is really very interesting for those who want to buy a house with bitcoin in a simple and legally reliable way. It is a platform that puts properties up for sale (mainly in the United States) and sells shares of its houses. This process of "tokenization" of properties thus facilitates investment in real estate. Even the smallest exchanges can access this type of investment thanks to RealT.
Each token holder owns a “share” of the house. In reality, this corresponds to a share of an LLC type company in the United States. This is very consistent because houses are real estate that are rented out. The idea then is that the company RealT carries out all rental management operations and redistributes rents in proportion to what the investors own. Thus, each holder receives rent payments every day, directly to their wallet.
To find out more about how RealT works, do not hesitate to read our dedicated article: RealT: Invest in real estate and collect rent in cryptos!
3/ Propy: The site that makes it easier to buy a house with bitcoin.
(The easy method)
Of course, buying a house with bitcoin isn't as easy as buying a pizza online. It's clear. That said, there is a site: Propy which will help you greatly.
As mentioned earlier, buying a property with crypto is an expensive and tedious adventure. Fortunately, there are modern options that make things a little simpler. For example, Propy is a blockchain-based marketplace Ethereum. The Propy system includes three important components:
The property listing: Sellers list available properties and real estate in this company.
Trading platform: There, it is blockchain technology and smart contracts to allow users to make transactions.
The Blockchain Registry: In addition to the municipality's records system, the Propy site stores land records on the blockchain.
Ultimately, these three sectors bring us closer to a revolutionary peer-to-peer (p2p) environment in which users can purchase properties entirely through blockchain.
Once these conditions are met, the smart contract triggers the payment system and guides the buyer and seller step by step throughout the sales process. The blockchain stores all hashes of the documents, allowing each party to verify the existence of the documents. That's a huge guarantee. This eliminates the need for most middlemen and makes the purchasing process quick, efficient and very secure.
Once the smart contract accepts the payment, Propy's system transfers it and converts it to the desired fiat currency (dollars in this case) for the seller; Next, Propy records title both legally and on the blockchain.
Once the transaction is accepted, well, you are the proud owner of a house. A house that you bought with your cryptocurrencies. You are (hypothetically) the owner of your first digitally purchased property. For more information on Propy, do not hesitate to go to the Propy.com website.
—>Read our article: The first house sold as an NFT has happened!
Footnotes: The big advantage of buying a house with cryptocurrency is twofold. You save on real estate agency commissions. Additionally, if you obtained your cryptocurrencies through mining, well, you will have had your house in a relatively easy way.
There are now innovative solutions like RealT that we invite you to discover.
Disclaimer: This is not financial advice. Always do your own research.
