Can we buy a house using Bitcoins? Can we use bitcoins for huge payments? Well, we got the answers for you.
Bitcoins are not only a risky investment option but guess what? The merits of owning bitcoins keep increasing drastically every year. You should also own bitcoins. You can also earn bitcoins for free. Keep reading to know the family which bought a house using bitcoins and more!
“Bitcoin is exciting to me because it shows how cheap transactions can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient." Bill Gates, founder of Microsoft.
Though there's still much confusion among people on how to use bitcoin, where to spend it. People are still confused and not sure about this entire bitcoins and cryptocurrency concept. For the past few years, the acceptance of using bitcoins has been increasing quietly.
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So without further due, Let’s discuss buying a house using bitcoins.
But wait, what exactly are Bitcoins? To put this in simple words, Bitcoin is a digital or virtual currency. They are created by a computer program called Bitcoin mining.
It is said that Bitcoins will be created when one complex mathematical problem is solved (i.e,) to figure out the mystery number using various methods which are quite difficult and the person who does this is known as a miner.
Once the miner gets the right answers, they in the exchange are awarded bitcoins which can be spent from buying daily utilities to many things. So why not in real-estates?
There are over 100,000 merchants that accept bitcoins for payments. Now that we know bitcoins can be spent through all this way. But how do we get things done exactly to buy a house using bitcoins?
Guess what? Buying a house using bitcoins is easy. Seriously? Seriously yes!
All you need is a seller who accepts bitcoins as a price for the property you wanted to buy. Once you find them bitcoin transactions can be made to the seller's account and that’s all it takes. Taxes are included as well and it depends upon country to country.
Talking about the same, one family from Texas bought their house using bitcoins. Since the buyer demanded money in US dollars, they converted their bitcoins as dollars using Bitpay which offers bitcoin payment, service providers.
And always remember once the agreement is made and transactions are done they cannot be reversed.
There are many real estate companies, rentals and other related services that have started to accept bitcoin payments. To mention, bitcoin-realestate.com offers options to buy properties using bitcoins, ethereum, litecoin, ripple, etc.
“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world that has enormous value" Eric Schmidt (Ex CEO, Google)
Other than the two parties which accept bitcoins as a payment for the property. When it comes to laws and regulations there are still some countries that are not showing green signals to Bitcoins. To list out some, China, Russia, Vietnam, Bolivia, Ecuador, and Columbia.
Popular merchants who accept bitcoins for purchase of other things include, Overstock, which was the first retail to accept bitcoins. Microsoft accepts bitcoins for the purchase of movies, games, apps in its app stores.
Some universities in New York accept bitcoins fee payments. There are also some charity trusts which accept bitcoins. You can also buy some gold if you would like through APMEX and JM Bullion. Also if you are hungry grab some pizzas using your bitcoins in Pizzaforcoins shop.
So are you planning of buying a house with bitcoin?
