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The cryptocurrency market has so advanced that the things you can do with cryptocurrencies have gone beyond digital. There was a time when, although you could spend crypto, you could only do so online. Now, you can even pay bills with your digital assets; just ensure you find a vendor that accepts crypto.
However, what if we told you you can also buy a home with your digital currencies? You’ve got lots of Bitcoin, and you need a house – well, the house is as good as bought already. Crypto real estate is on the rise as more real estate companies notice blockchain and answer its call.
Read on to learn how to buy a house with crypto using platforms like Paybis and the real estate companies that accept crypto.
It is Possible to Buy a House with a Crypto
The news that you can now buy a house with crypto is not fake; it is very real. With blockchain technology challenging the status quo of the real estate industry, the use of cryptocurrency on real estate purchases is getting hot. Furthermore, real estate companies and customers are realizing the benefits of cryptocurrency used in real estate. For example, they enable faster and more agile property transfers and transactions.
However, if you want to buy a house using crypto, you should ask the seller if they accept Bitcoin first. You must convert your digital currency into fiat currency using a third-party website if they don’t. If they do, then you can negotiate the selling Bitcoin price. Meanwhile, buying a house with crypto is only possible when you don’t need to take out a mortgage on the house.
Interestingly, you can use any digital currency to facilitate purchasing the house you want. For example, if you find a house that accepts only Bitcoin payments and doesn’t have Bitcoin now, you do not need to fret. You can find a reliable trading platform that allows you to exchange digital currencies. On such a platform, you can trade your digital currency for Bitcoin and pay for the house.
Buying Real Estate with Crypto: The Upside
If you are not a regular crypto user, you may not understand the possibility of spending Bitcoin to purchase a house. When you do not know how to go about it, it becomes difficult to appreciate it. There are many reasons to buy a house with cryptocurrency, including the following:
- Buying a home with digital currency offers stability, especially if you want to diversify your cryptocurrency investment portfolio.
- Buying a house with crypto is more straightforward if you’re looking to retire from your cryptocurrency investing career. The other option is to sell off your assets to support your retirement, which is much harder.
- It is very easy to get discounts on the house price if you buy cryptocurrency.
- The most obvious reason is that buying a house with smart contracts makes for faster sales, reducing the traditional wait times.
Buying Real Estate with Crypto: the Downside
There are a few drawbacks to buying real estate with cryptocurrency, including the instability of crypto. Also, the number of real estate companies that accept crypto is still low; many are still reluctant to accept it. The Chinese government, for example, is fiercely waging war against crypto service providers, making it difficult to acquire a property with crypto.
Also, there is the issue of volatility of these coins, making it difficult to peg the price at a definite point. A house that may cost a certain amount at a point might have that price changed at another point, which may either be at the detriment of the house owner or the purchaser.
How You Can Buy a House with Crypto: Your Options
Knowing the upsides and downsides of purchasing a house with digital currencies is the first step, but it does not stop there. You must also know the different options available to you when you want to purchase it.
Several options are open to you if you want to buy a property with cryptocurrency, including the following:
1. Buy Directly
You can buy property directly from the seller, although the transaction will differ. While some sellers don’t mind 100% crypto transactions, some want a percentage crypto and a percentage fiat. On the other hand, if the seller doesn’t accept crypto as payment, you can convert it to traditional currency on platforms like Paybis. They can facilitate the transaction on your behalf, converting the crypto to fiat and transferring funds to the seller.
2. Buy from Real Estate Companies that Accept Crypto
You can also buy property from real estate companies that accept Bitcoin and other types of cryptocurrency.
Here are some real estate groups that allow buyers to pay for real estate with cryptocurrency:
Pacaso is a California-based real estate company that provides homes and brings people together. If you want to own a Mediterranean villa or a Rocky Mountains lodge, Pacaso’s got you covered. The best part is that the company allows you to pay for your new home with Bitcoin, Ethereum, and other digital currencies.
Are you looking to buy a condominium with your cryptocurrency in Miami, San Francisco, New York, or anywhere in the U.S.? At Condos.com, you can buy any property, from pre-construction buildings to new ones, directly from builders.
If you’re interested in investing in real estate with cryptocurrency, Vairt provides you with that opportunity. Vairt helps users earn secondary income by diversifying a global real estate network, operating on blockchain for supreme security.
If you hold Bitcoin, Ethereum, or any other cryptocurrency and want to buy a home, you can. You can either buy directly from sellers or through real estate companies that allow you to pay with crypto. Besides, even if the vendor does not accept crypto, you can exchange your crypto for fiat through a third-party website. You’ll send your assets to them; they’ll convert them to cash and transfer the funds to the vendor on your behalf.