Now You Can Even Buy a Home in Texas With Bitcoin
Across industries, there is a growing interest in cryptocurrencies. The Real Estate Industry is no different. The sellers of a newly listed mansion in Highland Park, Texas are ready to accept payment in Bitcoin. This is another example of the astronomically expanding real estate market that incorporates cryptocurrency.
Neeraj Agarwal of Coin Center, says that digital currency is a good way to execute real estate transactions because it allows to transfer large amounts of money at low transaction fee and minimum interference from middlemen.
The cryptocurrency real estate market is booming. As of July, a total of 20 homes have been bought with Bitcoin around the world. According to Realtor Stephan Burke, 25-30% of all real estate transactions will be carried out with cryptocurrency in the next five years.
The latest real estate listing that accepts cryptocurrency is in Highland Park Texas. A 9281 square foot mansion, this house is listed for $9,975,000 and comes with 5 bedrooms, a swimming pool, 5.3 baths and an underground climate controlled garage.
The first affair of the cryptocurrency and real estate industry was in September 2017 when Sotheby’s International Realty said that they had successfully brokered one of the first bitcoin home sales, therefore tipping an epidemic around the world.
Houses have been sold in Spain, Vancouver, Rome and Newark using Bitcoin. A large number of real estate agents are starting to realize how cryptocurrencies, especially Bitcoin are seeping into every industry and changing the world, and they believe that this change is here to stay.
According to Joe Onyero of Properbuz, it makes sense to use digital currency and eliminate middlemen in these transactions as it takes a lot of time and extra money to fulfil transactions because of their presence. Furthermore, real estate sites like Open Listings are allowing people to input filters like Bitcoin to find properties that can be bought using the cryptocurrency.
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