Do you know that you can use bitcoins to buy real-estate properties? Yes, you heard it right. The cryptocurrency world is evolving at a swift pace. Bitcoins are making transactions simpler, secure, and easier for people. You can use bitcoins to buy real-estate, which is the best thing that anyone can enjoy. There are a few countries, especially the US, which has categorized bitcoin to be real property. The free trader transactions used in the real estate would help you get a tax benefit.
If you want to use bitcoin to buy the property, you must execute a contract. The contract clearly states that the property is based on the bitcoin transaction. Either party must agree to the bitcoin transaction. More importantly, the buyer and seller involved in the real estate transaction should have the bitcoin account and know the working of cryptocurrency and bitcoin. One should be aware that once the bitcoin transaction is done, it cannot be reversible. The buyer and seller should be familiar with each other so that they both can have mutual trust. The escrow companies would not like to use bitcoins and would deny this kind of transaction. However, today, there are a few escrow services that are ready to use bitcoin.
The first bitcoin transaction that was happened in the US is in Texas. In this transaction, the fiat currency is also used. The person selling the home wanted to convert the bitcoins to fiat currency to complete the deal. Bitcoins can be used in real estate, but only on the mutual agreement between the buyer and the seller.
Today, many people are showing interest in using bitcoins to buy a real-estate property. The transactions that happen with Bitcoins can be executed at a brisk pace than the property transactions that are carried out using the traditional currency. There is no need to pay some additional amount for carrying out the operation like the traditional real estate deal. Bitcoin transactions are streamlined. You can buy any property irrespective of its worth using bitcoins. If the property is of USD 5 million or USD 10 million or more, you can still buy that in exchange for bitcoins. There should be proper due diligence completed so that the bitcoin transaction can be secured and smooth. It is simple to carry out this transaction. All you need would be the bitcoin account and keys. The most crucial part is that the seller must be the requirements. Few sellers would want to convert the bitcoins to fiat currency to complete the sale.
You can be an early adopter of bitcoins for real-estate transactions. The bitcoin and blockchain go hand in hand. The blockchain would make the transaction transparent and secure. It provides the necessary information and verifies the details. Few of the reasons to use bitcoins include:
It is a nightmare for you to move money from one bank to another international bank. There is a third party who is involved in the transaction. You must pay a considerable amount of money in the form of a transaction fee. When you use bitcoin, you can avoid the bureaucratic process. No one freezes your amount or keeps a close watch on how much you are transferring and what you are buying. The transactions would be quick. The financial institutions would not interfere in the trades, and no government body would interfere and cost you the transaction fee.
The best thing that you can reap with the bitcoin transactions is the tax benefit. A few countries, such as Mexico, have implemented the tax benefit for the people who pay for the property using bitcoins. When you buy the property using the cryptocurrencies such as bitcoins or any other form, you would not be imposed on any sales tax. There is no third party. It helps you save a lot of money.
Until and unless you do not reveal the identity to the public, it remains anonymous. The address would not be linked to the user transaction. The cryptocurrencies are working anonymously.
Due to these benefits, many people are showing interest in using bitcoins for real-estate transactions. Bitcoins are making the transactions straightforward, easier, safe, and secure.