|Does Bitcoin Have A Place In Real Estate?
Bitcoin is a sort of a new term that’s been thrown about lately, but not many truly understand what it is. Thanks to the rise and advancements in technology, we now live in the Tech Age and Bitcoins are simply its currency. The digital currency was first created back in 2009 by someone under the alias Satoshi Nakamoto and what makes Bitcoins so unique is that there is no banks or middleman.
This means no transaction fees and no real names are needed, which is why so many people like Bitocoins. And they aren’t tied to any one country or are they subject to regulations that traditional currencies have (so they aren’t insured by the FDIC). Users have a “digital wallet” that’s either stored in the cloud or on their personal computer.
So how do Bitcoins function in real estate? Well, right now, you can buy more than 2.5 million things with Bitcoins and real estate is one of them. Listing professionals and realtors are now accepting this digital payment for real estate transactions more and more each year and they treat them the same as they do cash buyers.
But there are some risks involved when you use Bitocins in real estate. Eventually, real estate transactions that use Bitcoins have to involve normal currency later in the transaction, and that risk doesn’t fall on the client; mainly on the title company doing the transaction. So if the title company accepts this digital form of payment from the buyer, then the seller won’t get the Bitcoins as their payment; they’ll get actual money in U.S. dollars. And if you represent a seller who gets a Bitcoin offer, you can easily turn it down if you’d like.
However, if property titles could be secured with this cryptocurrency, the whole mortgage and title process can really be transformed and done faster, in addition to decreasing fraud by preventing forged documents. Even though the risk of Bitcoins in real estate is still high and some are hesitant to use it, digital currency is here to stay and it will only grow in the real estate industry each year! So get with the times because Bitcoins are here to stay!