Besides being the future of money and an investment opportunity, Bitcoin doubles up as a medium of exchange for real estate transactions. Even though most of these transactions involve converting Bitcoins into another currency, like dollars, to make payments, it is pretty remarkable that this digital currency has also become an accepted means of payment.
Here’s a look at the top 3 Bitcoin real estate deals:
Bitcoin Real Estate Auction Deal
In 2013, one of the first real estate Bitcoin deals was registered in the US. In this deal, a person purchased a hotel for $208,000 worth of Bitcoins at a live auction sale. The hotel was initially sold for $1.25 million, but because no one traditionally came forward to buy it, the sellers decided to go for an online auction. The online auction was conducted by a major Bitcoin exchange called Bitcointalk.
At the end of the bidding, the person who purchased the hotel was a software engineer from California who paid for the property in Bitcoin. The sale and purchase of the hotel were completed through the Bitcointalk system, and the money was transferred from the California-based person’s Bitcoin wallet to the seller’s bank account through ACH. This was the first real estate deal where Bitcoins were used as the primary mode of payment.
Singapore Condo for Bitcoin
In the same year, a condo located in Singapore was put up for sale for $474,000. This was the first Bitcoin real estate deal in Asia, where a person purchased the condo for $474,000 worth of Bitcoins. The seller and the buyer were both residing in Singapore, and the purchase was completed through an escrow account. The seller registered the condo at the government’s property authority, and the buyer paid the seller through his Bitcoin wallet.
The seller and the buyer registered their identities and residential addresses with the government authority and completed the transaction through the government’s approved escrow account. The seller and vice versa verified the buyer’s identity. The government authority confirmed the seller’s identity, and the government authority also verified the buyer’s identity. The Bitcoin real estate deal was completed, and the buyer received the title of the Singapore condo and the government’s ownership certificate.
15% down payment in Bitcoin for a Luxury Condo deal
One of the most exciting deals related to Bitcoin real estate was in Florida. A person bought a luxury condominium in Florida for $1.5 million in this deal. The deal was completed in three steps. First, the buyer paid the seller 15% of the total price of the apartment in Bitcoin, worth $225,000. Second, the buyer registered the purchase with the government authority and completed the transaction through an approved escrow account. Third, once the seller registered his identity with the government authority and completed the transaction through an approved escrow account, the seller transferred the property’s title, and the deal was completed. The seller also accepted payments in Bitcoin from other buyers. This was one of the first deals where someone registered the purchase with the government authority while paying Bitcoins.
Thinking of Buying a Home With Crypto?
These are some of the top real estate deals involving Bitcoin. The level of adoption and acceptability of Bitcoins have gone up a considerable level in the last five years. The acceptance of Bitcoin by banks, investors, real estate agents, and government authorities are proof of this. With increasing adoption, the future of Bitcoin seems very promising.
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