With Bitcoin (BTC) adoption skyrocketing to new heights over the past few years, it seems like you can buy practically anything with it now—cups of coffee, baked pastries, midnight snacks, and, yes, even a home for you and your family.
If you’ve got the Bitcoin to spare and the right real estate agent or property owner that’s willing to accept it, then why not? Well, even if they aren’t willing to accept it as payment, you can always convert Bitcoin to cash and use that to pay them.
Why you should consider buying real estate with Bitcoin
Before you go ahead and spend all your Bitcoin on your brand new home, let’s first go over why you should consider it over traditional methods.
First, let’s talk about the transaction speed. With the power of blockchain technology behind it, Bitcoin has the edge—significantly fewer wait times and the elimination of the need for a middleman to facilitate the transaction. This is especially true if you’re using an exclusive feature like the Lightning Network, which will not only make transactions even speedier, but it’ll make them cheaper as well.
Next, let’s talk about diversifying your investments. All investors know that a healthy investment portfolio is a diversified one, and a good way to do that is to buy real estate with your Bitcoin. Doing so can even offer a bit of stability to your investments.
Another potential reason for you to consider buying your house with real estate is that it’s a great way for you to cash out for retirement. Ready to retire? Buying a house with Bitcoin could be a more straightforward way for you to sell off your assets to support your retirement.
Last but not least, although this is highly situational, buying your house with Bitcoin could get you sweet discounts. As we all know, the Bitcoin community is a passionate and tight-knit one. If you find a seller that’s particularly bullish, they could possibly offer lower costs on purchases made with their favorite cryptocurrency.
How to buy a house with Bitcoin
Ready to buy your new home with Bitcoin? The first step should always be to look for a real estate agent that’s willing to accept it—preferrably one that’s experienced in dealing with this type of transaction.
Another route you can go is to buy the house directly from a seller. Obviously, the process for this one will vary depending on the seller—some may be comfortable with a Bitcoin transaction while others may prefer cash or another payment option.
If you find a seller or real estate agent that’ll gladly accept Bitcoin, the transaction will simply boil down to a transfer between one Bitcoin wallet to another—something that only take a few minutes to complete.
However, if your seller or real estate agent prefers a different payment method, don’t worry. There are platforms like Paxful, the world’s leading peer-to-peer Bitcoin marketplace, to help you convert your BTC into whatever you need. With over 350 payment options available on the platform, you can safely buy Bitcoin with a credit card or sell your BTC for practically anything you need in return.
Let’s say that your seller prefers the payment of the house to be made through a bank transfer. All you need to do is sell your Bitcoin on the platform for bank transfer (which is one of the more popular options) and use the money you get from that to pay the person selling the house. A bonus here is that when you sell Bitcoin on Paxful, you can sell it with a markup, allowing you to earn while trading—effectively cutting the cost of your house.
Bitcoin is opening the doors
Back in the day, people were only buying crazy stuff with Bitcoin—luxury cars, trips to space, and more. That was probably because Bitcoin was only used by a small group of people. However, as it becomes more and more popular, we’re starting to see it being used for more everyday things.
As we mentioned before, Bitcoin has now reached that phase where you can buy practically anything with it—no matter if the sellers are willing to accept it or not.