Where can you buy a house with bitcoin

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Bitcoin has created a frenzy in the world market. With a 1, percent rise in value in alone, both buyers and sellers houde looking for ways to capitalize on the bitcoin boom. One of these aa is in real estate. Although bitcoin and other types of cryptocurrency have not gone mainstream, bitcoin-friendly real estate listings are slowly trickling into the market. More and more sellers are adding bitcoin as a purchasing option in their listings. This is one of three bitcoin-friendly properties that business partners Stephan Burke and Carol Cassis of Brown Harris Stevens in Miami have listed this year.

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The sellers for a newly listed mansion in the city of Highland Park, Texas are open to taking Bitcoin for payment. The listing is just another example of a rapidly expanding cryptocurrency real estate market attracting buyers from across the world. Many industries have been expressing interest in cryptocurrencies, but those in the real estate world are paying particularly close attention. Using digital currencies like Bitcoin in real estate transactions keeps growing in popularity even as the cryptocurrency market has hit rough waters in Unsurprisingly, real estate transactions with cryptocurrencies are increasing in number.

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Bitcoin has created a frenzy in the world market. With a 1, percent rise where can you buy a house with bitcoin value in alone, both buyers and sellers are looking for ways to capitalize on the bitcoin boom. One of these ways is in real estate. Although bitcoin and other types of cryptocurrency have not gone mainstream, bitcoin-friendly real estate listings are slowly trickling into the market.

More and more sellers are adding bitcoin as a purchasing option in their listings. This is one of three bitcoin-friendly properties that business partners Stephan Burke and Carol Cassis of Brown Harris Stevens in Miami have listed this year. Burke and Cassis sold their first bitcoin-to-cash property in Until this year, that was the only one they had experience. There was a man in Miami Beach recently who has a penthouse and wants us to rent it for bitcoin.

Both Burke and Cassis agree that was a game changer in the world of cryptocurrency. They receive daily calls from people who want to know how they can sell their property for bitcoin. Today, they are developing a proprietary platform for straight bitcoin sales, which would eliminate the need to exchange the bitcoin for cash.

This platform will incorporate the essential parties needed to authorize real estate transactions, such as the title company. San Francisco-based startup Propy is an online real estate marketplace that uses bitcoin to facilitate purchases. Propy is leveraging blockchain, the technology that records and authenticates bitcoin transactions, to make cross-border real estate purchases seamless.

Michael Arrington, TechCrunch founder and Propy investor, used the platform in September to buy an apartment in Ukraine. Propy works by setting up a smart contract on the blockchainwhich automatically executes when its conditions are met. Every document normally used in traditional real estate transactions was stored on the blockchain, and the title company, Arrington and the seller all participated in the smart contract, where each document was reviewed, signed and recorded on the blockchain.

David Drake, founder of LDJ Capital and an investor in Propy, cites speed and efficiency as two benefits cryptocurrency offers over traditional currency in cross-border transactions. They would prefer to pay in bitcoin rather than first converting money into fiat, which can become a long and difficult process when buying property. In an environment where governments are trying to catch up with cryptocurrency, some things are not uncertain, like taxes.

Any gains you make on your crypto are also subject to tax, Cross says. According to the IRS, bitcoin and other forms of cryptocurrency are viewed as capital assets and as such are subject to either short-term or long-term capital gains taxes.

While bitcoin remains volatile, Cross recommends that bitcoin users invest some of their bitcoin in more stable commodities, like real estate.

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Using Bitcoin to buy a house

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Don’t miss: Here’s how you can—and can’t—spend bitcoin. Bitcoin Price. Levine Bradley Keoun Dec 16, Photo by: SomeMeans. Follow Us. Taxes depends on the country. Ethereum, a cryptocurrency similar to bitcoin, is one built on making smart contracts. Skip Navigation. You can also buy a house with bitcoin, and it’s not as hard as you may think. How to Buy a House With Bitcoin. Cryptocurrency is the newest way to buy and sell, even when it comes to real estate property. Some purchase property directly with crypto, others like Hongcai use bitcoin to gain foreign currencies without going through a bank. The seller wanted the bitcoins converted to dollars, so they used BitPaya global bitcoin payment service provider, to complete the transaction. All the same, since the idea of using virtual currency to purchase real estate is so new, there is a «still a lot of nervousness for newcomers to the currency,» Olick reportsadding «much of the concern may be around the lack of regulation so far in cryptocurrency and the lack of understanding as to how gains in bitcoin are taxed.