Businesses used to have one sign on their door. They could tell us if they were open or closed. Nowadays, there is a second sign on a growing number of businesses’ doors. This sign reads ‘Bitcoin accepted here’.
The embrace of bitcoin and other cryptocurrencies is taking hold across different industries and countries. Fast-food giant KFC has been accepting bitcoin in exchange for buckets of chicken in Canada and even Microsoft will smile and take your bitcoin. These are just two examples of the biggest names getting involved.
All businesses require to accept bitcoin is an understanding of what it means and how it works, which can be found on hundreds of reliable sources online – and a secure crypto wallet. The Luno Bitcoin Wallet is a smart option for businesses due to its high level of security and features.
Now, bitcoin is also being used to purchase real estate from the US to Australia.
Examples of Real Estate Companies Accepting Bitcoin
In the past two years, multiple real estate companies in the US have accepted Bitcoin for their bricks and mortar. Although acceptance of such payment seems to be focused in certain areas, namely Miami in Florida, and the state of California. It is estimated that 75 properties have been sold for Bitcoin.
The trend is not subject to the US either. In Australia, the first home sold for bitcoin was located in a leafy Sydney suburb and the state of New South Wales even held a crypto property auction where listed homes could only be paid for with binance coin or bitcoin.
Not the First Bitcoin-Property Relationship
This is not the first time that the world of cryptocurrency has been used within the property industry. Albeit not to buy homes, some Canadian authorities were allowing local residents to pay their property taxes with bitcoin.
Just like cryptocurrency and blockchain technology are working their way in different industries, the real estate market does not appear to be excluded.
Why Are Real Estate Companies Accepting Bitcoin?
The fact that real estate agents are now accepting Bitcoin may come as a surprise. After all, the volatility of the crypto is no secret and it could make the price paid for a home drastically change.
Yet, it does show the confidence that more people are having in bitcoin to succeed. It is also not surprising that these events are taking place in areas such as California and Australia, which both have a strong affinity to tech and financial developments. More businesses in these areas may be understanding of crypto and what it can offer.
However, due to fears among mortgage lenders, the only people that can tap into these opportunities are cash buyers. Few mortgage lenders are willing to accept bitcoin as a home despite due to unfinished regulations, taxation puzzles and the aforementioned volatility.
