For a long time, there has been a lot of talk about buying real estate with crypto. But up until now, it hasn’t been possible to do this in a widespread way. That is all changing now! There are a number of platforms that allow you to buy property with crypto, and this trend is only going to grow in the future. In this blog post, we will discuss the benefits of buying real estate with crypto and how you can get started! Whether you are into smart investment or live betting on live matches 22Bet, keep reading!
Overview
For years, sceptics have tried to persuade us that the cryptocurrency market is a “bubble,” but despite its volatility, it continues to rise in the long run. Furthermore, during the times of sanctions, when people lost their ability to pay with Visa and Mastercard, Bitcoin became more than just a speculative asset; it is now a viable alternative to established payment systems.
However, there is still a lot of work to be done before cryptocurrencies become widely adopted. We’re talking about not only the “high” entry barrier, but also the availability of real assets that may be purchased with bitcoin. It’s not strange to buy pizza or games on Steam, but what about real estate?
Real Cases
The legal framework in the country determines the reality of buying real estate for a crypt, as well as the complexities of the process.
In May 2021, the crypt purchased an unique penthouse in the Arte Surfside building, which is located on the beach in Miami Beach’s Surfside neighborhood (USA). The deal was worth more than $22.5 million in fiat currency. The buyer’s identity is unknown, as is the cryptocurrency he uses. Arte Surfside had stated that it will accept cryptocurrencies a month before this partnership.
In the Portuguese city of Braga, a three-room flat was purchased for a crypt without any conversion into fiat money in the beginning of May 2022. This transaction was dubbed “the first in the history of the country’s real estate market” by local media.
This was made possible by amendments to the law that went into effect last month in April 2022. Property owners and realtors in Portugal can now sell their residences directly for cryptocurrencies, whereas previously they had to entirely convert their money into euros.
While bitcoin payments are not authorized in Russia, the legal landscape is gradually changing for the better. Furthermore, because no one has yet forbidden barter transactions, it is conceivable to exchange crypto-assets for real estate as part of a trade deal. There are websites in Russia where you may trade real estate for cryptocurrencies.
In a decreasing market, how we advertised in digital apartments worth $3 million Marketing case, particular tasks, and statistics.
Bitcoin is the most popular cryptocurrency for real estate purchases, followed on by Ethereum and Litecoin. The main reasons for this are that Bitcoin is the most well-known and widely accepted digital currency, and that Ethereum and Litecoin have lower transaction costs than Bitcoin does.
Benefits of Buying Real Estate with Crypto:
There are a number of benefits to buying real estate with crypto. These include:
- Access to global markets: You can buy property anywhere in the world with crypto. This opens up a whole new world of investment opportunities!
- Flexibility: Crypto is a very flexible asset class, and you can use it to buy property in a variety of ways. For example, you can use it to finance a property purchase, or you can use it to pay for a property outright.
- Lower transaction costs: When you buy real estate with crypto, you avoid paying the high fees that come with traditional methods like wire transfers.
- Anonymity: One of the great things about crypto is that it allows you to remain anonymous if you want to. This can be helpful if you don’t want your name associated with a particular property purchase.
The Future
We will be able to observe real estate tokenization scenarios employing NFT technology in the future. The scope of this will be as follows:
Real estate ownership on a fractional basis. Here, NFT will represent a share in real estate ownership, which will simplify numerous bureaucratic procedures and allow the purchase of housing on the basis of crowdfunding possible.
Property is rented. The NFT would represent the degree of resident privileges for a specific period of time in this case. That instance, one individual may have an NFT securing his apartment ownership, while another may have an NFT securing the right to use housing for the next three months, for example.
Finally, NFT can function as a mechanized intellectual property right that can be marketed similarly to digital art. For example, similar to patenting, you may have designed a unique project for a house and will receive a percentage of each resale of that house.
So far, the crypto market and the NFT business are just just getting started with real estate development. Previously, crypto-enthusiasts were terrified of legal ramifications and avoided dealing actual assets, but now, those who can occupy this niche in a timely manner will be successful. Nonetheless, because the registration of ownership of actual assets is done in government registers, blockchain registries should be considered legal for recording transactions.
Buying real estate with crypto is becoming more and more popular as the years go by. With countries like Portugal and the USA already accepting cryptocurrency as payment for real estate, it’s only a matter of time until this trend catches on globally. Buying real estate with crypto is the future of property transactions! Stay ahead of the curve and invest in crypto today!
Author Profile
- Ranjesh Gupta a dedicated and talented writer started content writing in 2017 and founder of Fantasybuzz youtube and website founder. With over 8+ years of professional experience in writing articles, sports, gaming apps, money earning apps, Tech article writing, and website content for SEO, she is now writing content for affiliate marketing. He will analyze the current trends and write content accordingly.
