24 June 2018
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Bitcoin facilitates more real estate transactions

03 January 18 - Irene Theofanidou
Bitcoin facilitates more real estate transactions

COMPANIES

NAI Hellas

Consultant - GREECE

PEOPLE

“Real estate is the first impact I see for this nouveau riche,” said Joe Kelly, who co-founded Unchained Capital, a startup that allows bitcoin owners to borrow against their cryptocurrency.

 

According to the mansionglobal.com, since the sale that the luxury brokerage Sotheby’s International Realty announced in September it had facilitated one of the first U.S. home sales for bitcoin, for which the sales price was never disclosed, the value of a single bitcoin—a cryptocurrency backed by an online ledger called the blockchain—has quadrupled to over $13,800 and turned a swath of early adopters into millionaires in a matter of months.

The process is fairly straightforward for the homeowner involved in a blockchain currency transaction. It’s the buyer who faces more nuance as he or she weighs the tax implications and other considerations before trading their coins in for square footage, experts say.

Once they get a suitable offer, the transaction works like an all-cash purchase, but instead of using bank accounts, the buyer transfers bitcoins to the seller’s digital “wallet,” which takes about 15 minutes.

The seller would also need a lawyer at the closing—who might accept fees only in dollars rather than bitcoin—and/or find a title insurance company to underwrite the sale, Douglas Elliman broker Dean Bloch told mansionglobal.com.

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