What You Can Expect If You Are Willing To Accept Cryptocurrency For Selling Your House
June 4th, 2018
Here’s Adam Bergman’s latest piece for Forbes.com –
After a long debate, my wife and I decided we were going to put our house on the market, but I had one condition. The condition was that we would accept cryptocurrency, such as Bitcoin, as a source of payment. My wife was somewhat hesitant at first, largely due to the volatility associated with cryptocurrencies, but ended up agreeing.
Before listing our house, we met with several real estate brokers and mentioned our openness to accepting cryptocurrencies for the sale of our house. Every broker had the same question – why?
Cryptocurrencies, such as Bitcoin, is a form of digital money that is designed to be secure and, in many cases, anonymous. Cryptocurrency relies on the power of the internet to guarantee its value and confirm transactions. Users on a network verify every transaction, and those transactions then become a matter of public record, which is known as the blockchain.
Real estate brokers are generally very excited about the potential of cryptocurrency, although, it has yet to become mainstream. The main reason is that the U.S. dollar is the most powerful and stable currency in the world. What would the benefit of using cryptocurrency as a source of funding for a real estate transaction be? The common response, and the one I voiced to my wife, is that it is generally all about being a part of the emerging cryptocurrency and blockchain movement.