Buying a Home with Bitcoin
Home Buyers
In April 2021, Bitcoin hit an all-time high in the price of its coins, virtual trader Coinbase went public with a valuation of $86 billion, and Venmo, owned by PayPal, announced it’s adding support for cryptocurrencies. All of these give access to customers who can now easily buy, sell and pay for items with cryptocurrencies for lower fees, more privacy and more security than they currently get through traditional banking.
Coinbase.com explains that cryptocurrencies are simply decentralized monies to be used over the Internet. No governments, banks, companies or other entities are in charge of it, allowing anyone who wants to participate to be able to. Transactions are safer as they don’t include personal information to merchants, lenders, payment processors, advertisers, or credit reporting agencies.
While the coins are volatile, you can even turn your virtual coins into dollars, as one homebuyer did in Texas in 2017 using Bitpay at the seller’s request. According to CNBC.com, all you need is for the buyer and seller “to agree on exchanging bitcoin for the property.” Or another cryptocurrency if you prefer. All transactions are public and transparent through an open book technology called the blockchain.
If you don’t have enough bitcoin cash to buy a home, no worries. You can start saving for your down payment by using USD Coin, which is tracks 1:1 with the U.S. dollar. Customers who hold USDS coins can earn rewards, an alternative to a traditional savings account, says Coinbase, so start saving for your down payment now.
Lynnette Vazquez, Realtor®
(951) 214-1755