CAN I BUY MY NEXT HOME WITH CRYPTOCURRENCY


– Can I use cryptocurrency
to buy my next home? What’s gonna happen in 10 years? Will we have any regular money
left to buy anything with? This is Noune Karapetian,
and in this video we’re gonna talk about how and when and if you can buy your next
home with cryptocurrency. ♪ Noune’s Greater Boston
Real Estate Show ♪ So what is cryptocurrency? It’s actually a decentralized
digital cash system, and it’s peer-to-peer,
eliminating the middle man. For example, in the future we’re
gonna see a lot of software that are doing the financial services for us instead of banks. We hear so much about it lately, but actually it’s been around since 2009. A mystery coder has created
the first cryptocurrency, which was called Bitcoin,
and in 2011 it was actually worthless, one
dollar for one Bitcoin. Now it’s a totally different story. The first home that was listed
accepting cryptocurrency was in 2013, later the seller sold
it for regular U.S. dollars. But in an interview he said
that he wanted to appeal to a younger crypto-savvy generation. The first ever home sale using
cryptocurrency was in 2017. And then the homeowner actually
converted the cryptocurrency into U.S. dollars upon transaction. Even though other
industries have seen a lot of success using cryptocurrency, real estate seems to be
slow in embracing it. But there are reasons for that. Actually, everything will change in the next five to 10
years, but there is a reason why real estate is slow in embracing it. Number one, there is no authority backing up the cryptocurrency. Number two, the cryptocurrency
is very volatile and in the last two years,
Bitcoin has gone up three times. And number three, there are no rules and regulations in place when it comes to cryptocurrency and home transactions. So of course, it’s gonna be difficult. There are several organizations that are working to advance the processes, like the International Blockchain
Real Estate Association. A buyer using cryptocurrency has to go through a traditional title process. So they will put a
small amount into escrow while the title company
transfers the homeownership. After it’s all complete,
the buyer gives the rest of the digital coins either to the title company or to the seller. A Bitcoin trader had
his Miami mansion listed for 6.5 million, or about 1,400 Bitcoins. It’s a 9,500 square foot mansion
in an upscale Miami suburb. It seems that international
buyers are more comfortable with using Bitcoin to buy a
property than U.S. buyers. There are a lot of developments
that are Bitcoin-priced. There is one in Dubai,
there is one in Manhattan, and it seems like international
buyers are the ones that are making offers on those. So what do you do now if
you need to buy a home and you have a lot of
Bitcoin lying around? Just convert it into cash
before you buy it, but first, learn about how to write a
winning offer in the next video. Are you ready for major
changes coming up our way in everything that we
do, starting from banking to buying your home to ordering
a taxi to go to the airport? Cryptocurrencies are here to stay and they’re gonna change
everything in our lives. If you’re ready for that big change, post yes in the comments
below and share your thoughts. I would love to hear from you. (gentle guitar music)

2 thoughts on “CAN I BUY MY NEXT HOME WITH CRYPTOCURRENCY”

  1. I have a couple different cryptocurrencies. Looking fwd to buying real estate and land soon. If your interested in bitcoin mining let me know:)

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