Bitcoin’s rising popularity and price is starting to catch the attention of the real estate market. In November of 2017, a penthouse worth $3.5 million went up for sale in Miami Beach, one of the most popular luxury housing locations in Florida. What separates this property from several others is the announcement that the seller will be accepting payments made in Bitcoin and Ethereum.
Smooth Crypto Purchase
In September of 2017, Kuper Sotheby’s International Realty, a real estate brokerage firm in Texas, announced the completion of the first-ever property sale using Bitcoin. A broker associate of the realty firm, Sheryl Lowe, remarked that the process was unexpectedly smooth and was completed “in a matter of 10 minutes”. With the Miami condo going on sale just a couple months after, it seems as if other real estate brokers are also starting to indicate interest in accepting cryptocurrencies as an alternative method of payment.
Ever since its release, Bitcoin’s foundation has been laid down on the principles of decentralization and a general lack of authority. These characteristics have allowed the currency’s price to remain relatively the same around the world, except for some fringe cases where socioeconomic factors artificially limit availability. International buyers, who comprise a significant portion of the Miami housing market, can thus benefit from using cryptocurrencies as a payment method. After all, Bitcoin’s long-standing aim has been to do away with currency conversion problems usually encountered with cross-border transactions…