The cryptocurrency Bitcoin, is increasingly becoming a hot topic. Bitcoin has expanded quickly in a relatively short time. Global companies such as Dell, PayPal and Microsoft now accept its currency. Although FSS don’t currently deal in the currency, we wanted to bring you to the forefront information on this new exciting topic.
So can you purchase a house through Bitcoin?
The answer is yes.
Go Homes claims that they were the first development company to be involved in the first ever transaction of a property through the digital currency. The first purchase was in Colchester, a four bedroom family home back in December 2017. According to the agents, the owner then proceeded to rent it out in Bitcoin too.
Ed Casson, group sales director from Go Homes told the telegraph that selling homes through Bitcoin will become common practice. He says “this re-writes the rule book and shows there is another way to sell property… we are taking an opportunity to embrace this technology”.
Having happily adopted the currency as a new method to purchase, many other property developers may be looking to Go Homes & considering offering the payment type themselves. Bitcoin has also been used for rent payments in London, a company called The Collective has taken deposit payments via Bitcoin. Even Mortgage lenders have jumped to the opportunity, Nationwide are accepting deposits through the currency.
Information on purchasing through Bitcoin:
The virtual currency is:
After confirmation, the transaction cannot be reversed. There is no safety net. This is why buyers and sellers should not only be familiar with each other, but also have a mutual level of trust.
2. Fast & Global:
The transaction is completed within a couple of minutes. They happen in a global network of computers. It also doesn’t matter if the transaction was sent to a neighbour or someone on the opposite side of the globe.
Bitcoin funds are locked in a cryptography system. Only the owner of the private key can send cyrpotocurrency.
You don’t have to ask anybody to use Bitcoin. It’s a software that anyone can download for free.
So, watch this space, you may be buying your next property in Bitcoin before you know it!
If you did find this article interesting, then take a read of some of our previous articles & keep your eyes peeled for further property updates from the FSS team…