Even though some ‘experts’ feel that Bitcoin and the like have no value, these virtual currencies continue to be used as payment methods. In this case, Bitcoin was recently used to purchase a stunning home in the state of Delaware.
The process of buying a new house evokes a myriad of feelings. You are of course excited that you’ll be enjoying a new space but also worried about the financial aspects. Will your bank give you a loan? What are the transfer costs involved? How many reams of paper need to be signed?
As cryptocurrencies continue their quest for streamlining processes and providing financial inclusivity to its users, it also continues to show new ways in which it is being adopted into everyday life – like buying property.
Bitcoin has been used to purchase homes before, in Dubai, the UK and in the US. A major residential contractor in Ireland has also started accepting the virtual currency as a viable means of payment. Now, the state of Delaware is on that list. Now, the state of Delaware is on that list. Known not only for its financial infrastructure but also for pioneering initiatives like Delaware sports betting, the First State is increasingly embracing modern forms of commerce and entertainment—including crypto-backed real estate transactions.
A First for the First State
According to the Delaware Business Times, a Newark home worth $1.75 million was recently sold by Michael Kelczewski, a real estate broker for property giant, Sotheby’s International Realty.
The five-year-old house, which is located on a 4.2-acre plot in the city of Newark, offers beautiful bedrooms, sun-drenched living areas, and a chef-ready kitchen. Added luxury comes in the form of a sparkling swimming pool, a wine cellar, and a theater room.
Kelczewski’s real estate website shows that the house was sold for $1.35 million on the 6th of July but does not show that the sale was done with bitcoins. Bitcoinist has noted that Sotheby’s website is still showing the property as being listed and available for $1.75 million. We contacted Kelczewski who has advised us that the website will be updated with the sale.
The agent’s Facebook page shows that it was originally listed on the 14th of January this year and described it as “the first property within the first state to offer Bitcoin payment support”.
Just the Beginning for Bitcoin
After the reported sale, Kelczewski confirmed that it was indeed made possible through Bitcoin. His post also went on to mention his belief that disruptive technology like virtual currencies is the way of the future and that he hopes to continue to harness it as he grows his business.
This approach is exactly what platforms such as BitProperty and CryptoHome are employing. Kenny Hayslett, CryptoHome founder, touched on the benefits of Bitcoin in real estate:
The most mysterious thing about Bitcoin and other cryptocurrencies is why they aren’t used more. It is simply digital money, a medium of exchange that uses cryptography to safely and securely transfer assets.
As some cryptocurrency traders gain their wealth through their virtual investments, these platforms and initiatives can give them an opportunity to translate this into brick-and-mortar investments.
Would you use your cryptocurrencies to buy property? Let us know in the comments below!
Images courtesy of Facebook/MAKRealtyDE
