Man Is Selling Real Estate In Exchange For Bitcoin. Smart Move Or Risky Business?
For the first time ever someone is willing to sell his real estate property in exchange for Bitcoin. This could mean huge profts... or a devastating loss...
These last couple of weeks Bitcoin price has broken one all time high record after another. The virtual coin is more popular than ever, and apparently some people get very creative ideas...
In the Belgian city Leuven, a man is selling his appartment building and is willing to accept an offer in Bitcoin. According to FedNot - a team of highly specialized lawyers - it’s the first time in history someone is willing to sell his house in exchange for cryptocurrency.
The man uses the popularity of Bitcoin to promote the sale. As you can see in the picture above he even added the Bitcoin logo to the ads he spreads through multiple real estate offices.
In an interview the man says he hopes to attract the attention of people who have invested in Bitcoin a couple of years ago and now want to diversify their portfolio by adding real estate to it. He thinks it’s a perfect way to turn Bitcoin profits into tangible assets.
Unfortunately he has the Belgian law against him. Since Bitcoin is not accepted as a legal tender (yet), all taxes and other official fees must be paid in Euro.
But it wouldn’t be Belgium if there was no easy workaround. If a buyer pays using Bitcoin, the seller can simply exchange the necessary amount of Bitcoin to Euro and use that to pay for all the legal stuff.
To me, this all seems like risky business, because usually a couple of weeks - or even months - go by between the sales agreement and the actual payment. During that time Bitcoin price could double, but it could also halve, leaving the man with a huge financial hangover...
I’d love to hear your opinion!
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I'd almost sell my sole for Bitcoin now...
lol - I think I'll wait a little longer to sell my soul. If the price drops you're both soul-less ánd broke 😜
Not exactly new news in other places but it will be interesting to see how different countries handle this growing trend. Keep posting!
I will :-)
For Belgium this is a first, people here are having a hard time believing it - lol
Due to regulations people are finding it is getting harder to move money around. So many forms to fill in, and then they can freeze your account on a whim. Bitcoin bypasses all that crap. If you advertise your house for bitcoin, it will get lots more publicity, and you may find buyers whose accounts are frozen, but who can still pay in bitcoin.
True. And indeed, the publicity he gets is priceless...
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I glad that person is taking this risk because it will help the overall market. This type of transaction is completing the adoption cycle. Once major assets start trading with bitcoin it's pretty much a done deal. The market will stay and grow. Bitcoin has some nice advantages for large ticket purchases like this so I'm happy to see the development.
I also feel Bitcoin is the gateway to the rest of the market. Many alt coins have superior tech and different uses. The more mainstream bitcoin become the greater chance the alt market will expand. It's exciting times for block chain innovation.
What you say is true: it's a good sign and a step in the right direction of adoption. Maybe afterwards we'll be thanking him for taking that risk - but to be honest, I wouldn't want to be in his shoes. Too much of a risk for me :-)