Cryptocurrency has been gaining traction as a viable means of payment, and more and more people are now turning to it as a way of buying and selling real estate. If you’re looking to buy or sell a home with cryptocurrency, here’s what you need to know.
First, the basics: Cryptocurrency is a digital currency that is used to make transactions online. It’s decentralized, meaning it isn’t subject to any government or bank regulations. This makes it a great option for those who want to buy and sell without having to go through the traditional banking system.
Second, you need to find a trusted and crypto-certified real estate agent or broker who has experience dealing in these types of transactions. Our team is actually the first one in the nation to be fully Crypto & Meta certified click here: https://www.integrityallstars.com/introducing-the-1st-fully-crypto-certified-team-in-the-united-states/ to learn more about it!
Next, is the fun part, house shopping! Once you find a home that the seller is willing to accept Cryptocurrency, the process is much the same as it would be with traditional currency except now it can happen much faster and more securely. The traditional process of transferring property ownership is extremely labor-intensive and expensive. Every step requires a significant amount of paperwork. However, by simply “tokenizing” property rights, it becomes much easier to trade, manage and hold your property.
A home is considered tokenized when it becomes an NFT (Non-Fungible Token) which is a unique digital asset that can be bought and sold with digital currency. All the documents of the home, deed, inspections, etc. are uploaded to this NFT, and when the home is purchased that all gets recorded on the blockchain via a smart contract. Learn more about NFTs and how they all started here: https://propy.com/browse/propy-and-the-power-of-real-property-nfts/
The blockchain is the structure that all cryptocurrencies and NFTs are stored on. In essence, a blockchain is a database that stores information in a series of data “blocks” connected together in a “chain.” Each block independently contains the same data and information. This structure makes them much more secure and nearly impossible to hack.
A smart contract is a digital agreement that is stored on a distributed ledger (blockchain) and can be used to facilitate and enforce real estate transactions without the need for a third party. It can include terms, conditions, and payments that are automatically enforced when certain conditions are met.
Buying or selling a home with cryptocurrency is becoming increasingly popular as more people recognize the convenience and security it provides. By doing your research and finding a reputable and certified real estate agent or broker, you can make the process of buying or selling a home with cryptocurrency much simpler and start enjoying your new home sooner!