Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.https://en.wikipedia.org/wiki/Bitcoin
Bitcoin uses a technology referred to as Blockchain technology, basically, it is a peer-to-peer technology with no central authority and which acts as a public, borderless currency. The whole network is hosted and computed by miners which are specifically incentivized to do so.
Bitcoin for real estate
In the case of real estate, it allows you to buy either property if the buyer is willing to accept Bitcoins in full or as down payment. Or simply turning them your bitcoins into the fiat currency local to the property you want to buy.
Advantages of Bitcoin as a means to purchase property
- Fast peer-to-peer transactions
- Worldwide payments
- Low processing fees
- Everyone can participate
- Transparency and record keeping
How do you buy using bitcoin?
You only need for the other party to agree on the transaction. For example, I recently made a deal with my electrician in bitcoin because it turns out he’s a bitcoin investor.
Please note that when paying in Bitcoin the rest doesn’t change, you need to come to Canada and visit the property in person and represent yourself or hire a Canadian real estate lawyer to represent you for the transaction and ensure everything is done legally.
Got questions on the subject? Our team is passionate about both real estate and crypto, so we’ll be glad to help out, just email us at email@example.com.