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First Blockchain [Cybercurrency] Real Estate Deal Closes in the U.S.

By
Real Estate Agent with The Gasset Group & Get It Done For Me Virtual Services 13253167-SA00

Look how fast things happen!! 

 

Just about a month or so ago, many agents where laughing about Bitcoin, blockchain, and other cryptocurrencies, talking about how people won't use it to buy real estate. Hmmm... 

 

Where did this transaction happen? 

 

In Burlington, Vermont. 

 

The first property to be sold this way in the United States. 

 

It was sold entirely through the blockchain. Completely. 

 

Etherum was the token used. This puts Vermont on the map. 

 

Propy is a company in San Francisco. Propy handled the entire transaction including recording of the documents and contracts instead of using the city system. 

 

Vermont is the first state to allow this kind of transaction and soon coming up are Colorado and Arizona. 

 

The encryption technology in blockchain is the best available at this time. 

 

This transaction used the cryptocurrency for the purchase and it was then turnd into the fiat money on the other end. 

 

The first Bitcoin to Bitcoin transaction in the United States was when Michael Komaransky sold his Miami mansion for 455 Bitcoin which was the most expensive Bitcoin real estate transaction to date. 

 

While most people will still not do a cybercurrency real estate transaction, it is here, and it will be here to stay. 

 

The different tokens will fail and others will rise. Etherum is very stable. Blockchain is here to stay and evolve. 

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In real estate we service Utah County, Salt Lake County, Wasatch County, Tooele County. This includes many towns and cities. Some of which are: Provo, Orem, Salt Lake City, Draper, Springville, Spanish Fork, Payson, Lehi, American Fork, Vineyard, Saratoga Springs, Eagle Mountain, Pleasant Grove, and more. 

Katerina Gasset is a real estate agent who is also a digital marketing strategist, website designer and consultant for real estate brokerages, agents, entrepreneurs and small business owners. She is also the owner of Get It Done For Me Virtual Services. 

Katerina is a Certified AI Marketing Specialist. She can help you with ChatGPT, Content at Scale, Neuronwriter, prompting, and many other AI tools. 

She develops products and online courses to empower real estate agents to reach their marketing, SEO, social media and branding goals. Katerina Gasset is a blogger, author, podcaster, and keynote speaker.  

Text Katerina with your name + number to work with her:

 561-502-1577 

 

 

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Comments (55)

Warren Schutt
Warren Schutt Real Estate - Danbury, CT
Helping People with Their Moves for over 40 Years

Until crypto currency values' stabilize, I don't see how sales can be done using them. When a coin can drop in value by as much as 50% in less than a month, a seller would be crazy to take that kind of risk. 

Mar 14, 2018 08:05 AM
Katerina Gasset

Well, I agree that some crypto currencies are not stable but that does not change the fact that a complete real estate transaction including recording of docs, was done entirely on Blockchain with Etherum as the crytocurrrency. You can't say sales can not be done using them when it just happened. 

Mar 14, 2018 08:38 AM
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

The only constant in this world is change.

I believe using cryptocurrency is really not much different than using stocks to buy something.  If you agree that at a given point of time the Bitcoin/Etherum/Stock is worth X and agree to the volitlity, it is ok.  It can go up or down in value so you have to pre-address what if ....

Blockchain is going to gain momentum, but until everyone buys in, it won't be as universal as people think.  For example, the city/county in Vermont may not recognize the recording done via BlockChain (yet).

Just my $0.02 worth (as of 12:03 Mountain Time 3/14/2018) aka 0.0000024 Bitcoin or 3.249443532795009e-5 Etherum. Only time will tell if this opinion is worth more or less than the original $0.02 opinion expressed above.  

Mar 14, 2018 11:19 AM
Katerina Gasset

Here is a very good talk on currencies:https://youtu.be/I4xpZm7JlqU


Vermont allowed Blockchain to do the recording of the documents. 

Mar 14, 2018 05:32 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Katerina I have found this a most intersting topic to explore this past couple of months. I had no idea of block chain and of course I had to find out more. I kind of get the idea, not all the way but closer.  I had no idea that AZ was going to be making this kind of transactions legal - again very interesting.

Mar 14, 2018 11:43 AM
Katerina Gasset

It is very interesting. Anna Banana Kruchten CRB, CRS, Broker  and so now you know:) People may ask you about it there:) 


Here is a way to figure out which currencies are better to take chances on, etc. This is a very inteligent man who is hired by governments to help them with their monetary systems and the CIA. https://youtu.be/I4xpZm7JlqU

Mar 14, 2018 03:06 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

                                           

                                                  Featured in BananaTude

 

Mar 14, 2018 11:45 AM
Katerina Gasset

Thank you Anna Banana Kruchten CRB, CRS, Broker 

Mar 14, 2018 03:03 PM
Mary Jo Quay
H360homes.com - Minneapolis, MN
I Move You Home

We should all know basics of cryptocurrencies, they will evolve. It's been a long time since anyone dragged a bag of gold coins to pay for anything, and it's been a trillion dollars ago since the US dollar was gold backed. Credit cards, paypal, wire transfers are not real money, it makes sense that we'll evolve to new currencies.  Or, we could exchange a boat load of tuna for a car. 

Mar 14, 2018 07:55 PM
Katerina Gasset

:) Mary Jo Quay Yes, it has been a long time since gold was our standard, which makes even our U.S. dollar really just fiat money. 

Mar 19, 2018 09:20 AM
Anne Edwards Johnson
All City Real Estate - Austin, TX
Austin Realtor | HookemhomesATX (512)917-5260

The 1st Bitcoin Real Estate transaction in Texas was brokered by a friend of mine. Right here in Austin.

 

Mar 15, 2018 11:55 AM
Katerina Gasset

Yes, that was Bitcoin to Bitcoin. And it was done through regular closing channels. The one in the post is about crypto to cash and also using Blockchain to do the entire transaction. That is where the main focus is, on Blockchain for real estate. 

Mar 19, 2018 09:19 AM
Lore Lingner
Monterey Coast Realty - Carmel, CA
Personal Care And High-Tech Tools

I recently saw where a Realtor of two or three years recently sold a home in the L.A. area - there was a TV news interview.  In that case, I believe Bitcoin was converted to cash for the closing.

 

While looking for that information, I came across this:

Miami Mansion sold for Bitcoin

Michael Komaransky initially listed his seven-bedroom home in Miami’s wealthy Ponce Davis neighborhood for 6.5 million dollars payable in either cash or Bitcoin in August 2017.

He told the Miami Herald at the time that he wanted to take Bitcoin in order ‘to show people that real-world goods and services are payable in Bitcoin and Bitcoin Cash.’ The sale officially closed on February, 1 for 455 Bitcoin worth 6 million dollars at the time.

The transaction was made completely in Bitcoin, meaning there was no conversion to US dollars, making it not only the most expensive real estate transaction but also only the second pure Bitcoin real estate sale in Florida.

According to Pulse Real Estate, the buyer is also an early Bitcoin investor who like  Mr. Karmonsky wanted to demonstrate that Bitcoin is a real currency that can be used to pay for most anything.

Mar 15, 2018 01:16 PM
Katerina Gasset

Yes, that was actually the first Bitcoin to Bitcoin real estate deal in the United States. I referenced it in my post. 


This was a Bitcoin to Bitcoin exachnage - the one in Vermont was cryptocurrency to fiat U.S. dollars. 

Mar 19, 2018 09:14 AM
Lore Lingner
Monterey Coast Realty - Carmel, CA
Personal Care And High-Tech Tools

Cryptocurrency is here to stay and growing as large firms are adopting the use.  From my reading, Bitcoin was the first and new currencies are coming along, such as Ethereum that may overtake Bitcoin.  Some predict Cardano to be the third phase.  Fun to watch what is happening.  There are some excellent "lessons" about cryptocurrency on YouTube.  Great way to learn.

Mar 15, 2018 01:28 PM
Katerina Gasset

Here is a good analysis of different cryptos. Etherum is more stable than Bitcoin. He explains what to look for in this video and the structure it must have to be scaleable. https://youtu.be/I4xpZm7JlqU

Mar 19, 2018 09:16 AM
Dorte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Katerina,

No need for foreigners to bring suitcases of cash any longer then, eh?

Mar 15, 2018 08:12 PM
Katerina Gasset

hehehehe @Dörte ( tagging not working right now ). 

Mar 19, 2018 09:17 AM
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

I had read a few other posts regarding recent real estate transactions using the crypto currencies Katerina Gasset I believe there was a luxury sale recently as far as I know so far there haven't been any of these in my area of N. Virginia. But I am certain that will happen eventually. 

Mar 16, 2018 08:52 AM
Katerina Gasset

Yes, they are happening. The unique thing about the Vermont deal was that it was crypto to cash and ALSO, the main point.. using Blockchain to do the documents and deed, recording, etc. That entire process is in Blockchain. 

Mar 19, 2018 09:21 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

One of my buyers cashed in his Bitcoin for an earnest money deposit on new construction.  Until then I hadn't investigated it at all.  Interesting "market" as I have a background in the stockmarket.  It will be interesting to see what happens in the future, especially since I'm in Arizona :)

Mar 18, 2018 08:26 PM
Katerina Gasset

Jan Green Yes, we are in quite interesting times. 

Mar 19, 2018 09:22 AM
Monique Ting
INET Realty Honolulu, HI - Honolulu, HI
Your agent under the sun

Very interesting! The whole idea of bartering real estate which is a very tangible asset (as "real" as can be) for something so intangible and volatile as blockchains and cryptocurrencies is showing that some people can be very gullible and willing to risk a lot...

Mar 27, 2018 01:03 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Monique, I’m still learning about cyber security and crypto currency in this kind of similar way. It’s all very interesting! Monique Ting

Mar 28, 2018 11:18 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I like the idea of more of a barter system. It’s quite a bit refreshing from the day-to-day we go through.

Mar 28, 2018 11:19 PM
Jerry Lucas
ABC Legal Docs LLC - Colorado Springs, CO
Notary Training, Consulting. Colorado Springs, CO

I am reading, watching YouTube videos and taking courses on Bitcoin, cryptocurrencies, and blockchain.

I accept Bitcoin and several other digital currencies on my WordPress website.

While learning, beware of scams, biases, and agendas of writers, instructors, speakers and salespeople. Try to listen to different credible authorities to make informed decisions.

Blockchain technology has started a revolution in financial transactions and record keeping. Speculation on cryptocurrency prices is separate from the valuable use cases for blockchain.

Colorado is passing laws to be a leader in blockchain technology. Universities are scrambling to add blockchain courses.

Aug 05, 2018 10:03 PM
Andron Silver

Amazing information! I find it really useful because I do forex trading and buy cryptocurrencies for a living, so I'm always looking to learn more on the subject. By the way if there's anyone here interested in trading you can check Bitcoin Trader, it's a trustworthy and legitimate website where you can easily get started!

Oct 05, 2021 07:05 AM
malinka strong

People didn't believe that crypto could become something big, and I understand them. AT least, nowadays, it's pretty clear that crypto has a high potential, and I even decided to get into this launchpad because Elrond blockchain has a bright future. So I'm sure that many people will get into it in the nearest future.

May 30, 2022 05:38 AM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I agree that Blockchains are here to stay. Blockchain technology can practically eliminate the threat of wire fraud, making the transactions more secure. It could eliminate the need for title insurance, since the established title would never be in question, shortening closing times and lowering closing costs.

Sep 13, 2022 11:35 PM
Sam Black

Howdy! It's amazing how much closes before it has time to open. I think there are some problems with this for beginners, as it can demoralize and disorient in the field of cryptomarketing. However, if you are ready for various blows from life, then I advise you to stand confidently on your feet and get the best result with the help of solus. This company will definitely be able to provide you with the most effective solution for the development and promotion of a blockchain project. Good luck to you!

Nov 22, 2022 11:54 PM
Olman Grand
NYC Grand Agency - New York, NY
Real estate agent in NYC

That's great! This field is getting developed so fast, and it's actually interesting to see how far it can go. As I know, not so many people actually trust cryptocurrency transactions and this industry in general, and it's not surprising, since there are many scammers. However, I've heard of decentralized authentication platform Wakweli that's going to ensure the authenticity and uniqueness of tokenized assets, and I believe it can lead to mass adoption of web 3.

Jun 05, 2023 07:39 AM