It isn’t a question I am often asked, “Myrl can I buy a home using “Bitcoin?”
While we hear the term “Bitcoin” more often these past few years, I admit I only had the most rudimentary understanding of what it is, and how this new digital currency works.
My client’s question brought even more questions to mind: What is “Bitcoin?” How does it work? Who invented it? Why? Is it secure? – Just to name a few!
In delving deeper in attempt to enhance my understanding of the digital currency, “Bitcoin,” I came across interesting facts, but even more questions. I learned there are NO governments that back “Bitcoin.” Perhaps, this fact is why some folks find it revolutionary and attractive. “Bitcoin” is a peer-to-peer currency, which means NO banks. It allows for anonymous buying of merchandise and other transactions.
The potential dark side of “Bitcoin” is it provides money laundering capability for drug activity and other illegal operations.
While “Bitcoin” has been around a few years, in 2013 it was the 6000% increase in value, that spiked attention of investors and others interested in “Bitcoin’s” potential.
There are several articles about “Bitcoin,” which may help readers enhance their understanding of this interesting digital currency. They are as follows: “Bitcoin” - Wikipedia - “What is Bitcoin?” – CNN Money - “Bitcoin Basics” – by Forbes - “Senate Takes Look at Bitcoin – by CNN Money”
Do I think “Bitcoin” is here to stay? I’m very skeptical! As for buying a house – Possibly! If the purpose of using “Bitcoin” to buy a house is to do so anonymously, houses have names on titles, so I must wonder what would be the point!
I’m especially interested in what other real estate professionals think of the “Bitcoin” phenomena. Have you encountered it in transactions? What was your experience?