Patrick Smith · March 14, 2018 · 10:30 am
A San Diego company brokering the sale of two multimillion-dollar homes recently announced that it would accept Bitcoin as payment, in addition to cash.
Bitcoin Has Entered the Housing Market
It’s no secret that Bitcoin and other cryptocurrencies have gained immense popularity over the past year and businesses are taking note. Bitcoin, a peer-to-peer exchange system that essentially eliminates the need for banks, has seen a huge uptake with businesses adopting related features as consumer interest grows.
Just under one year ago, a buyer used Bitcoin to purchase a mansion in Manhattan Beach in Southern California’s first real estate sale using the daddy of cryptocurrency. Many similar listings to this one are appearing all over the world as more and more people attempt to take advantage of the cryptocurrency’s unpredictable nature.
Neeraj Agrawal, director of communications for the Coin Center, a virtual currency-focused think tank, explained his support for using Bitcoin in real estate transactions. He stated:
Within the context of real estate, it makes sense to use cryptocurrency in those types of transactions. Cryptocurrency is a way to send large amount of money pretty easily with relatively low fees and little interference from middlemen.
Will Accept Bitcoin for Real Estate
According to the L.A. Times, the two San Diego homes currently being sold for Bitcoin are