Featured Content – It seems like it was not too long ago that cryptocurrency was only used for shady dealings on the dark web. Today, the landscape is vibrant with new opportunities and a growing list of applicable crypto use cases. At the end of this current decade, it will be possible to buy a house with cryptocurrency; on top of that, it will be easy. This sounds hard to believe, but it is true.
How to Buy a House with Crypto (The Hard Way)
If you are truly serious about buying a house with BTC, BNB, or XRP, then there are a few large factors to consider. First and foremost, you must find a seller who accepts crypto as payment. As one can imagine, this is no easy task. If you somehow find someone who can accommodate your needs, the next step is deciding if this seller is trustworthy. Even if you do find a trustworthy seller, there are more roadblocks.
Next, you will have to find a title insurance and escrow company that feels comfortable handling your crypto transaction. There is a good chance that this company will ask you to cash out your crypto in favor of something more traditional (e.g. fiat), essentially defeating the purpose of buying a house with crypto. If this all seems like a great deal of work to you, then you are right. However, there is an easier solution.
Buying Property Just Got Easier with Propy
As mentioned earlier, buying a property with crypto is an expensive and tedious adventure. Thankfully, there are modern options that make everything a bit easier. For example, Propy is a worldwide property marketplace and decentralized title registry built on the Ethereum blockchain. The Propy system consists of three significant sections:
- Listing Platform: This allows sellers to list properties and info that allows buyers to find properties.
- Transaction Platform: This utilizes blockchain technology and smart contracts to allow users to send payments, paperwork, and records.
- Blockchain Registry: In addition to the municipality record system, Propy stores land records on the blockchain.
Ultimately, these three sectors are bringing us closer to a revolutionary peer-to-peer (p2p) environment in which users can buy properties entirely throughout the blockchain and use mediation. Additionally, the new technology allows users to save time on manually uploading paperwork; it can also protect users from abusive fraudulent activities.
How to Buy Property with Crypto (The Easy Way)
While it is not as easy as ordering a pizza online, buying a house through Propy is far more efficient than traditional methods. On this platform, a buyer searches through the marketplace until the buyer find a suitable property. From there, the buyer submits an offer to the seller. After the seller digitally signs it, the intermediaries complete tasks, such as property inspection and other conditions that are requested by the buyer.
After meeting these conditions, the smart contract triggers the payment system and walks the buyer and seller through the sale process, step by step. The blockchain stores all of the documents’ hashes, allowing each party involved to verify the existence of the documents. This eliminates the need for most intermediaries, and it makes the buying process quick, efficient, and secure. Once the smart contract accepts the payment, the Propy system transfers it into a desired fiat currency (dollars) for the seller; then, Propy records the title deed both in the county and on the blockchain. The Propy Registry digitally transfers the ownership to the buyer.
Congratulations! You are (hypothetically) the owner of your first digitally purchased property. For more information on Propy, as well as information on the buying process, how to become a Crypto Certified Agent, and much more, head over to Propy.com today.
Disclosure: Please keep in mind that you are not going to save on property taxes; you will still need to follow the law.
Source: Crypto Potato