What is Bitcoin?
Even though we’ve all heard the term, “Bitcoin,” most of us still don’t really understand how this virtual currency works in everyday life or what it actually means. Thankfully, there are two simple definitions. Bitcoins are the currency, and Bitcoin is the global payment method. Basically, it’s sending digital money anywhere in the world to purchase everything from services such as online music streaming or having your car washed to items such as food, sporting event tickets, or even buy a new home. And all of it’s done without the need for a credit card or a bank.
There’s An App For That
Over the last 8 years, this crypto-currency has gained acceptance in and around the world, but I mean, who really accepts bitcoins? And how do you pay for things? Simple, all you’ll need is a smartphone, a Bitcoin wallet app, and a username. So when you’re ready to book a flight and reserve a limo to pick you up, or just relax at home buying things online from Amazon or Overstock while ordering your favorite pizza from Dominos, you can just simply press the “Spend” button to send your digital payment and make things happen.
No time to type? We found other great ways to pay like scanning a QR code or just tapping smartphones to exchange addresses using Near Field Communication (NFC) technology.
More interested in using bitcoins now? Then check out this ever-updating list of companies who accept bitcoins:
Advantages of Bitcoin
In the last few years, this new format has been attracting more home buyers and sellers with benefits including the freedom to make their dream home purchase in less than 15 minutes.
For those of you wanting to keep your anonymous identity, check out services like LocalBitcoins that will connect buyers and sellers without any verification needed.
From anywhere in the world, once the offer is made and accepted, you are able to send and/or receive any amount of money at any time of the day or night. No rules, no restriction, and you’re in control of your money 100%.
So...Now That You’ve Made An Offer!
You’ve found a seller who’s happy to accept bitcoin and you’ve made the plunge with your keyboard to buy your dream home with software like BitPay, you’ll still need to keep a few things in mind. Even though you’re not restricted with weekends or holidays of the banking industry, you’ll still need to find title insurance and escrow companies who are taking the opportunity to embrace these new global currency and business agreements.
The Bottom Line
In the real estate industry, and depending on the seller and your contract, you might be able to purchase your brick and mortar home with bitcoin, yet for the majority of people, it really pays to have a professional real estate agent protecting your interests.
With Jamison & Company (#BalancedBoldConnected) you’ll discover our 20+ years of real estate experience in the Atlanta market working for you. Download our new ebook for Home Buyers, “22 Home Shopping Tips” including BONUS "Needs Analysis" worksheet and let us help you find your dream home today!