Author Topic: Bitcoin for a house? Sure, why not...?  (Read 818 times)

jeromedawg

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Sibley

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Re: Bitcoin for a house? Sure, why not...?
« Reply #1 on: May 09, 2021, 11:52:45 AM »
You can negotiate whatever form of payment, as long as both parties agree to it. There's certainly risks associated to using a cryptocurrency that wouldn't apply to a more traditional currency, but as long as all parties are competent and agreeable, not my problem if it goes bad.

ChpBstrd

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Re: Bitcoin for a house? Sure, why not...?
« Reply #2 on: May 12, 2021, 11:53:13 AM »
What happens if the coins involved in the transaction are traced to a hack and a court somewhere in the world orders the return of the stolen property to its rightful owner? Could they put a lien on the house? Doesn't the house become the easiest asset to seize?

nereo

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Re: Bitcoin for a house? Sure, why not...?
« Reply #3 on: May 12, 2021, 12:48:08 PM »
madness...

https://money.yahoo.com/bitcoin-and-housing-collide-as-home-sellers-accept-crypto-195630096.html

I have no problem accepting bitcoin, be it for rent or for an entire home purchase.   
As I'm not "investing" in cryptocurrency I'd just peg it to the spot USD rate and convert upon receipt.

What exactly do you object to OP?  Use of the currency in general, or to people's collection of it, or its use for high-level purchases?

What happens if the coins involved in the transaction are traced to a hack and a court somewhere in the world orders the return of the stolen property to its rightful owner? Could they put a lien on the house? Doesn't the house become the easiest asset to seize?

If it's accepted in good faith I think the seller has some margin of protection, at least as much as accepting a cash offer.  If you sell your house and a few weeks later the police learn that the buyer purchased the home with embezzled funds, that wouldn't come back on you - why would cryptocurrency be any different?

Also, it's my understanding that it's far harder (by design) to show where crypocurrency originated from.

jeromedawg

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Re: Bitcoin for a house? Sure, why not...?
« Reply #4 on: May 12, 2021, 01:25:38 PM »
madness...

https://money.yahoo.com/bitcoin-and-housing-collide-as-home-sellers-accept-crypto-195630096.html

I have no problem accepting bitcoin, be it for rent or for an entire home purchase.   
As I'm not "investing" in cryptocurrency I'd just peg it to the spot USD rate and convert upon receipt.

What exactly do you object to OP?  Use of the currency in general, or to people's collection of it, or its use for high-level purchases?

What happens if the coins involved in the transaction are traced to a hack and a court somewhere in the world orders the return of the stolen property to its rightful owner? Could they put a lien on the house? Doesn't the house become the easiest asset to seize?

If it's accepted in good faith I think the seller has some margin of protection, at least as much as accepting a cash offer.  If you sell your house and a few weeks later the police learn that the buyer purchased the home with embezzled funds, that wouldn't come back on you - why would cryptocurrency be any different?

Also, it's my understanding that it's far harder (by design) to show where crypocurrency originated from.

Makes sense... I guess I was just getting to the 'root' of it, in the sense of "where is all the crypto coming from to begin with?" - someone "invested" it originally right? I don't think most people would go buy cryptocurrency so they could, in turn, go buy a house with it.
I suppose the "madness" was perhaps just a reference to the speculative growth of crypto and how, seemingly, many people are starting to cash out of it for houses.

On the flipside, I wonder about all the other people accepting crypto for their home and if they're doing so not because they want to open up the potential pool of buyers but really *because* they want a "piece of the pie" when it comes to crypto "investing" e.g. "If I sell my house for $500k worth of Bitcoin, I can hold it and become a millionaire in a matter of months! WIN!!!"
« Last Edit: May 12, 2021, 01:29:36 PM by jeromedawg »

YttriumNitrate

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Re: Bitcoin for a house? Sure, why not...?
« Reply #5 on: May 12, 2021, 01:58:06 PM »
I wonder if they'll also accept offers in bitcoin (e.g., six bitcoin for the house)? It would be a great deal for the buyers because if the price drops during the 30-60 contract period they win, and if the price skyrockets they can just walk away (less a bit of earnest money).

jeromedawg

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Re: Bitcoin for a house? Sure, why not...?
« Reply #6 on: May 12, 2021, 02:34:31 PM »
I wonder if they'll also accept offers in bitcoin (e.g., six bitcoin for the house)? It would be a great deal for the buyers because if the price drops during the 30-60 contract period they win, and if the price skyrockets they can just walk away (less a bit of earnest money).

I'm sure there would be contingencies added for both sides to prevent the former from happening for the seller. Can you imagine how volatile home purchases would become if Bitcoin became the standard form of payment?!

HPstache

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Re: Bitcoin for a house? Sure, why not...?
« Reply #7 on: May 12, 2021, 02:39:36 PM »
It was only a matter of time.  I had an acquaintance buy a car with BTC years ago, I thought that was insane at the time.  The crazy part about this home purchase being described is if the buyer of the home was in bitcoin for even a year, he/she is "buying" that house for a tiny fraction of what he has into obtaining those bitcoin... lucky person to be getting a home for so "cheap".

jeromedawg

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Re: Bitcoin for a house? Sure, why not...?
« Reply #8 on: May 12, 2021, 02:44:55 PM »
It was only a matter of time.  I had an acquaintance buy a car with BTC years ago, I thought that was insane at the time.  The crazy part about this home purchase being described is if the buyer of the home was in bitcoin for even a year, he/she is "buying" that house for a tiny fraction of what he has into obtaining those bitcoin... lucky person to be getting a home for so "cheap".

Should have, could have, would have.... right?

HPstache

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Re: Bitcoin for a house? Sure, why not...?
« Reply #9 on: May 12, 2021, 02:53:20 PM »
It was only a matter of time.  I had an acquaintance buy a car with BTC years ago, I thought that was insane at the time.  The crazy part about this home purchase being described is if the buyer of the home was in bitcoin for even a year, he/she is "buying" that house for a tiny fraction of what he has into obtaining those bitcoin... lucky person to be getting a home for so "cheap".

Should have, could have, would have.... right?

I've come to grips with missing the boat almost completely.  I know my own personality would have cashed out a loooooong time ago if I was an early adopter of crypto.  That's just how I am.

jeromedawg

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Re: Bitcoin for a house? Sure, why not...?
« Reply #10 on: May 12, 2021, 02:58:25 PM »
It was only a matter of time.  I had an acquaintance buy a car with BTC years ago, I thought that was insane at the time.  The crazy part about this home purchase being described is if the buyer of the home was in bitcoin for even a year, he/she is "buying" that house for a tiny fraction of what he has into obtaining those bitcoin... lucky person to be getting a home for so "cheap".

Should have, could have, would have.... right?

I've come to grips with missing the boat almost completely.  I know my own personality would have cashed out a loooooong time ago if I was an early adopter of crypto.  That's just how I am.

Same here. I only took advantage of the ESPP options at my last place so I could immediately sell them after they vested, earning a cool 15% each time. It wasn't anything spectacular but it was a nice bonus. If I had held those shares, I'm sure I'd have a lot more now.... oh well. I'm totally not the high risk high rewards type.