First Bitcoin-Only Real Estate Transaction Completed in Texas
In Texas, buyer and seller come to terms for a home sale in Bitcoin.
Use cases for Bitcoin have been popping up everywhere, with new ‘Accepts Bitcoin’ signs on everything from coffee carts to retail stores in South Africa.
These adoption cases are important as the continued use of Bitcoin will only increase the adoption and price cycle, commonly referred to as a Satoshi cycle.
In a new and interesting twist, an entire real estate transaction has taken place via Bitcoin. In other words, you can now buy your house with Bitcoin…at least in Texas. The transaction was for the purchase of a newly built custom home, and the full purchase price was transferred to the seller/builder via Bitcoin. The seller then converted the coin into USD. The broker for the purchase said:
"In all of my 33 years of closing transactions, I honestly couldn't have expected something so unique to go so smoothly. In a matter of 10 minutes, the Bitcoin was changed to US Dollars and the deal was done!”
The purchase of the home as an agreement between buyer and seller represents another step toward widespread acceptance of the currency. Other companies are seeking to use tokenization of assets to allow smaller-scale real estate investment via Blockchain technology as well.