Can bitcoin be utilized in real estate?

Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes

I'm just wondering if there's a way that bitcoin could ever be utilized in real estate?

Maybe accepting rent payments in bitcoin?

Selling a property with bitcoin?

While I've never done anything with that currency, I know someone who started investing when they were $ 77 and now they're $ 1,000

What do you think?

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John Rooster

Denver, CO · Member since 2013 · 409 posts · 105 votes

12y

You know a bubble has reached its peak when...

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Troy Fisher
Specialist · Kirkland, WA · Member since 2013 · 1k+ posts · 817 votes
12y
Originally posted by Michaela Graham:

And as you said before, it's a marketing gimmick, and I see marketing as a big part of anything that you want to sell. Whatever gets the word out about your property, whether it's media writing about the first house sold with Bitcoin, or because you have an open house - it's all good in my book

I think this is a great angle. Whose going to be the first BP member to list their property for BTC!?!
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Michaela G.
OP
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
12y
@J. Martin

From their website: '

Most merchant set prices in their local currency and get paid in their local currency. For this "instant exchange" service we charge 1% plus $0.15 to convert the bitcoin you receive into your local currency (the same price if you manually sell bitcoin).'

So, you don't have to sell your wares in bitcoin currency, but get what you're asking for in US$ (if that is your currency)
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Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
12y
Ill sell one of our houses in Bitcoins haha

Lets just wait for the price of Bitcoins to drop a little first

Thanks
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Andy Robison
Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
12y
I've been following bitcoins for about 5 years now. Sadly, I was swimming in debt and I couldnt afford to purchase them when they were under $1 a pop... when is someone comming up with that time machine? Bitcoin operates on several layers, first being scarity. If a resource is rare the cost for said thing goes up. Same way for bitcoin. In the start it was not uncommon for people to mine 10k coins a week. Now they are down to 1-2. when price's went up and more computing was required special rigs were created. Yada yada free market forces and what not. I remember reading an article a few weeks back where the bitcoin mining network was more powerful than most of the worlds super computers. With the unstability of current global markets and Greece? I think taking money out of individual bank accounts saw prices for bitcoins to go over $150/coin. Now that the world has begun to see bitcoin as a way to sell goods its reaching an expanding market. Now that bitcoins are being traded in vast ammounts and are mostly "invisible" I see it reaching the critical mass threshold where everyone will start using them as an accepted form of currancy. If you are intrested in them and can afford the $1k/coin (you can get smaller ammounts I think they sell them down to the tens of thousands of a decimal place.) https://www.weusecoins.com/en/ will set you up for free with your very own personal bitcoin wallet. (no affiliation)
If you want more information please let me know I'll be happy to help. Just a side note. If you use bitcoins track and back up your infomation on multiple secured hard drives in a safe or some how. There is a story of a man who cleaned his house and threw away $9,000,000 worth of bitcoins on an (old hard drive) it had is wallet and digital key on it. Sad story.
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Robert AdamsBusiness Member
Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
12y
From what I have read bitcoin has been skyrocketing in value over the past few weeks. Do you guys think the trend will continue or will it come back down? A lot of people I talk to still have never heard of it.

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Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
12y
Originally posted by Robert Adams:
From what I have read bitcoin has been skyrocketing in value over the past few weeks. Do you guys think the trend will continue or will it come back down? A lot of people I talk to still have never heard of it.

I get the same thing. Not may people have heard of it.

I don't like following the herd and jumping on board. Its a shame I didn't know about this a few years back lollol
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Michaela G.
OP
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
12y
Here's an escrow service, dedicated to bitcoins http://www.btcrow.com/

There's also a reddit page with all kinds of products for sale, including cars

http://www.reddit.com/r/BitMarket/?count=25&after=t3_1rx80j

So, I wouldn't be surprised, if there is real estate for sale in bitcoins. Just can't seem to find a food centralized market place - like craigslist.

Maybe @Bigger Pockets should consider starting a website for real estate that can be offered in US$ and Bitcoin prices, always adjusting to current conversion rate.
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Aaron Junck
Real Estate Investor · Sioux Falls, SD · Member since 2013 · 415 posts · 84 votes
12y
@Michaela G. do you have any yet? lol

I'm tempted to just as a speculative play with a small amount.
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Michaela G.
OP
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
12y
@Aaron Junck

I don't now. But I'm about to start another business in February and am planning to offer not just in US$, but also in bitcoins.
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Aaron Junck
Real Estate Investor · Sioux Falls, SD · Member since 2013 · 415 posts · 84 votes
12y
Right on... Care to enlighten us of your new adventure? :)
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Aaron Junck
Real Estate Investor · Sioux Falls, SD · Member since 2013 · 415 posts · 84 votes
12y
Ooops forgot to tag ya . @Michaela G.
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Michaela G.
OP
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
12y
@Aaron Junck

It's not real estate related
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Kizzy Robb
Investor · Saint Louis, MO · Member since 2013 · 87 posts · 32 votes
12y
@Michaela G. -- Thanks, I read something similar to it. It all sounds interesting and confusing at the same time. I guess like all new things. I'll do more reading on it to see if I can walk away with a better understanding.
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David Krulac
Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
12y
@Michaela G.

Thanks for bringing up this topic, very interesting. You always have something worthwhile to say.

I'm not accepting bitcoin for rent or sales, I still want USD, and am not accepting foreign currency, gold, or bales of hay.
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Troy Fisher
Specialist · Kirkland, WA · Member since 2013 · 1k+ posts · 817 votes
12y
So with yesterdays BTC price drop and what have you, still considering using BTC?
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Michaela G.
OP
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
12y
Well, you can always readjust prices to that day's values.
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J. MartinPro Member
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
ya, that's a cool service you found to do the conversion Michaela. I didn't know you could put all the adjustment on them. It will just cost someone .013 bitcoins instead of .011...

I bought a couple more fractions of a coin on the dip. Troy, there will be many more dips, breakthroughs, tears, and shouts of joy on this wild bitcoin ride. The market is so thin and 'headline' risk so high, there are bound to be more drops in price. This one was actually relatively small compared to what it could have been..
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John Rooster
Denver, CO · Member since 2013 · 409 posts · 105 votes
12y
Did you hear that big popping sound? Trading frozen at MtGox at $877.46 about 45 minutes ago. After adverse news reports out of China, the biggest current market for bit coins.
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Karen MargraveBusiness Member
Moderator
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
The other day I read where someone bought a Tesla in Newport Beach, CA using bitcoins. Personally I think it's far to risky. What gives it any value at all? They don't even know where it started. It's no different than someone declaring that Monopoly money is real, and everyone getting on the band wagon and start using it as if it were, trading with others that buy in. It is extremely limited as to what you can buy with it, so what's the point?

As an earlier poster said, it's really no different than bartering. @Michaela G. your idea of a site for buying with bitcoins is similar to barter sites, and there's probably some up.
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Michael Heisterkamp
Arlington, TX · Member since 2013 · 62 posts · 11 votes
12y
yes it can be as long as both parties are willing to accept the currency.
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David Krulac
Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
12y
There was an article in USA Today that said that China has outlawed Bitcoin.
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Michaela G.
OP
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
12y
Well, if you set the option that you don't want it into your wallet, but immediately sent to your bank account at the current conversion rate, and if you set your price in US$ and only accept bitcoin at the present conversion rate - I really don't see a huge risk.
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Michael Heisterkamp
Arlington, TX · Member since 2013 · 62 posts · 11 votes
12y
Originally posted by Karen Margrave:
The other day I read where someone bought a Tesla in Newport Beach, CA using bitcoins. Personally I think it's far to risky. What gives it any value at all? They don't even know where it started. It's no different than someone declaring that Monopoly money is real, and everyone getting on the band wagon and start using it as if it were, trading with others that buy in. It is extremely limited as to what you can buy with it, so what's the point?

As an earlier poster said, it's really no different than bartering. @Michaela G. your idea of a site for buying with bitcoins is similar to barter sites, and there's probably some up.

Bitcoin derives it's value based on market forces rather than a government and federal reserve. There will only be a certain number of bitcoin that will ever be in existence. Unlike government backed currency which essentially has zero limits on the quantity in the market. This creates a supply and demand driven value. It's no different that real estate.
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Michael Heisterkamp
Arlington, TX · Member since 2013 · 62 posts · 11 votes
12y
Originally posted by John Rooster:
Did you hear that big popping sound? Trading frozen at MtGox at $877.46 about 45 minutes ago. After adverse news reports out of China, the biggest current market for bit coins.

The Chinese Government can outlaw bitcoin however they cant really stop people from using it. Given that it is a P2P currency the best the government can hope for is trying to catch the people after the fact. Even that is almost impossible to do because all the people have to say is we were transferring coins. Nothing was actually bought or sold.
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Michaela G.
OP
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
12y
Actually, what I read is that the Chinese government stated that they don't have a problem with people using it themselves, but that banks aren't allowed to deal with bitcoins
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