HELP PLEASE EXPLAIN: Using Cryptocurrency to buy a house

[Jill H.]

I received an offer can someone please help me.  I am lost, I never seen this in my 13 years of real estate.  I got a full price offer on my house for  125K  however, the STIPS read this: 

""30% of the price is to be PAID in Troptions Gold Cryptocurrency POC.  Valued at $200/coins.""  Can anyone please tell me what this means?  Will I have a full price offer when all said and done?

My guess is that the buyer structured this to where the purchase price will be $87,700 for the property.  Just not sure. 

Thank you!!!!!!

[Bill B.]

Tell them no thanks. They are free to sell their cryptocurrency and then use that money as try downpayment. 

You are promising to credit them $200 per unit. What if they are only worth $50? What if it costs 20% to sell? What if the “crypto coins” are stolen? 

Who knows if they’re trying to scam you or the IRS but don’t make yourself part of it.