Using Bitcoin Escrow to Buy a Home
With Bitcoin and Ethereum continuing to rise in popularity, consumers have started using cryptocurrency to make larger purchases like real estate. In 2017, a home buyer completed the first real estate transaction with Bitcoin in the United States. The following year, the first U.S. transaction using Ethereum was completed. This early adoption signals a growing trend in real estate. But before you decide to purchase a home using cryptocurrency, consider how using Bitcoin or Ethereum will affect your real estate transaction.
Finding the Right Seller
Not every seller will be willing to accept cryptocurrency. Some would rather have you exchange the Bitcoin or Ethereum for cash. Home buyers will need to research on sellers with enough knowledge of Bitcoin or Ethereum to accept it as payment.
Not all homeowners will be this picky. Those that are familiar with cryptocurrency and its superior security will see significant positives when choosing to accept it. Bitcoin and Ethereum are global currencies, so buyers and sellers don’t have to worry about the exchange rate. This makes both these cryptocurrencies popular choices for those looking for an investment property or vacation home. Just as there’s the possibility for Bitcoin and Ethereum to decrease in value, there’s also the possibility that they will increase. Some sellers will see this as a smart financial move that would not have been possible with traditional forms of payment.
Choosing a Bitcoin Escrow Service
It’s not just sellers that have a hard time accepting Bitcoin. Not all escrow companies are equipped to handle Bitcoin or Ethereum. And with real estate transactions, there is obviously an enormous amount of money on the line. If you hire an escrow service with little to no experience working with cryptocurrencies, your entire payment could be compromised.
Securely Storing Payment
Fortunately, Bitcoin escrow services and Ethereum escrow services exist to help these transactions go smoothly. Only a Bitcoin escrow Service or Ethereum escrow service with special knowledge of cryptocurrency is uniquely qualified to handle such settlements. Anaiv Capital ensures the safety of your Bitcoin or Ethereum. We protect your payment in a safe cryptocurrency wallet. By encrypting these wallets, we can prevent hackers from accessing your money. We even offer the option of cold wallets which are completely offline.
As people become increasingly comfortable with cryptocurrency, real estate transactions made with Bitcoin and Ethereum may be the new norm in the future. But that won’t be possible without qualified Bitcoin escrow services.