5 Cities That Accept Bitcoin For Real Estate Purchases
Did you know that in a select places, you may buy real estate with Bitcoins? These are the cities where Bitcoin can be used to purchase real estate.
Bitcoin is a sort of cryptocurrency that also functions as a global payment system. It is the most popular cryptocurrency to date, despite being the first decentralized digital currency. Bitcoins can be used to control the creation of currency units, as well as to authenticate fund transfers and operate independently of a central bank. You can truly buy real estate with Bitcoins now that it's a global phenomena.
You can't, however, acquire property in any city throughout the world. There are now only five cities in the world where Bitcoins can be used to buy real estate. I wouldn't be shocked if other cities follow suit, but for now, these are the ones that accept Bitcoin for real estate purchases.
Miami, Florida
Bitcoin, believe it or not, has been a part of the Miami real estate market for several years. Despite the fact that the Bitcoin coin was formally created in 2009, real estate agents, purchasers, and speculators were quick to pick it up. So when a Miami man made headlines by selling his property in Coral Gables for over $6 million, or around 1,600 BTC, we were utterly taken aback.
Realtors are fairly certain that South Florida is the ideal market for Bitcoin. They see the currency as a major element in the region's heightened interest and attention. And, as a result of the change in currency, more properties are available for buyers and investors all around the world.
California's Lake Tahoe
Lake Tahoe, California, is one of the cities where Bitcoin can be used to purchase real estate. The undeveloped 1.4-acre lot on a 42-site resort was sold for $1.6 million—2,739 BTC—by an unknown buyer. This was the single largest Bitcoin-fueled real estate deal in 2013. According to accounts, the Bitcoin purchase was the buyer's original plan.
Since then, no one has witnessed another development in the Lake Tahoe real estate market, including Bitcoin. In reality, sales demonstrate the power of digital money and what it can accomplish in the sector. This concept essentially opens up future business opportunities in both the home and commercial sectors.
Dubai, United Arab Emirates
Dubai, United Arab Emirates, is one of the cities that accept Bitcoin for real estate purchases. Yes, the United States isn't the only country where Bitcoin is gaining popularity. In reality, a developer on the Isle of Man recently announced his plans for a $325 million mixed-use building. Potential residents will also be able to purchase their property using Bitcoin, with studio flats starting at 33 BTC and one-bedroom apartments costing 54 BTC. All of this adds up to roughly $250,000.
Despite the fact that some of the development's units have already been sold in current currency, the remaining residential properties are solely available to Bitcoin buyers. Furthermore, commercial units are not available for purchase with Bitcoin.
New York
Yes! One of the cities where you may buy real estate with Bitcoin is the city that never sleeps. Bitcoin is the future of currency, according to both real estate professionals and investors. In fact, Magnum Real Estate feels that accepting Bitcoin for deposits and sales of freshly converted apartments in Manhattan's East Village poses a significant danger. While it is known as Liberty Toye, the property stands out as a significant transformation in the way we do business in the twenty-first century.
This year, however, real estate investment trusts have been focusing on diversifying their portfolios, and New York City is the greatest place to start. There are already flats and houses available to buy for Bitcoin in this city, which is recognized for not being afraid to take risks and for being an entrepreneurially minded location.
Indonesian island of Bali
Finally, Bali, Indonesia, is one of the cities where you can buy real estate using Bitcoin. This Indonesian island isn't the first place you'd expect to see a Bitcoin-backed real estate deal, but it is one of the first to accept the popular cryptocurrency.
When it comes to people who spend Bitcoins on real estate, an anonymous bidder paid over 800 BTC for a villa in Bali. This was estimated to cost roughly $500,000 at the time of purchase. Despite the fact that residential real estate agents and purchasers in Bali are happy with Bitcoin, there haven't been any listings in the commercial or industrial markets yet.