BTC Being Used as Real World Currency in Real Estate Now
BTC has been getting a lot of attention lately, and that has turned into properties being bought with the crypto-coin as the main currency. Bitcoin.com reported that in Turkey, a real estate agency has joined the BTC bandwagon, selling 9 houses for bitcoin. Each house was sold at a minimum of €30,000, with the agency continuing to accept offers in different cryptocurrency.
Cryptocurrency purchases have been said to be 'reliable and faster,' according to analysts. This is also the idea of Antalya Homes chairman Bayram Tekce, who is ecstatic about cryptocurrency's different advantages. According to him, it presents a more 'reliable' form of paying for real estate transactions, as well as transparency in account-to-account transfers of payment.
Turkey has consistently displayed a 'boom' in anything crypt-related, especially in the property sector which has gained support from foreign investors. In fact, about 40,000 properties have been bought by foreigners in 2018, more than 80 percent from 2017. The homes that foreigners are most interested in have been located in Istanbul, the Antalya region, and other areas that are scenic or close to the coastline.
Turkey isn't the only place where properties are being bought by foreigners and through cryptocurrency, however. Australia, according to Bitcoin Exchange Guide, is preparing for one of the first Bitcoin auctions in the world. The firm, LJ Hooker, is partnering up with auctioneer James Pratt as well as NuYen, a blockchain firm.
Pratt said that it is an exciting auction, as it is one of the very first of its kind where participants can bid using their BTC reserves. The auction will be presided over by a live auctioneer, and the bids taken in will be mainly in BTC. The price will also be displayed in AUD and USD on a live screen for those monitoring the event.
NuYen and Greg Costello, its president, had said that BTC--particularly the bitcoin offering by bitcoin firm Binance--will gain a huge boost with this event. The innovative auction is expected to draw buyers from all around the world, with an emphasis on major economic centers in the US, China, Canada, and Australia.
Bitcoin's acceptance has certainly become as big as the years passed by. The cryptocurrency has been used as payment in the past in industries such as automotive, information tech, and travel. The Turkish and Australian transactions are only the latest display of BTC being used as the main currency for purchases and bids.