As many countries and businesses have used blockchain and bitcoin to improve the economy of their own, the real estate market is taking full advantage of what seems to be the most popular topic and currency of the year: Bitcoin.
Mirror, a UK online newspaper, confirmed that a four-bedroom home in Essex is the first house to be sold entirely for Bitcoin. The developers at Go Home are the ones who are now in preparation of selling another home in exchange for the digital currency. Reportedly, the house is still under construction and its cost is around £350,000.
The payment will be made according to the current Bitcoin price and this is how the exchange rate will be determined. According to press, this is the very first time in which a family house is sold entirely for the digital currency, instead of the more “traditional” methods of payment like cash.
Mirror recently reported:
“The detached home is one of 32 being built at Elmstead Green, Colchester around a newly-developed village green.”
The buyer of the home is still not known to the world, although it is believed to be a “Bitcoin miner” who made his fortune in the early days of the cryptocurrency and is now looking to “materialise” his fortune.
Reportedly, the lawyers involved in the transaction were involved in complex negotiations to draw up a contract for the 100% peer-to-peer payment, with no deposit and a price fixed to avoid wild fluctuations in the Bitcoin exchange rate, said Mirror.
The one big advantage that purchasers may have when considering buying a home with Bitcoin in the future, if that will be the trend, is the volatility of the digital currency. With no deposit and with only P2P transactions, the way buyers and sellers “communicate” and transact is completely revolutionary. In that sense, Go Home will stay in history as the first company to have sold a home for Bitcoin.